KUALA LUMPUR, Oct 28 ― After opening on a better note, KL shares slipped into the red in line with regional stocks on growing concern about the economy as Malaysia is currently entering the third wave of the Covid-19 pandemic.

At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 5.67 points to 1,494.68 after opening 5.2 points higher at 1,505.48.

Losers overtook gainers 589 to 284, while 429 counters were unchanged, 848 untraded and 79 others suspended.

Total volume stood at 2.49 billion units worth RM1.79 billion.

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The healthcare index turned to be the biggest laggard as it declined 1.14 per cent followed by utilities which shed 1.08 per cent.

According to Bloomberg, US equity futures fell the most, contributing to the dip in the Asian stock market, as concerns about the impact of worsening pandemic on economic activities in some parts of the world, as well as volatility of the US presidential elections outcome, took hold.

On the local market, investors are concerned about the debt ceiling as research houses have estimated that it would be increased to 65 per cent to accommodate Budget 2021.

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“With the country continuing to experience high number of COVID-19 cases over the past week and state borders are closed, businesses are struggling to cope with the situation,” said an analyst.

On the heavyweights, Hartalega reduced 32 sen to RM17.96, IHH shed six sen to RM5.09, and MISC down three sen to RM6.76.

On top losers, consumer counters led the decline with Nestle dipping RM1.30 to RM140.40 and Dutchlady easing 40 sen to RM35.00.

On the index board, the FBM Emas Index shed 41.07 points to 10,827.00, the FBMT 100 Index was 39.88 points lower at 10,636.23 and the FBM Emas Shariah Index declined 52.38 points to 12,983.11.

The FBM 70, meanwhile, slipped 51.87 points to 14,281.17 and the FBM ACE was 82.01 points weaker at 9,953.32.

The Financial Services Index inched down 38.84 points to 12,274.08, the Industrial Products and Services Index was 0.03 of-a-point lower at 144.71, and the Plantation Index declined 37.85 points to 6,903.72.  ― Bernama