KUALA LUMPUR (March 11): Malaysian stocks paused for a breather this morning as the rebound at global markets stalled.  

At 9.0.5am, the FBM KLCI shed 0.17 points to 1,430.30.

The early decliners included Fraser & Neave Holdings Bhd, Teck Guan Perdana Bhd, Public Bank Bhd, Allianz Malaysia Bhd, Digi.Com Bhd, IOI Corp Bhd, Telekom Malaysia Bhd, Axiata Group Bhd and HeiTech Padu Bhd.

Reuters said Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington's stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

Markets had been recovering from a brutal global selloff on Monday that was triggered by the double shock of an oil price crash and the worsening outbreak, it said.

JF Apex Securities Research said US markets rallied overnight following investor optimism on potential fiscal stimulus and tax incentives to counter economic slowdown due to the coronavirus.

It said that earlier, European stocks extended their selldown as Italy quarantined the entire country.

“On the local market, the FBM KLCI rose 6.31 points to 1430.47 points on bargain hunting.

“Following the positive performance in Wall Street, the FBM KLCI could extend its rebound towards the resistance of 1450 points,” it said.