PETALING JAYA: The Kuala Lumpur Composite Index (KLCI) succumbed to some selling pressure in early morning trade today, with losses mainly led by plantation stocks.
The weak market was also in line with regional peers following Wall Street’s overnight losses.
The Nikkei 225 lost 1.2% while the Kospi Index and the Hang Seng Index dropped by almost 1% due to mounting concerns that the global economic slump could deepen. The Dow Jones Industrial Average fell 3.8% yesterday.
Crude oil, meanwhile, recovered slightly to US$35 per barrel in Singapore trading after falling almost 7% in New York yesterday.
The KLCI fell 5.8 points to 892.7 points at 10.30 am. Kuala Lumpur Kepong Bhd dropped 40 sen to RM10, Batu Kawan Bhd declined 21 sen to RM8.30, IOI Corp Bhd shed 6 sen to RM3.78 and Sime Darby Bhd fell 5 sen to RM5.60. Tradewinds Plantation Bhd and Kulim Bhd shed 10 sen each to RM1.40 and RM5.20 respectively.
Crude palm oil prices traded lower in the past two consecutive days.
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