KLCI skids to 1,500 on uncertainties in ruling govt

KUALA LUMPUR: Bursa Malaysia came under selling pressure at the start of Monday as investors grew concerned over political uncertainties as Pakatan Harapan is on the brink of collapse.

At 9.03am, the KLCI was down 30.4 points or 1.99% to 1,500.78. Turnover was 284 million shares valued at RM129.46mil. Decliners hammered adancers 580 to 33 while 111 counters unchanged.

The Star reported events over the past 24 hours, and more importantly what will unfold on Monday, was likely to spell doom for the 21-month-old ruling coalition.

Parti Pribumi Bersatu Malaysia, Umno, PAS and Sabah and Sarawak’s leaders gathered at Istana Negara on Sunday, fuelling speculation that the Pakatan government has collapsed.

Kenanga Investment Bank Research said its technical chartist is of the view that with renewed and heightened political anxiety, there is a possibility that the KLCI will break below the key support level of 1,500 (being the first support level).

The second key support level is 1,470 and possibly falling towards the 1,400 to 1,450 region. The overhead resistance of 1,570 and 1,600 looks distant for now.

Heineken fell RM2.04 to RM29, Carlsberg RM1.74 to RM37.20, BAT 52 sen to RM13.82 while F&N lost 34 sen to RM30.20.

Gamuda fell 49 sen to RM3.49, HLFG and KESM 42 sen each to RM15.62 and RM9.62 and Public Bank 36 sen to RM17.78.

George Kent rose five sen to 96 sen while MyEG added four sen to RM1.34 and KUB 3.5 sen to 35.5 sen.

Source: TheStar