Asian markets, KLCI dip on profit taking after rebound

KUALA LUMPUR: Investors took some money off the table early Friday after the rebound in key Asian markets and Bursa Malaysia as they turned cautious about the coronavirus outbreak which left 636 dead in China.

At 9.17am, the KLCI was down 2.32 points or 0.15% to 1,550.45. Turnover was 303.08 million shares valued at RM155.18mil. There were 68 gainers, 159 losers and 241 counters unchanged.

Bloomberg reported Asian stocks fell after their biggest daily jump since June, US futures slipped after Wall Street notched a fresh record high and the yen edged up.

Investors were cashing out some after global equities rallied for four days on receding fears about the coronavirus and confidence in a sustained global expansion in 2020.

Japan’s Topix index fell 0.4%; futures on the S&P 500 were down 0.2%; Kospi Index dropped 0.9% and Australia’s S&P/ASX 200 Index fell 0.5%.

Reuters reported the death toll from a coronavirus outbreak in mainland China has reached 636 as of the end of Thursday, up by 73 from the previous day, the country’s National Health Commission said.

Central Hubei province – epicentre of the outbreak – reported 69 deaths, including 64 in the provincial capital Wuhan. Across mainland China, there were 3,143 new confirmed infections on Thursday, bringing the total so far to 31,161.

At Bursa on Thursday, foreign funds returned and were net buyers at RM84.5mil and retail investors at a mere RM200,000 while local institutions locked in the gains and were net sellers at RM84.7mil.

Cycle and Carriage Bintang fell 10 sen to RM1.88 and CMSB four sen to RM2.25.

Public Bank shed six sen to RM18.34 and MAHB four sen to RM7. Also down four sen was GentingM to RM2.99.

AIRASIA rose one sen to RM1.24 with 5.22 million shares done.

BAT was the top gainer, up 24 sen to RM11.96, KLCC and YINSON 12 sen each to RM7.83 and RM6.44.

BIMB climbed 13 sen to RM4.01 and Takaful 11 sen to RM4.80.

Source: TheStar