KUALA LUMPUR: Blue chips fell in early trade, with the KLCI falling below the 1,300-level on some foreign selling of key stocks while smaller investors were also facing margin calls after several days of selling.
At 10am, the KLCI was down 21.01 points or 1.6% to 1,293.01. Turnover was 114 million shares valued at RM270 million.
Losers hammered gainers 412 to 53.
However, Asian markets fared better despite some mild signs of selling, with Japan’s Nikkei 225 down 0.22% to 12,964.21 and Singapore’s Straits Times Index down 0.03% to 2,918.79.
Wall Street closed lower, with the Dow Jones Industrial Average down 0.37% to 12,213.8.
Analysts said market sentiment was cautious after the continuous selling on Bursa and foreign research houses recommending an underweight on emerging markets.
They added retail investors were also facing margin calls.
KLK was the top loser, sliding RM1 to RM17.20, DiGi lost 30 sen to RM22.50, Bursa fell 30 sen to RM10.10.
KNM and UMW lost 25 sen each to RM5.80 and RM6.50 respectively. Sime Darby lost 20 sen to RM10.90, which is below its listing price of RM11.20 last year.
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