KUALA LUMPUR, March 12 ― The FBM KLCI index remained in the red at mid-morning, tracking major indices amid continued fear over the Coronavirus outbreak.
This was despite news that the Malaysian government will set up a new economic council to address economic woes.
The DJI sank 5.86 per cent, the S&P 500 slipped 4.89 per cent while the Nasdaq went down 4.7 per cent.
The World Health Organisation (WHO) has declared the Covid-19 outbreak as a pandemic, and as of last night, over 120,000 people across 114 countries throughout the world have been infected with the rapidly spreading COVID-19 virus, with Malaysia recording 149 cases.
At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 16.65 points to 1,427.18 with losers led by Maybank, Tenaga and Public Bank.
At the opening bell, the FBM KLCI opened 12.42 points weaker at 1,431.41 from 1,443.83 at yesterday’s close.
On the broader market, losers beat gainers 791 to 134, with 157 counters unchanged, 934 untraded and 19 others suspended.
Turnover amounted to 1.40 billion shares worth RM922.97 million.
Rakuten Trade said market market volatility had certainly heightened with Wall Street as the main culprit with sentiment having now turned bearish.
“As a consequence, we would expect regional markets to continue sliding downwards with the local bourse to see the same today.
“The FBM KLCI of late has been rather steadfast with solid support from the local funds. However, we may see a reversal today as foreign funds continue with their exodus from Malaysia equities.
“There will be some pressure on the FBM KLCI today with 1,420 as the immediate support level,” it said.
Among heavyweights, Maybank declined 11 sen to RM8.28, Tenaga erased 16 sen to RM12.46, Public Bank lost 24 sen to RM16.56 while IHH was three sen weaker at RM5.56.
Of the actives, construction sector stock Jaks Resources slipped 13.5 sen to 91.5 sen, while energy sector stocks Hibiscus Petroleum and Bumi Armada were 2.5 sen and one sen lower at 41 sen and 17 sen respectively.
On the index board, the FBM Emas Index depreciated 162.31 points to 9,918.07, the FBM Emas Shariah Index declined 145.85 points to 10,572.66 and the FBM 70 contracted 306.84 points to 11,766.14.
The FBMT 100 Index shed 145.80 points to 9,799.16 while the FBM Ace was 202.28 points weaker at 4,522.24.
Sector-wise, the Industrial Products and Services Index inched down 3.15 points to 120.30, the Financial Services Index gave up 243.68 points to 13,669.78 and the Plantation Index slipped 68.45 points to 6,325.13. ― Bernama
