FBM KLCI slides to nearly a year low as foreign selling, high oil prices weigh on sentiment
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The FTSE Bursa Malaysia KLCI index has dropped to an 11-month low, driven by persistent foreign selling and concerns over elevated oil prices. Analysts from Hong Leong Investment Bank have characterized the market as being in bearish territory with no immediate signs of a reversal.
Why it matters
The decline reflects broader investor anxiety regarding regional economic stability and the impact of global commodity price volatility on emerging markets.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Oct 7): FTSE Bursa Malaysia KLCI faced one of its steepest one-day losses on Wednesday as it extended its downward trend, falling to an 11-month low as persistent foreign selling and cautious sentiment amid elevated oil prices continued to weigh on the local market.
At noon break, the benchmark index fell to 1,613.96 before slipping a further 21.57 points or 1.32% to 1,611.78 at market close — its lowest since December last year. This brings its year-to-date decline at 4.07%.
Banking stocks, which have heavy weightage on the FBM KLCI, weighed the index down as well. The Bursa Malaysia Financial Services Index, which also tracks non-bank firms such as insurers and stockbrokers, likewise fell to its lowest level in 11 months.
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