KUALA LUMPUR (March 12): The FBM KLCI lost 1.4% at the midday break today as global equity markets tanked after the World Health Organisation declared the coronavirus a pandemic.

However, the pandemic was a silver lining for glovemakers, which were among the top gainers on Bursa Malaysia.

At 12.30pm, the FBM KLCI fell 20.06 points to 1,423.77.

Losers hammered gainers by 727 to 47, while 420 counters traded unchanged. Volume was 2.21 billion shares valued at RM1.42 billion.

The top losers included Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd, Petronas Gas Bhd, KESM Industries Bhd, Hong Leong Bank Bhd and Aeon Credit Service (M) Bhd.

The actives included Lambo Group Bhd, Bumi Armada Bhd, JAKS Resources Bhd, Hibiscus Petroleum Bhd, Borneo Oil Bhd, Velesto Energy Bhd, Sapura Energy Bhd and Sanichi Technology Bhd.

The gainers included Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Stella Holdings Bhd, Gopeng Bhd, QL Resources Bhd and Teck Guan Perdana Bhd.

Reuters said Southeast Asian stock markets stumbled on Thursday, with Indonesia and Vietnam entering bear market territory, after the United States imposed a temporary ban on travel from Europe and world health officials declared the coronavirus a pandemic.

US President Donald Trump suspended all travel from Europe to the United States for 30 days starting on Friday as he responded to mounting pressure to take action against the spread of the virus, it said.

Kenanga IB Research said Asian stock markets continued their downward movements following the weak rebound on Tuesday as investors continued to watch the development on Covid-19 as well as movement from OPEC and Russia.

It said back home, the FBM KLCI gained 13.36 points or 0.93% to finish at 1,443.83 yesterday.

“Chart-wise, the index remains below all the key SMAs, backed by the bearish MACD signal, hence we expect the index to remain under pressure ahead.

“As such, our support levels can be identified at 1,400 (S1) and 1,350 (S2) while its overhead resistance are at the support-turned-resistance levels of 1,450 (R1) and 1,500 (R2),” it said.