KUALA LUMPUR, March 13 ― Bursa Malaysia dipped 6.27 per cent at mid-day amid a selldown across the board as bear market set precedence throughout the region on mounting fears and uncertainties caused by COVID-19, which has been declared a pandemic by the World Health Organisation (WHO).
Regionally, Nikkei down 8.45 per cent, Hang Seng dropped 5.78 per cent, Kopsi erased 7.97 per cent, and Straits Times weakened 4.98 per cent.
On the global front, the US stock market, on Thursday, suffered its biggest drop in a day since the 1987 Black Monday crash.
Dow Jones erased 9.99 per cent, S&P 500 dropped 9.51 per cent and Nasdaq declined 9.43 per cent.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 89.11 points or 6.27 per cent to 1,330.32, from yesterday’s close of 1,419.43.
At the opening bell, the FBM KLCI opened 55.67 points weaker at 1,363.76 and moved between 1,320.96 and 1,363.76 throughout the morning session.
Market breadth was negative as losers thumped gainers 1,115 to 73, with 115 counters unchanged, 719 untraded and 32 others suspended.
Turnover amounted to 3.25 billion shares worth RM2.61 billion.
Market sentiment also turned downbeat with indices such FBM Small Cap minus 10.17 per cent, Financial gave up 5.75 per cent, FBM ACE fell 8.23 per cent and Construction was 12.10 per cent lower.
In a note today, Rakuten Trade said panic gripped the markets globally on COVID-19 fears, prompting the US Federal Reserve to step in and announced a total US$1.5 trillion liquidity into the financial system which is akin to start of quantitative easing to calm the markets.
“The regional markets are expected to take a big hit and mirror the drop, while back to the local bourse, the FBM KLCI is going to see the same trend,” it said.
Meanwhile, Malacca Securities Sdn Bhd said a rebound may not be forthcoming as investor sentiment remains frail.
“At the same time, foreign selling remains unabated, thus increasing the selling pressure on the index heavyweights and this trend is likely to persist for longer,” it said.
Among the heavyweights, Maybank gave up 39 sen to RM7.89, Tenaga declined 80 sen to RM11.62, Public Bank depreciated 86 sen to RM15.34 while IHH Healthcare was 17 sen weaker at RM5.39.
Of the actives, Thrive Property inched down half-a-sen to half-a-sen, Sapura Energy and Velesto Energy eased 1.5 sen each to 9.5 sen and 15.5 sen, respectively, while KNM down two sen to 11.5 sen.
On the index board, the FBM Emas Index contracted 665.85 points to 9,192.22, the FBM Emas Shariah Index narrowed 750.78 points to 9,781.30 and the FBM 70 gave up 913.51 points to 10,769.19.
The FBMT 100 Index erased 645.06 points to 9,097.24 and the FBM Ace depreciated 371.85 points to 4,143.92.
Sector-wise, the Industrial Products and Services Index inched down 11.80 points to 107.64, the Financial Services Index reduced 781.41 points to 12,793.66 and the Plantation Index was 410.46 points lower at 5,810.09. ― Bernama
