Local stock market slumps at mid-day

By ALIFAH ZAINUDDIN / TMR file pix

The main KLCI was lower at the end of the morning session today as negative sentiments swept across the region’s equity markets, erasing recent gains and pushing indexes lower.

At the close of the session, the main index dropped 28.46 points to 1,816.57. The index traded between a high 1,843.40 and a low 1,815.23 respectively.

The local bourse opened 1.63 points higher at 1,843.40 before dropping on mild profit-taking in selected bluechip stocks.

A total of 1.42 billion shares valued at RM1.25 billion were traded. Losers outpaced gainers 717 to 164.

Top losers were Petronas Dagangan Bhd, Panasonic Manufacturing Malaysia Bhd, Axiata Group Bhd, Fraser & Neave Holdings Bhd and MISC Bhd.

Gainers for the day were Nestle (Malaysia) Bhd, Hong Leong Bank Bhd, Integrated Logistics Bhd, Kossan Rubber Industries Bhd and Time Dotcom Bhd.

Asian markets saw a drop with Japan’s Nikkei 225 falling 1.12% to its lowest point since May 11 in early trading today. Hong Kong’s Hang Seng Index also slumped about 1%, while South Korea’s Kospi was flat. Stocks in Taiwan and Singapore also recorded a decline.

Regional markets reacted on uncertainties about trade tensions between the US and China and the possibility that the summit between President Donald Trump and North Korean leader Kim Jong Un may be pushed back.

In the US, the Dow Jones Industrial Average was down by 0.72% to 24,834.41 and the S&P 500 slipped 0.31% to 2,724.44.