BURSA Malaysia lost more ground at the opening today, tracking overnight losses in the Wall Street after the World Health Organisation (WHO) declared Covid-19 outbreak a pandemic. The declaration caused the Dow which sank 5.86%, S&P 500 slipped 4.89% while Nasdaq finished 4.7% lower.
At 9.02am today, the FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 17.54 points or 1.21% to 1,426.29 from 1,443.83 at yesterday’s close.
The FBM KLCI opened 12.42 points weaker at 1,431.41 at the opening bell.
On the broader market, losers led gainers 309 to 54, with 118 counters unchanged, 1,535 untraded and 19 others suspended.
Turnover amounted to 159.87 million shares worth RM56.84 mil.
Market sentiments also turned downbeat, with the FBM Small Cap, FBM ACE, FBM70, Energy and Plantation all went down, with the exception of healthcare which was up 2.99 points or 0.22%.
In a note today, Malacca Securities Sdn Bhd said the selling pressure on the Wall Street that pushed major indices into the bear territory may see weakness permeates to the Asia stock markets today.
“With conditions appears more choppy, we reckon that Bursa Malaysia is likely to kick start the day on a sluggish note. Renewed volatility may pressure the local bourse towards the recent support level at 1,415.
“Should that level failed to hold, further weakness will be located at the 1,400 level. We continue to expect a recovery will be mild amid the lack of fresh catalyst,” it said.
The research house noted that the lower liners and broader market shares continue to see nibbling but the rebound could be accompanied by quick profit-taking activities.
Among the heavyweights, Maybank declined nine sen to RM8.30, Tenaga lost 18 sen to RM12.44, Public Bank dropped eight sen to RM16.72 while IHH was five sen weaker at RM5.54.
Of the actives, Sapura Energy, Borneo Oil inched down half-a-sen each to 11 sen and 2.5 sen respectively, while Hibiscus Petroleum was two sen lower at 41.5 sen.
On the index board, the FBM Emas Index depreciated 132.80 points to 9,947.58, the FBM Emas Shariah Index edged up gave up 155.77 points to 10,562.73 and the FBM 70 decreased 193.07 points to 11,879.91.
The FBMT 100 Index contracted 129.44 points to 9,815.52 while the FBM Ace was 87.20 points weaker at 4,637.32.
Sector-wise, the Industrial Products and Services Index inched down 2.7 points to 120.75, the Plantation Index slipped 98 points to 6,295.58 and the Financial Services Index reduced 126.74 points to 13,786.72. – March 12, 2020, Bernama
