KLCI falls 28.23 points; Asian markets slugged

TheStar Wed, Apr 01, 2020 05:15pm - 1 year ago

KUALA LUMPUR: Bursa Malaysia finished the first trading of the second quarter lower on Wednesday, in line with broader Asia markets.

At closing, the FBM KLCI retreated 28.23 points, or 2.09% to 1,322.66. The index opened 5.99 points lower at 1,344.90 this morning.

Losers outnumbered gainers 523 to 355 while 358 counters closed unchanged. Turnover stood at 4.74 billion shares worth RM2.77bil.

In today’s session, 26 of the KLCI-component stocks were traded lower while only 4 counters advanced.

Dealers said the coronavirus pandemic and prospect of a global recession overshadowed stimulus efforts by governments. In addition, weak manufacturing data also dampened sentiment.

The gainers on Bursa Malaysia included Malaysian Pacific Industries Bhd (MPI), Metrod Holdings Bhd, Far East Holdings Berhad and AEON CREDIT SERVICE (M) BHD.

MPI advanced 23 sen to RM9.38, Metrod added 21 sen to RM1.29, Far East rose 20 sen to RM2.20 and Aeon Credit gained 20 sen to RM8.60.

Hong Leong Financial Group, the top loser on Bursa Malaysia, shed 88 sen to RM12.80. Petronas Dagangan fell 78 sen to RM20.38, HEINEKEN MALAYSIA declined 68 sen to RM21.20 and Nestle lost 60 sen to RM136.10.

Among the heavyweights, Maybank fell 13 sen to RM7.32, Tenaga Nasional shed 20 sen to RM11.82 and Public Bank declined 22 sen to RM15.68.

Elsewhere in the region, China’s Shanghai Composite index was down 0.57% at 2,734.52 while the blue-chip CSI300 index was down 0.3%.

Hong Kong’s Hang Seng index was down 517.69 points or 2.19% at 23,085.79. The Hang Seng China Enterprises index fell 1.98% to 9,404.98.

Reuters reported that Japanese shares plummeted as investors braced for a potential lockdown of Tokyo, a global recession, and sharp cuts in corporate earnings and dividend payouts due to the coronavirus pandemic.

Nikkei 225 fell 4.5% to a one-week closing low of 18,065.41.

South Korea’s Kospi index closed down 69.18 points, or 3.94%, to 1,685.46, logging the biggest daily fall in more than a week. It dropped 23.31% so far this year.

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