KLCI tracks regional markets lower as coronavirus resurgence rattles markets

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KUALA LUMPUR (Sept 22): The main index at Bursa Malaysia opened lower Tuesday, tracking the weaker regional markets following the overnight fall at Wall Street.

At 9.05am, the benchmark index shed 1.84 points to 1,497.59.

The early decliners included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Bursa Malaysia Bhd, Petronas Gas Bhd, Hartalega Holdings Bhd, MCE Holdings Bhd, MISC Bhd, Westports Holdings Bhd and Apex Healthcare Bhd.

Bloomberg said Asian stocks dipped at the open Tuesday after U.S. equities slid on concerns over coronavirus restrictions and prospects for economic stimulus.

The dollar was steady after posting the biggest gain in three months, it said.

Rakuten Trade Sdn Bhd in its daily market report said Wall Street suffered on the uncertainty over the additional stimulus in the US as well as another possible lockdown following a spike in Covid-19 cases in the UK.

It said the Dow Jones Industrial Average dropped by 509 points to close above the 27,000 mark.

“The index at one instance declined by 940 points hovering around the 26,700 level.

“As such, there will be no reprieve for the regional markets today.

 “On the local front, we expect the FBM KLCI to experience more selling pressure having broken the 1,500 mark yesterday.

“The rise in Covid-19 cases may spur some buying on glove counters hence we believe the index to hover between the 1,490/1,510 range today,” it said.