Seven stocks dropped for each that rose on the 100-member measure. March index futures dropped 1.2 per cent to 837.
Malayan Banking Bhd, Malaysia’s biggest bank, led lenders lower on concern bad debts will increase and capital-raising plans will erode earnings.
Malayan Banking, which last month announced a RM6 billion
rights offer to boost capital, slid for an 11th day, losing 6.5 per cent to RM4.06, the longest losing streak since the stock first traded in January 1987.
Public Bank Bhd declined 3.4 per cent to RM7.05, the lowest close since November 24, 2006.
“Financial stocks are under a lot of pressure; there’s a lot of fear in the market on capital raisings; as long as that fear is around, you have to be mindful of it,” said Scott Lim, who oversees about US$800 million as chief executive officer of Amanah Asset Management Bhd in Kuala Lumpur.
Genting Bhd Asia’s biggest listed casino operator, fell 1.2 per cent to RM3.20, after UBS AG lowered the target price on the stock to RM5.70 from RM6.50.
Malaysian Airline System Bhd, the nation’s largest carrier, tumbled 7.1 per cent to RM2.37, the lowest close since October 15, 2002, making it the third-biggest decliner on the stock index today.
The stock was cut to “equal-weight” from “overweight” at Morgan Stanley, on “a lack of catalysts” for its earnings and shares this year.
SapuraCrest Petroleum Bhd dropped 6.8 per cent to 61.5 sen, the lowest close since October 29.
The oil and gas services provider said it extended a deadline to complete an agreement related to a joint-venture with AP Prakash Shipping Co to build and finance a vessel.
The deadline was changed to April 12 from March 13, it said in a statement.
Unisem Bhd, Malaysia’s second-biggest listed semiconductor packager, fell 6.1 per cent to 46 sen, the lowest level since the stock first traded in July 1998.
Malaysia’s industrial production fell 20.2 per cent from a year earlier in January, the most in at least seven years as exports slumped, government data showed today. - Bloomberg