KUALA LUMPUR (Aug 2): The FBM KLCI extended last week’s losses as market sentiment continued to be affected by coronavirus woes and domestic political developments.

The benchmark index finished 1.6 points or 0.11% lower at 1,493, after moving between 1,486.23 and 1,499.74. 

Areca Capital Sdn Bhd CEO Danny Wong said the market bucked its regional peers, which rose in line with gains in China after the authorities there indicated they will provide more support for the economy.

He said the continued high number of Covid-19 cases in the country is keeping local investors away from the market.

“Political uncertainty also played a role in affecting market sentiment,” he told The Edge.

Overall market breadth was negative with 594 counters ending the day in the red, versus 440 gainers and 378 that were unchanged.

Some 3.41 billion shares were traded at a value of RM2.37 billion, compared with 4.12 billion securities worth RM2.72 billion last Friday (July 30). 

Among the top losers were Hong Leong Financial Group (down 22 sen or 1.28% to RM17.02), Hengyuan Refining Company Bhd (down 21 sen or 4.86% to RM4.11), and Quality Concrete Holdings Bhd (down 17 sen or 11.33% to RM1.33).

The top gainers were Malaysian Pacific Industries Bhd (up RM1.06 or 2.38% to RM45.56), KESM Industries Bhd (up 82 sen or 6.23% to RM13.98), and Vitrox Corporation Bhd (up 72 sen or 3.81% to RM19.62).

Resintech Bhd, which saw 111.95 million shares traded, was the most actively traded stock.

Most regional bourses closed higher today, with Philippine equities leading gains, tracking a rebound in Chinese shares, Reuters reported.

China shares advanced as much as 2%, as the Shanghai Composite Index slightly recuperated from a sharp drop last week following a crackdown on the private education sector. The index closed 1.97% higher at 3,464.29.

Hong Kong’s Hang Seng Index rose 0.96% to 26,210.16, while Japan’s Nikkei 225 finished 1.82% higher at 27,781.02 and South Korea’s KOSPI was up 0.65% at 3,223.04.