Massive Sell-Off Wipes Over RM2.6 Billion From Petronas Chemicals’ Market Value

KUALA LUMPUR, Nov 24 — Petronas Chemicals Group (PCHEM, 5183) suffered heavy selling pressure today, wiping out more than RM2.64 billion in market value in a single trading session.

Investors reacted negatively to the group's disappointing latest financial results. For the third quarter of FY2025 (ended Sept 30), PChem posted a net loss of RM289 million, marking its third consecutive quarterly loss and its worst performance since 2010.

Following the results, several investment banks downgraded their outlook on PChem, with analysts warning that the group may remain loss-making throughout 2025.

Its share price opened lower and extended losses throughout the morning, plunging as much as 42 sen to RM2.83, the lowest since April. It later pared some losses to close at RM2.92, still down 33 sen or 10.20%, making it the biggest decliner of the day.

PChem’s market capitalization fell from RM26 billion to RM23.36 billion, erasing RM2.64 billion in value.

Four component stocks helped lift the index

The FBM KLCI opened higher at 1,620.14 points and briefly touched 1,621.26 points before sliding to an intraday low of 1,609.88 due to the heavy drag from PChem.

However, late buying in Hong Leong Bank (HLBANK), Maxis (MAXIS), 99 Speedmart (99SMART) and MR DIY (MRDIY) contributed a combined 9.104 points, pushing the benchmark index back into positive territory.

Market breadth remained mixed, with total volume at 5.805 billion shares and turnover at RM5.238 billion. Gainers totalled 533 counters, while 611 declined and 530 remained unchanged.

Sector-wise, seven indices advanced, led by REITs, consumer and construction—each rising more than 1%. Six sectors declined, with healthcare and utilities posting drops of more than 1%.