KUALA LUMPUR (Feb 18): The FBM KLCI remained firmly in the negative zone as sentiment continued to stay negative in line with the downtrend at regional markets, as the Covid-19 outbreak weighed on investors.
At 12.30pm, the FBM KLCI was down 2.25 points to 1,534.87.
Market breadth was negative with 423 losers and 154 gainers, while 505 counters traded unchanged. Volume was 1.65 billion shares valued at RM942.58 million.
The top losers included Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, KESM Industries Bhd, Tasek Corp Bhd, Sarawak Consolidated Industries Bhd, Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Hengyuan Refining Company Bhd and Pentamaster Corp Bhd.
The actives included Icon Offshore Bhd, My EG Services Bhd, DGB Asia Bhd, XOX Bhd, Green Packet Bhd, Borneo Oil Bhd and Sapura Energy Bhd.
The gainers included Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, Aeon Credit Service (M) Bhd, Carlsberg Brewery Malaysia Bhd, Allianz Malaysia Bhd, Hong Leong Industries Bhd, Daibochi Bhd and Hong Leong Bank Bhd.
Reuters said Asian shares fell and Wall Street retreated from record highs on Tuesday after Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China.
The warning from the most valuable company in the United States sobered investor optimism that economic stimulus by Beijing and other countries would protect the global economy from the effects of the epidemic, it said.
Affin Hwang Capital Research said the FBM KLCI dropped 7.34 points or 0.5%, to close at 1,537.12 on Monday (Feb 17).
The research house added that price has been steadily drifting lower ever since retesting the 1,550-1,555 immediate resistance.
“As the index continues to show weakness, backed by key technical indicators as well as moving averages, anticipate the index to retest immediate support around the 1,520 level in the near term.
“Downward bias remains firm. Anticipate the index to trade with downward bias,” it said.