The FBM KLCI lost 2.76% at the early afternoon cushion pair with the fall all things considered provincial markets, as worldwide values were annoyed in spite of a crisis move by the US Federal Reserve (Fed) to cut rates.
Be that as it may, the nearby benchmark record recaptured some lost ground and mauled back over the 1,300-point level.
At 12.30pm, the FBM KLCI was down 37.1 focuses to 1,307.65. The record had before slipped to a low of 1,299.42.
Market broadness was negative with 787 washouts and 28 gainers, while 338 counters exchanged unaltered. Volume was 2.02 billion offers esteemed at RM1.45 billion.
The top failures included Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Fraser and Neave Holdings Bhd, Ajinomoto (M) Bhd, LPI Capital Bhd, Carlsberg Brewery Malaysia Bhd, Eon Credit Service (M) Bhd and Heineken Malaysia Bhd.
The actives included Borneo Oil Bhd, Bumi Armada Bhd, Velesto Energy Bhd, Jaks Resources Bhd, Ekovest Bhd, Sapura Energy Bhd, My EG Services Bhd, Vortex Consolidated Bhd and KNM Group Bhd.
The gainers included Toyo Ink Group Bhd, Yee Lee Corp Bhd, Sime Darby Plantation Bhd, Kwantas Corp Bhd, YSP Southeast Asia Holding Bhd and Mycron Steel Bhd.
Reuters said financial exchanges and the US dollar were annoyed on Monday after the Fed sliced loan costs in a crisis move and its significant friends offered modest US dollars to break a logjam in worldwide loaning markets.
The forceful arrangement steps were planned for padding the financial effect as the very quick spread of the coronavirus everything except shut down more nations, yet had just restricted achievement in quieting panicky speculators, it said.
Kenanga IB Research said that last Friday, Asian stocks finished lower after Wall Street dropped to a record low as Covid-19 apprehensions heighten.
It said back home, the FBM KLCI lost 74.68 focuses or 5.26% to complete at 1,344.75.
“Graph savvy, the file stays beneath all the key SMAs. Combined with the bearish MACD signal, we anticipate that the list should stay under weights ahead.
“On the outline, we have brought down our help level to 1,310 (S1) (its Sept 2011 low) and 1,240 (S2) (61.8% retracement level from the trough in 2009 to the top in 2018).
“On the other hand, key opposition levels are presently observed at 1,450 (R1) and 1,495 (R2),” it said.
