FBM KLCI sinks 1.5% as oil nears US$100 on Iran fears
The FBM KLCI fell 9.18 points, or 0.54%, to 1,705.41 as regional markets sold off on oil-price jitters.
Source: The Star · July 24, 2026 at 5:17 AM · AI-assisted report
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KUALA LUMPUR, 24 JULY 2026 —
The FBM KLCI fell 9.18 points, or 0.54%, to 1,705.41 as regional markets sold off on oil-price jitters.
Market Impact
Traders dumped blue chips across the board except energy and plantation names after Brent crude futures for September delivery rose above US$100 a barrel, the highest since May, according to traders. Regional peers led by South Korea’s Kospi lost 5.1% as tech and AI-related shares led the retreat.
On the Kuala Lumpur bourse, 659 stocks fell against 278 gainers, with turnover at 1.83 billion shares worth RM1.02 billion. Telecommunication services led the declines, down 1.2%, followed by construction at 0.8% and healthcare at 0.65%. Financial services slipped 0.6% while technology fell 0.61%. Energy shares eased 0.25%, though PETRONAS Chemicals added eight sen to a six-week high of RM4.91.
Malaysian Plantation Index bucked the trend with a 0.12% gain, lifted by Kuala Lumpur Kepong, which rose 24 sen to RM20.90, and SD Guthrie, up three sen at RM6.59.
Regional losses deepened as investors priced in tighter Middle East supply risks from escalating tensions in Iran. Japan’s Nikkei slid 2.89% to 64,456, the Shanghai Composite lost 1.2% to 3,830 and Hong Kong’s Hang Seng fell 1.27% to 24,891, according to exchange data.