KUALA LUMPUR (March 13): The FBM KLCI component stocks collectively lost some RM58.22 billion in market capitalisation in the morning session today as a global equity rout shattered investor sentiment.

Some RM96.03 billion was wiped out from the local bourse as a whole in the morning session today.

At 12.35pm, the FBM KLCI lost 6.28% or 89.11 points to 1,330.32. The index had earlier slumped to a low of 1,320.96.

Losers led gainers by 878 to 23, while 402 counters traded unchanged. Volume was 3.26 billion shares valued at RM2.62 billion.

The top losers include Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, PPB Group Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Hap Seng Consolidated Bhd and Fraser & Neave Holdings Bhd.

The actives included Trive Property Group Bhd, Sapura Energy Bhd, Vortex Consolidated Bhd, Velesto Energy Bhd, Jaks Resources Bhd, KNM Group Bhd, Bumi Armada Bhd and Hibiscus Petroleum Bhd.

The gainers included Maxis Bhd, Komarkcorp Bhd, Tropicana Corp Bhd, Y&G Corp Bhd, Harn Len Corp Bhd and Eksons Corp Bhd.

MIDF Amanah Investment Bank Bhd Research said foreign selling of Malaysian equity on Bursa Malaysia had reached RM1.4 billion for the week, taking year-to-date outflow to RM3.2 billion.

MIDF Research’s Adam M Rahim in a text message told theedgemarkets.com that combining the external and internal developments, the selling could persist until the end of 1HFY20 as he expects a recovery in market sentiment in 2HFY20.

Reuters said Southeast Asian stock markets sank on Friday and were headed for their worst week in more than a decade, as a rout in global equities deepened amid rising travel restrictions and growing fears of a global recession due to the coronavirus outbreak.

Sell-off gathered pace from Thursday after the World Health Organization termed the outbreak a pandemic and US President Donald Trump restricted travel from Europe to contain the virus spread, it said.

Kenanga IB Research said Asian stock markets continued to close lower yesterday following overnight loss in Dow Jones and further discouraged by Trump’s announcement to suspend travel from Europe.

It said back home, the FBM KLCI lost 24.4 points or 1.69% to finish at 1,419.43.

“Chart-wise, the index remains below all the key SMAs. Coupled with the bearish MACD signal, we expect the index to remain under pressures ahead.

“On the chart, we have set 1,360 (S1) (50% retracement level from the trough in 2009 to the peak in 2018) and 1,310 (S2) (its Sept 2011 low) as our key support thresholds.

“Conversely, key resistance levels are now seen at 1,450 (R1) and 1,495 (R2),” it said.