Key Asian markets, Bursa slide in early trade

KUALA LUMPUR: Key Asian markets including Bursa Malaysia kicked off the new week on a weak footing as uncertainties over the prolonged Covid-19 weighed on investor confidence.

At 9.18am, the FBM KLCI was down 14.62 points or 1.09% to 1,328.47. Turnover was 372.54 million shares valued at RM175.21mil. There were 126 gainers, 371 losers and 165 counters unchanged.

Bloomberg reported stocks retreated along with crude oil, and the dollar snapped a four-day slide as investors took in weekend developments that underscored a long road ahead to defeat the coronavirus.

Japan’s Topix index fell 4.2% as of 10:02 a.m. in Tokyo; futures on the S&P 500 declined 1.4% and South Korea’s Kospi slid 3% but Australia’s S&P/ASX 200 Index added 1.5%.

At Bursa last week, foreign funds were net sellers at RM631.9mil and retail investors were also seen to lock in gains with net selling at RM38.7mil after the rally but local institutions were net buyers at RM670.6mil.

Leading the decliners were F&N, down RM1.06 to RM29.02, Carlsberg RM1.02 to RM24.60, Ajinomoto 68 sen to RM12.30 and Heineken 32 sen to RM21.60.

HL Bank lost 38 sen to RM13.82 and Public Bank fell 24 sen to RM15.66.

YINSON was down 38 sen to RM4.92, Scientex and Allianz 28 sen each to RM7.02 and RM12.50. KL Kepong slipped 30 sen to RM20.28.

Top Glove gained 12 sen to RM6.44 and Kossan nine sen higher at RM5.05.

Source: TheStar