KLCI sheds 0.5%, pauses for breather after late sell-off on Wall Street

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KUALA LUMPUR (April 8): The FBM KLCI took a breather in early trade Wednesday and shed 0.5% in line with the pause at regional markets after the late sell-off at Wall Street.

At 9.05am, the FBM KLCI was down 7.06 points to 1,362.86.

The early decliners included Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Genting Plantations Bhd, Hap Seng Consolidated Bhd, Scientex Bhd, Apex Healthcare Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, SAM Engineering & Equipment Bhd and JF Technology Bhd.

Reuters said Asian stock futures were under pressure on Wednesday after a late, sharp sell-off on Wall Street and as oil prices slumped under pressure from swelling global supplies.

Hong Kong futures were down following two days of gains. Australian shares were expected to open lower as warnings of an economic slump and a spike in unemployment due to the coronavirus pandemic dampened sentiment, it said.

JF Apex Securities Research said US markets ended slightly lower overnight after giving up intraday gains amid ongoing concern over the coronavirus outbreak.

It said that earlier, European stocks advanced over hopes that the coronavirus might have peaked in the region.

“On the local market, the FBM KLCI surged 28.23 points to 1369.92 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could take a breather and consolidate below the resistance of 1370 points following the recent rebound,” it said.

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