KUALA LUMPUR (Feb 18): The FBM KLCI closed 0.04 point lower at 1,537.08, while Bursa Malaysia small market capitalisation (small cap) stocks fell by a larger quantum after broad-based selling, following a substantial drop across global equity and commodity prices amid the Coronavirus disease 2019 (Covid-19) outbreak concerns.

Malaysia share-trade dynamics also took cue from the current corporate financial reporting season for the October-December 2019 quarter. At Bursa today, the KLCI closed at 1,537.08 at 5pm, after falling to its intraday low at 1,532.89.

The Bursa small cap index ended down 168.36 points or 1.2% at 13,916.12.

“As it is still (the) earlier part of the week, it seems like investors are having a cautious stance and is holding back,” TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com.

Across Bursa, the exchange saw 2.78 billion shares worth RM2.06 billion traded, as decliners led gainers by 598 to 254 respectively. Top decliners included Kuala Lumpur Kepong Bhd and Hengyuan Refining Co Bhd, while leading gainers included Carlsberg Brewery Malaysia Bhd and Petronas Gas Bhd.

The most active stock was Icon Offshore Bhd, with some 169 million shares traded. Icon's share price closed down 5.5 sen or 31.43% at 12 sen.

Asian share indices fell substantially. Japan's Nikkei 225 closed down 1.4%, while South Korea's Kospi fell 1.48%. In China, Hong Kong’s Hang Seng ended down 1.54%, while the Shanghai Stock Exchange Composite erased losses for a 0.045% gain.
 
Reuters reported Asian shares fell and Wall Street was poised to retreat from record highs on Tuesday, after Apple Inc said it would miss its March quarter revenue guidance, as the coronavirus slowed production and weakened demand in China.

It was reported that warning from the most valuable US company sobered investor optimism that stimulus from China and other countries would protect the global economy from the effects of the epidemic.

"Oil prices fell by more than 1% on Tuesday, tracking losses in financial markets on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand. Brent crude was at US$56.88 a barrel, down 79 cents or 1.4% by 0746 GMT, while US West Texas Intermediate crude fell 57 cents or 1.1% to US$51.48 a barrel," Reuters reported.