KUALA LUMPUR (Jan 31): The FBM KLCI reversed its gains and slipped at midday break on Friday, as investor sentiment at the local bourse took a turn for the worse after China said death toll from the Wuhan virus had risen to 123 and as the World Health Organization declared a global emergency on Thursday.

At 12.30pm, the FBM KLCI shed 0.66 points to 1,544.93. The index had earlier risen to a high of 1,552.46.

Losers thumped gainers by 576 to 94, while 509 counters traded unchanged. Volume was 2.02 billion shares, valued at RM1.22 billion.

The top losers included KESM Industries Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, Petronas Chemicals Group Bhd, Lotte Chemical Titan Holding Bhd, Dufu Technology Bhd, Malaysian Pacific Industries Bhd and Frontken Corp Bhd.

The actives included Avillion Bhd, Sapura Energy Bhd, KNM Group Bhd, Bumi Armada Bhd, DGB Asia Bhd, Icon Offshore Bhd and Impiana Hotels Bhd.

The gainers included Heineken Malaysia Bhd, Ayer Holdings Bhd, Tasek Corp Bhd, Hong Leong Bank Bhd, Carlsberg Brewery Malaysia Bhd, Advanced Packaging Technology (M) Bhd, Icon Offshore and Sime Darby Plantations Bhd.

Reuters said Asian share markets battled to regain their footing on Friday, as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of ever more cases and mounting deaths.

Helping steady the mood were surveys showing Chinese manufacturing activity came in much as expected in January, while services actually firmed, though this was likely before the virus took full hold, Reuters said.

Affin Hwang Capital Research said the FBMKLCI Index dropped 4.88 points or 0.3% to close at 1545.59 on Thursday.

The research house said the index continued to push lower in yesterday’s trading session, breaking below the 1550 support level.

This indicates selling pressure remains strong, it added.

“Note that a double-top chart pattern has formed and price has pushed below the neckline at 1550, which confirms this pattern formation. This is a bearish chart pattern.

“As the 1550 support has been broken, anticipate the index to maintain its downward movement towards the next level around 1530 in the near-term. Any rebound will be perceived as temporary.

“Anticipate the index to trade with downward bias,” Affin Hwang Capital said.