FBM KLCI in the red; ringgit hits seven-month high

KUALA LUMPUR: Bursa Malaysia closed lower on Monday amid a broadly weaker market, while the ringgit climbed to a seven-month high

The benchmark FBM KLCI slipped 2.95 points, or 0.19%, to close at 1,539.54, after moving between an intraday high of 1,548.95 and a low of 1,534.52.

In today’s session, 17 of the KLCI component stocks ended lower, while nine registered gains.

On the broader market, losers thumped gainers 604 to 358 while 454 counters were unchanged. About 2.34 billion shares, valued at RM2.08bil, changed hands.

Dealers said the upside may remain modest, as near-term sentiment, while supported by easing trade tensions, is unlikely to spark a strong rally.

One dealer noted that the key index is expected to follow the gradual recovery seen in global markets, with upcoming corporate earnings being in focus.

The ringgit staged a strong performance on the forex market, earlier surging 1.5% to its highest level since October 2024.

It gained 1.08% against the US dollar to 4.2110 and strengthened 0.84% against the Singapore dollar to 3.2596.

Among the decliners, Ideal Capital fell 36 sen to RM3.23, Kuala Lumpur Kepong lost 34 sen to RM19.52, PETRONAS Dagangan fell 26 sen to RM19.24 and MBM Resources declined 17 sen to RM5.58.

Nestle rose 26 sen to RM86.50, Panasonic Manufacturing added 26 sen to RM14, Allianz gained 18 sen to RM18.74 and Malaysian Pacific Industries climbed 16 sen to RM19.66.

ACE Market debutant West River dropped two sen, or 5.13%, to 37 sen. It was the most actively traded counter, with 65.97 million shares changing hands.

Across the region, overall trading was muted due to public holidays in China, Japan and South Korea.