KUALA LUMPUR (March 6): The FBM KLCI lost 0.63% at the midday break and looked set to end the week on a weaker note, while shares of glovemakers continued to make hay from the coronavirus threat that has gripped most nations.
At 12.30pm, the FBM KLCI fell 9.42 points to 1,481.61, or down 1.03 points week-on-week.
Market breadth was negative with 475 losers and 123 gainers, while 484 counters traded unchanged. Volume was 1.53 billion shares valued at RM1.09 billion.
The top losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank Bhd, PPB Group Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysia Airports Holdings Bhd, Hong Leong Bank Bhd, Petron Malaysia Refining & Marketing Bhd and Scientex Bhd.
The actives included Vortex Consolidated Bhd, Careplus Group Bhd, Supermax Corp Bhd, Mtouche Technology Bhd and My EG Services Bhd.
The gainers included Top Glove Corp Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Hartalega Holdings Bhd, Kuala Lumpur Kepong Bhd, Hartalega Holdings Bhd, Hong Leong Industries Bhd and Aeon Credit Service (M) Bhd.
Reuters said Asian shares and US stock futures fell on Friday following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.3%. Australian shares were down 1.64%, while Japan's Nikkei stock index slid 2.29%, it said.
Affin Hwang Capital Research said the FBM KLCI gained 1.08 points or 0.1%, to close at 1,491.03 on Thursday.
The research house said global concerns on Covid-19, slowdown in global economy and political concerns on the local front continue to escalate.
“Overall, anticipate appetites for equities to be flat with downward bias as investors are likely to stay on the sidelines. Also, maintain the view that the current rebound should be perceived as merely technical and likely to be short-lived.
“Anticipate the index to trade with downward bias,” it said.