BURSA Malaysia extended yesterday’s losses to start the day weaker, as volatility emerged across global equities stoked by fears over global recession following the uptick in new Covid-19 cases.
At 9.06am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 3.50 points, or 0.26% to 1,319.16 from 1,322.66 at yesterday’s close.
The key index opened 2.04 points lower at 1,320.62.
On the broader market, gainers, however, slightly outnumbered losers 159 to 141, while 161 counters were unchanged, 1,460 untraded and 19 others suspended.
Turnover stood at 173.63 million worth RM86.05 mil.
Malacca Securities Shd Bhd said the market sentiment also turned downbeat following the World Bank’s move to slash economic growth of Asian countries growth due to impacts by Covid-19.
“Consequently, the odds of recession now have jumped to 40% from 25% projected at the start of the year,” it said in a note today.
Under the prevailing scenario, the brokerage firm said a pullback may see the local bourse be supported at the 1,300 psychological level, followed by the 1,250 level.
“On the upside, the 1,360 and 1,400 levels will serve as the resistance,” it added.
Among the heavyweights, MISC lost 13 sen to RM7.36, Tenaga declined 10 sen to RM11.72, Maxis slid five sen to RM5.03, CIMB went down three sen to RM3.50 and Sime Darby Plantation was four sen easier at RM4.70.
Of the actives, Hubline and XDL edged down half-a-sen each to 4.5 sen and nine sen, Minetech Resources added one sen to 1.5 sen, Jaks was two sen better at 81 sen while Sapura Energy was unchanged at 7.5 sen.
Top loser is Carlsberg, dropping 66 sen to RM24.10 while top gainer is Nestle, surging RM2.90 to RM136.50.
On the index board, the FBM Emas Index trimmed 17.52 points to 9,068.65, the FBM Emas Shariah Index skidded 17.75 points to 9,905.64 while the FBMT 100 Index fell 19.06 points to 8,989.81.
Sector-wise, the Industrial Products and Services Index edged down 0.14 of-a-point to 103.4, the Financial Services Index depreciated 56.11 points to 11,988.34 and the Plantation Index weakened 30.59 points to 6,076.69.
The FBM 70 shrank 2.35 points to 10,508.85 but the FBM Ace rebounded 17.38 points to 3,10.56. – April 2, 2020, Bernama