KUALA LUMPUR (March 17): The FBM KLCI pared some of its loss at mid-morning as US futures advanced while Japan, Hong Kong and China markets fluctuated.

At 10.05am, the FBM KLCI was down 44.76 points to 1,235.87. The index had earlier slumped to a low of 1,211.95.

Losers led gainers by 763 to 82, while 170 counters traded unchanged. Volume was 1.33 billion shares valued at RM825.41 million.

The losers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, Carlsberg Brewery Malaysia Bhd, Aeon Credit Service (M) Bhd, Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd and Heineken Malaysia Bhd.

The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd, Velesto Energy Bhd, Priceworth International Bhd, Jaks Resources Bhd, AirAsia Group Bhd, My EG Services Bhd, Datasonic Group Bhd and Ekovest Bhd.

The gainers included Frontken Corp Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Bloomberg said US futures advanced and the yen slid in volatile trading after the biggest plunge in Wall Street stocks since 1987. Asia-Pacific shares ranged from a further drop in South Korea to gains elsewhere.

Japan’s share benchmark swung from a loss of 3% to a gain of more than 3%. Australia jumped over 4%. Hong Kong and China fluctuated. S&P 500 and Nasdaq futures reached their limit-up. The S&P 500 Index sank 12% Monday, erasing its gain for 2019, after President Donald Trump warned of a possible recession, with economic disruption from the coronavirus potentially extending into summer. Treasury yields rose after plummeting Monday. Australian bond yields climbed as traders continue to rush for cash. Crude oil traded near US$30 a barrel after plunging almost 10% in New York, it said.

Kenanga IB Research said yesterday, Asian markets closed lower as investors expect further weakness in earnings following US Federal Reserve rate cut which brought benchmark interest rate to zero.

It said back home, the FBM KLCI lost 64.12 points or 4.77% to finish at 1,280.63.

“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 [lowered] our support level to 1,240 (S1) (61.8% retracement level from the trough in 2009 to the peak in 2018) and 1, 200 (S2),” it said.