KLCI sentiment stays negative amid lockdown fears

TheEdge Mon, Jan 11, 2021 09:11am - 3 months ago


KUALA LUMPUR (Jan 11): The main index at Bursa Malaysia started the week on a cautious note as investors weighed the impending announcement by Prime Minister Tan Sri Muhyiddin Yassin later in the day in relation to the still high coronavirus figures in the country.

Yesterday, Malaysians were told to stop spreading unverified information concerning speculations about the possible re-implementation of the Movement Control Order (MCO).

Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob said sharing such rumours on social media would only lead to situations such as panic buying.

At 9.05am, the FBM KLCI  fell 8.95 points to 1,624.24.

The early decliners included CN Asia Corp Bhd, Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Greatec technology Bhd. Malayan Banking Bhd, Tenaga Nasional Bhd, Aeon Credit Service (M) Bhd and UWC Bhd.

Bloomberg said the dollar climbed Monday and Asian stocks were mixed as traders weighed President-elect Joe Biden’s pledge to detail huge U.S. economic aid to counter the impact of the escalating pandemic.

Rakuten Trade said US equities closed higher after a volatile session as traders are hopeful of another stimulus package amid the disappointing US job data.

It said the Dow Jones Industrial Average edged up 57 points to close at almost the 31,100 mark while the Nasdaq ended the session on a record high at around the 13,200 level.

“Nonetheless, we expect regional markets to be mixed today in view of the unpredictable Wall Street.

“Back home, we expect the FBM KLCI to experience some weaknesses today amid the surging Covid-19 cases.

“Thus, we expect the benchmark index to trend lower today potentially testing the 1,620/25 levels.

“On a more positive note, crude oil prices continue to climb with the Brent now hovering above the US$56/barrel,” it said.

 






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