Bursa, Asian markets extend decline for fourth day

KUALA LUMPUR: Bursa Malaysia and key Asian markets continued to slip in early Thursday trade after the rout extended on Wall Street while oil prices lost more ground while more downside was expected for the markets due to the impact of the Covid-19.

At 9.06am, the FBM KLCI fell 1.73 points or 0.14% to 1,237.28. Turnover was 150.65 million shares valued at RM65.93mil. There were 110 gainers, 238 losers and 135 counters unchanged.

Asian stocks struggled to find their footing in volatile trade, as the latest promise of stimulus from the European Central Bank propped up sentiment while the world struggles to contain the coronavirus pandemic, Reuters reported.

US stock futures turned positive and rose nearly 2% after the ECB announced a bond-buying programme. Japan’s Nikkei opened 1.4% higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.25% amid choppy trade throughout the region, with Australia’s benchmark running as much as 3% higher before returning to flat and Korea’s Kospi gyrating.

At Bursa on Wednesday, foreign funds were net sellers at RM321.6mil while local institutions were net buyers at RM181mil and retail investors RM140.7mil.

Nestle was the top loser, down RM3.40 to RM134.80, Ducth Lady fell 30 sen to RM37.10, Carlsberg 28 sen to RM19.20 and QL Resources 20 sen to RM7.13.

HLFG fell 60 sen to RM11.60, Aeon Credit 59 sen to RM8.50 and RHB Bank 16 sen to RM4.39 but HL Bank gained 44 sen to RM12.86.

MPI extended its decline, falling 42 sen to RM8.30 while HL Industries was down 20 sen to RM6.50 and MCement 16 sen to RM1.64.

SAPURA ENERGY lost 0.5 sen to seven sen with 10.2 million shares done.

Petronas Dagangan was the top gainer, up 62 sen to RM20.60.

United Plantations gained 30 sen to RM24.80, KL Kepong 20 sen to RM15.88 and Sime Plantation 16 sen to RM4.23.

Top Glove nine sen higher at RM5.84.

Source: TheStar