KUALA LUMPUR (Jan 28): The FBM KLCI was down 1.2% at midday break on Tuesday, on resuming trade after the extended weekend for the Lunar New Year holiday, tracking a global selloff as the coronavirus outbreak rattled markets.

At 12.30pm, the FBM KLCI lost 18.23 points to 1,554.58. The index had earlier fallen to a low of 1,545.63.

Market breadth was negative with 633 losers and 81 gainers, while 420 counters traded unchanged. Volume was 2.09 billion shares valued at RM1.55 billion.

The losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Petronas Dagangan Bhd and Malaysia Airports Holdings Bhd.

The actives included Priceworth International Bhd, Careplus Group Bhd, Supermax Corp Bhd, Bumi Armada Bhd, Sapura Energy Bhd and ES Ceramics Technolgy Bhd.

The gainers included Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Aeon Credit Service (M) Bhd, Supermax, Adventa Bhd, Careplus and IHH Healthcare Bhd.

Reuters said Asian stocks extended a global selloff on Tuesday as China took more drastic steps to combat a deadly new coronavirus, while bonds shone on expectations central banks would need to keep stimulus flowing to offset the likely economic drag.

As the death toll reached 106 in China, some health experts questioned whether Beijing can contain the virus which has spread to more than 10 countries including France, Japan and the United States. No deaths have been reported outside of China so far, it said.

Affin Hwang Capital Research said the FBMKLCI Index dropped 1.63 points or 0.1%, to close at 1572.81 on Friday (Jan 24).

Market was closed on Monday (Jan 27), in observance of Chinese New Year.

The research house said as the index has broken below the 1575 minor support level, this tells us selling pressure remains strong.

“Not only that, price action also indicates that bias is firmly towards the downside, as price continues to register lower highs and lower lows.

“Hence, anticipate the index to retest the 1550 key support in the near-term.

“Anticipate the index to trade with downward bias,” it said.