KUALA LUMPUR (March 30): The FBM KLCI lost 1.29% at the midday break, as Malaysia warns of a surge in new Covid-19 cases and most index-linked stocks fell in tandem with regional markets as the coronavirus pandemic continued to wreak havoc in most nations.
At 12.30pm, the benchmark index fell 17.33 points to 1,325.76.
Market breadth was negative with 441 decliners and 158 advancers, while 391 counters traded unchanged. Volume was 1.67 billion shares valued at RM918.96 million.
The top index-linked laggards were Axiata Group Bhd, Malayan Banking Bhd, Hong Leong Bank Bhd, Hap Seng Consolidated Bhd, CIMB Group Holdings Bhd, Genting Plantations Bhd, Kuala Lumpur Kepong as well as Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd and Yinson Holdings Bhd.
The actives included Mlabs System Bhd, Vortex Consolidated Bhd, Careplus Group Bhd, Ekovest Bhd, Reach Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd and LKL International Bhd,
The gainers included SCGM Bhd, Kossan Rubber Industries Bhd, Tenaga Nasional Bhd, Pentamaster Corp Bhd, QL Resources Bhd, Karex Bhd and Comfort Gloves Bhd.
Reuters said Southeast Asian stock markets dropped on Monday as worries over a severe economic damage in the region following a rise in new coronavirus cases outweighed central banks' efforts to calm investor nerves through aggressive policy easing.
The number of fresh cases and deaths rose in several countries in the region, with Malaysia warning of a surge in the number of cases in mid-April, it said.
Kenanga IB Research said last Friday, Asian stocks ended mostly higher as investors’ optimism returned following the introduction of several countries’ stimulus packages to cushion the negative impact from Covid-19 outbreak.
Back home, the FBM KLCI gained by 15 points or 1.13% to finish at 1,343.09.
“Chart-wise, the index remains below all the key SMAs. Coupled with the bearish MACD signal, we expect the index to remain under pressure ahead.
“Nonetheless, we may see a continuation of yesterday’s intermittent technical rebound from an oversold position.
“On the chart, we have upped our support levels to 1,310 (S1) and 1,240 (S2). Conversely, the resistance levels are now set at 1,360 (R1) and 1,400 (R2),” it said.