KLCI down on Covid-19 rise; Hong Leong Capital tops Bursa decliner

KLCI down on Covid-19 rise; Hong Leong Capital tops Bursa decliner
-A +A

KUALA LUMPUR (Nov 13): The FBM KLCI settled down 3.6 points or 0.23% at 1,587.18 during Bursa Malaysia's afternoon break today as global shares fell with investors evaluating the economic impact from the rising number of Covid-19 cases.

Hong Leong Capital Bhd's (HLCAP) share price fell on the first day of trading today as share trade resumed after a suspension since March 26, 2015.

At Bursa's 12.30pm break today, 7.17 billion securities were traded across the exchange for RM2.4 billion.

Top decliner HLCAP settled down RM1.97 or 21.53% at RM7.18 with some 13 million shares traded.

HLCAP's share trading resumed today after major shareholder Hong Leong Financial Group Bhd completed a private placement of 27 million existing shares in HLCAP to increase the public shareholding spread of HLCAP to 29.6%.

Globally, it was reported that stocks in Asia fell today, following sell-offs in the US and Europe as investors feared the economic impact of an accelerating rise in coronavirus infections.

It was reported that MSCI's broadest index of Asian shares outside Japan dipped 0.25% in early trade as shares across the region stumbled.

Reuters reported that some investors saw a buying opportunity in the slump. "My view is this is the dark just before dawn," Michael Frazis, portfolio manager at Frazis Capital Partners in Sydney was quoted as saying.

In Malaysia today, Bernama reported that among KLCI constituents, Public Bank Bhd fell 16 sen to RM17.76, Tenaga Nasional Bhd lost 18 sen to RM11.30 and Petronas Chemicals Group Bhd shed two sen to RM6.81.

Among active stocks, AT Systematization Bhd rose 2.5 sen to 24.5 sen, Xidelang Holdings Ltd slid one sen to 8.5 sen, Nexgram Holdings Bhd inched up half a sen to 5.5 sen, and Metronic Global Bhd added one sen to 14 sen.

On the KLCI, it was reported that losses in the key index narrowed into the midday session from the start of trading this morning following Malaysia’s third quarter 2020 (3Q20) gross domestic product announcement at noon today.

It was reported that Bank Negara Malaysia announced that the Malaysian economy improved to record a smaller on-year contraction of 2.7% in 3Q20 against a contraction of 17.1% in the previous quarter.