KUALA LUMPUR, April 3 ― Bursa Malaysia failed to retain earlier gains and slipped into the red at the mid-morning, as Bank Negara Malaysia’s (BNM) less heartening economic outlook for 2020 had eclipsed the surging crude oil prices.
In its annual report 2019 released today, the central bank said the Covid-19 catastrophe would have a significant impact on Malaysia’s economy, with the gross domestic product (GDP) expected to decline to between -2.0 and 0.5 per cent in 2020 versus 4.3 per cent last year.
BNM also said it expected exports to contract amid weaker demand globally due to supply-chain disruption during the Covid-19 outbreak.
At 11.06am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) retreated 2.51 points, or 0.19 per cent to 1,328.39 from 1,330.90 at yesterday’s close.
The key index opened 0.66 of- point firmer at 1,331.56 at 9am.
Market breadth turned negative with losers outpacing gainers 350 to 270, while 321 counters were unchanged, 980 untraded and 19 others suspended.
Turnover stood at 2.57 billion worth RM943.98 million.
However, the decline on the local bourse was capped by the surging crude oil prices, which saw global crude oil prices soared 22.1 per cent after the US President Donald Trump said he expected Russia and Saudi Arabia would agree to reduce oil production by “approximately 10 million barrels, and maybe substantially more”.
Among the heavyweights, Maybank added six sen to RM7.40, Hartalega accumulated 17 sen to RM6.97, Press Metal Aluminium expanded five sen to RM3.23, Maxis and Digi increased two sen each to RM5.11 and RM4.20 respectively.
Panasonic Manufacturing Malaysia was the top gainers, improving 22 sen to RM27.00 while top loser Nestle dipped RM1.30 to RM136.50.
The most active counters continued to be dominated by oil and gas- linked stocks. Hibiscus put on 1.5 sen to 44.5 sen Sapura Energy, Alam Maritim and KNM ticked up half-a-sen to 9.5 sen, eight sen and 14.5 sen respectively, while Armada and Velesto were flat at 16.5 sen respectively.
On the index board, the FBM Emas Index slipped 13.86 points to 9,171.89, the FBM Emas Shariah Index retreated 13.54 points to 10,044.39 while the FBMT 100 Index trimmed 13.23 points to 9,083.30.
The FBM Ace dwindled 26.60 points to 3,939.88 while the FBM 70, however, inched up 0.67 of-a-point to 10,745.43.
Sector-wise, the Industrial Products and Services Index edged up 0.10 of-a-point to 104.99, the Financial Services Index firmed 1.22 points to 12,078.21 but the Plantation Index weakened 56.81 points to 6,069.47. ― Bernama
