KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day. In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended. Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion. ...
Market Daily Report: KLCI up alongside regional markets on China signal to minimize Wuhan virus impact
KUALA LUMPUR (Feb 11): The FBM KLCI Index rose 0.56% alongside gains in the regional markets, on a stronger stance by China to minimize the impact of the novel coronavirus (2019-nCoV) a.k.a. Wuhan virus outbreak on its economy.
The benchmark index hit its intra-day high of 1,554.67 points before settling at 1,551.48, still up 8.68 points from previous close.
Gainers in the index were led by Petronas Chemicals Group Bhd and Hap Seng Consolidated Bhd, supported by bargain hunting, following a slump in their share prices late last month.
After the slump, investors may be using the opportunity to buy some shares ahead of the quarterly results release that would go full swing this month, said HLIB Research analyst Loui Low Ley Yee when contacted.
“There are expectations of better results in select sectors for 4Q19,” Low said, adding the market may have priced in most of the impact from the coronavirus outbreak, considering some slowdown in the negative news flow.
Market sentiment improved today, following the first public appearance of Chinese President Xi Jinping since the coronavirus outbreak on Monday evening.
Xi, who visited a community health centre in Beijing, reportedly called for “greater efforts to minimize the impact of the epidemic on the economy” and for attention to be paid to “preventing large-scale layoffs”.
He said China would strive to meet economic and social targets for the year, Reuters reported.
The improved sentiment helped China’s Shanghai Stock Exchange Composite Index rise 0.39%, as it eked out gains for its fourth consecutive trading day. Similarly, the Shenzhen Stock Exchange Composite Index rose 0.37%.
Hong Kong’s Hang Seng Index rose 1.26%, whereas Singapore’s STI rose .
Malaysia’s stock market saw 462 counters posting gains against 372 decliners, while 367 counters traded unchanged.
Across Bursa Malaysia, gainers were led by Carlsberg Brewery (M) Bhd, while decliners were led by Malaysian Pacific Industries Berhad. Some 2.77 billion shares were traded across Bursa Malaysia, valued at RM2.26 billion.
At the time of writing, global cured cases of the Wuhan virus stand at 4,184. Data shows there has been a gradual slowdown in the number of confirmed cases in February. The outbreak has resulted in over 43,000 individuals infected, with death toll at 1,013 since the outbreak was announced since the end of last year.
Source: The Edge
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