KLCI remains lacklustre as Covid-19 weighs on sentiment

KLCI remains lacklustre as Covid-19 weighs on sentiment
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KUALA LUMPUR (Feb 17): The FBM KLCI remained lacklustre at mid-morning in line with the tepid sentiment at regional markets, as worries over the Covid-19 outbreak weighed on investors.

At 10am, the FBM KLCI was down 0.55 point to 1,543.91.

Gainers led losers by 273 to 245, while 310 counters traded unchanged. Volume was 877.29 million shares valued at RM373.64 million.

The top losers included Fraser & Neave Holdings Bhd, LPI Capital Bhd, Petronas Gas Bhd, Panasonic Manufacturing Malaysia Bhd, Sarawak Consolidated Industries Bhd, Sime Darby Plantation Bhd, Maxis Bhd and Teck Guan Perdana Bhd.

The actives included Securemetric Bhd, Powerwell Holdings Bhd, Sapura Energy Bhd, Bumi Armada Bhd, DGB Asia Bhd, FoundPac Group Bhd and Alam Maritim Resources Bhd.

The gainers included Hengyuan Refining Company Bhd, Icon Offshore Bhd, Carlsberg Brewery Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, Yinson Holdings Bhd, QL Resources Bhd, KESM Industries Bhd, Allianz Malaysia Bhd and UMW Holdings Bhd.

Reuters said Asian shares stepped back from three-week highs on Monday as investors weighed the near-term hit on global growth from a fast-spreading Covid-19 outbreak in China, although expectations of further policy stimulus helped stem losses.

It said trading is expected to be light as US stocks and bond markets will be shut on Monday for a public holiday.

Affin Hwang Capital Research said the FBM KLCI gained 5.3 points or 0.3%, to close at 1,544.46 on Friday.

It said the brief technical rebound seen recently is perceived to have ended and the resumption of the prevailing downward movement is currently in progress.

“Overall, we opine that the index may trade sideways with downward bias, potentially retesting the 1,520 key level in the near term.

“On a side note, investors/traders can pay closer attention to the health care and technology sectors. In terms of technicals, these two sectors are steadily trending higher which shows a positive sign in the near future.

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