KUALA LUMPUR (March 19): The FBM KLCI fell to its lowest level in 11 years at the midday break today, as it lost 2.4%, led by losses at key index-linked stocks including Malaysia Airports Holdings Bhd (MAHB), banks and Genting counters.
The losses at the local stock exchange amid a heavy trading volume came against the backdrop of the worsening Covid-19 pandemic and heightened economic fears.
At 12.30pm, the FBM KLCI lost 29.73 points to 1,209.28. The index had earlier fallen to a low of 1,207.80.
Market breadth was negative with 778 losers and 35 gainers, while 328 counters traded unchanged. Volume was 2.11 billion shares valued at RM1.29 billion.
The major losers included MAHB, Genting Malaysia Bhd, Genting Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd, Public Bank Bhd, RHB Bank Bhd and AMMB Holdings Bhd.
The actives included Sapura Energy Bhd, Ekovest Bhd, Bumi Armada Bhd, UWC Bhd, Sanichi Technology Bhd and Velesto Energy Bhd.
The gainers included Hartalega Holdings Bhd, Country Heights Holdings Bhd, Sime Darby Plantation Bhd, IHH Healthcare Bhd and Top Glove Corp Bhd.
Reuters said the Philippines plunged 24% on Thursday on reopening after a two-day hiatus, while other Southeast Asian stock markets also sustained heavy losses on fears over the economic damage from the coronavirus pandemic.
The Philippine bourse opened 12.4% lower, triggering the first 10% circuit breaker following which a 15-minute trading halt was placed within minutes of the opening bell.
Kenanga IB Research said yesterday, Asian markets closed lower as investors were concerned about the fast spreading Covid-19 and its impact on the country’s economy after a few Asian countries announced the lock down of their borders.
It said back home, the FBM KLCI lost 17.57 points or 1.4% to finish at 1,239.01.
“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.
“On the chart, we have lowered our support levels to 1,200 (S1) and1,100 (S2),” it said.