KUALA LUMPUR (March 26): The FBM KLCI fell 1% in early trade on profit taking after Prime Minister Tan Sri Muhyiddin Yassin yesterday announced the extension of the movement control order (MCO) until April 14.

At the local bourse, key index-linked blue chips fell against the backdrop of cautious regional markets.

At 9.15am, the FBM KLCI fell 13.43 points to 1,311.07.

The early decliners included Carlsberg Brewery Malaysia Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Nestle (M) Bhd, PPB Group Bhd, Hap Seng Consolidated Bhd and Public Bank Bhd.

Reuters said  Asian stock markets were poised for a cautious start on Thursday following two days of rallies, as investors await the passage and details of a $2 trillion stimulus package in the United States to address the economic fallout from the coronavirus.

Senators are set to vote on the plan later on Wednesday in Washington. The bill includes a $500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to $3,000 each to millions of U.S. families, it said.

JF Apex Securities Research said US markets ended mixed with the Dow and S&P climbing while the Nasdaq slipped after the White House and Senate agreed on a $2 trillion coronavirus stimulus bill. Earlier,

It said European stocks advanced following the US' stimulus to mitigate the economic impact from the coronavirus outbreak.

“On the local market, the FBM KLCI rose 33.36 points to 1324.50 points.

“Following the positive sentiment in global markets, the FBM KLCI could extend its rebound towards the resistance of 1370 points,” it said.

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