KUALA LUMPUR (April 22): The FBM KLCI pared some of its loss but remained well below its resistance level of 1,400 as it tracked volatile regional markets, hit by weak crude oil prices and pandemic fears gripping the world.

At 12.30pm, the FBM KLCI was down 0.71% or 9.81 points to 1,371.92. The index had earlier fallen to a low of 1,359.54.

Losers led gainers by 597 to 190, while 292 counters traded unchanged. Trading volume was 2.63 billion shares.

The top losers included Malayan Banking Bhd, Hong Leong Bank Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Hong Leong Financial Group Bhd, LPI Capital Bhd and Heineken Malaysia Bhd.

The actives included Hibiscus Petroleum Bhd, Lambo Group Bhd, Eduspec Holdings Bhd, Sapura Energy Bhd, Hubline Bhd, Minetech Resources Bhd and Velesto Energy Bhd.

The gainers included Top Glove Corp Bhd, Petronas Dagangan Bhd, Pentamaster Corp Bhd, RHB Bank Bhd and Supermax Corp Bhd.

Reuters said most Southeast Asian stock markets fell for a second session on Wednesday as the collapse of oil prices earlier this week underscored supply glut worries and exposed the severity of the damage to demand from the coronavirus pandemic.

The week so far has seen some of the most volatile days in the history of oil trading, with prices for US crude turning negative, as inventories swelled and finding storage spaces became difficult, prompting investors to digest that demand worries could last for several months, it said.

Kenanga IB Research said Asian stocks finished lower yesterday, tracking Wall Street’s fall as US oil futures took a dive to the negative territory.

It said back home, the FBM KLCI fell 31.39 points or 2.22% to finish at 1,381.73.

“Chart-wise, the index — after having rebounded from its previous oversold position to close the gap that was opened during the mid-March market meltdown — could face renewed selling pressures ahead.

“Following yesterday's pullback, which saw the index testing but failing to break above its 50-day SMA, our support levels now stand at 1,360 (S1) and 1,310 (S2).

“On the upside, we have revised our support-turned-resistance levels to 1,400 (R1) and 1,420 (R2),” it said.