KUALA LUMPUR (April 2): The FBM KLCI pared some of its gains at the midday break Thursday after staging a technical rebound following the selloff a day earlier, against the backdrop of Asian markets rattled by a dire outlook of the US coronavirus death toll as well as gloomy global economic prospects.

At 12.30pm, the FBM KLCI was up 4.7 points at 1,327.36. The index had earlier risen to a high of 1,332.61 after it had initially slumped to a low of 1,316.94.

Gainers led losers by 363 to 178, while 444 counters traded unchanged. Trading volume was 1.59 billion shares valued at RM923.11 million.

The gainers included KESM Industries Bhd, Heineken Malaysia Bhd, Petronas Gas Bhd, ViTrox Corp Bhd, QL Resources Bhd, SAM Engineering & Equipment (M) Bhd, Fraser & Neave Holdings Bhd, Frontken Corp Bhd, IBG Bhd and Sarawak Oil Palms Bhd.

The actives included Minetech Resources Bhd, Bumi Armada Bhd, Velesto Energy Bhd, Sanichi Technology Bhd, Jaks Resources Bhd, Sapura Energy Bhd and Hubline Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Pintaras Jaya Bhd, Batu Kawan Bhd, Ajinomoto (M) Bhd and Hong Leong Financial Group Bhd.

Reuters said markets in Singapore and the Philippines fell on Thursday, tracking their peers in the United States on persisting fears about the coronavirus' spread and a recession, while Malaysian shares rose on reports of a slowing rate of new infections.

Wall Street slumped overnight after US President Donald Trump warned Americans of a "painful" two weeks ahead, with a mounting death toll in the country that could stretch into the hundreds of thousands.

Kenanga IB Research said Asian stocks closed lower yesterday as investors continued to watch the development of Covid-19 after White House projected higher death toll in the US.

It said back home, the FBM KLCI lost 28.23 points or 2.09% to finish at 1,322.66.

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

“Nonetheless, we may see a continuation of yesterday’s intermittent technical rebound from an oversold position.

“On the chart, we have upped our support levels to 1,310 (S1) and 1,240 (S2). Conversely, the resistance levels are now set at 1,360 (R1) and 1,400 (R2),” it said.