Bursa Malaysia continued its downtrend in the afternoon with selling activity in all counters as investors opted for caution amid fears of an economic recession in the United States.
At 5pm, the FTSE Bursa Malaysia FBM KLCI fell 4.63% or 74.57 points to 1,526.48 compared to 1,611.05 at Friday's close.
The main index opened at 1,593.63 and reached a low of 1,533.06 which is a loss of 75 points throughout Monday's session.
Broad market sentiment was negative with losers outnumbering gainers by 1,316 to 155. Meanwhile, 267 counters were unchanged.
The index board showed a long red streak with FBM100 down 5.43% to 11,272.36, FBM Emas down 5.67% to 11,605.90 and FBM Ace down 9.42% to 4,955.08.
Tradeview Capital fund manager Neoh Jia Man said the index may have found today's lows as most stocks have recovered from today's lows and indicate that buying activity is about to begin.
He also said that US equity futures are likely to determine the performance of the market before the close of daily trading.
A correction may have been overdone in the near term as the ongoing earnings season suggests that US corporate earnings growth remains strong.
