KLCI pulls back in line with regional retreat

  • Markets
  • Tuesday, 21 Jan 2020

KUALA LUMPUR: Bursa Malaysia ended the day in the red on Tuesday line with the weak performance of its regional peers as losses in selected heavyweights continued to weigh on the local index.

At 5pm, the benchmark FBM KLCI shed 1.55 points to 1,587.33 amid a weak broader market. The index opened 0.41 point higher at 1,589.29 this morning.

Dealers said the local bourse which tracked the performance of key Asian markets, was weighed down by selected heavyweight. In addition, concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.

In the broader market, decliners outnumbered gainers 509 to 383, while 371 counters remained unchanged. Turnover stood at 2.65 billion shares worth RM1.93bil.

In today’s session, 13 of the KLCI-component stocks were traded lower, 12 counters advanced while the remaining five closed unchanged.

On Bursa Malaysia, glovemakers dominated the gainers’ list following news that the coronavirus outbreak in China might lead to increased demand.

Top Glove, the world’s largest rubber glove producer, jumped 29 sen to RM5.11, Hartalega climbed 25 sen to RM5.80 while Kossan gained 24 sen to RM4.47. Supermax rose 14 sen to RM1.45.

The decliners included British American Tobacco, Aeon Credit and Hong Leong Financial Group.

Among the banks, Maybank and Public Bank closed unchanged at RM8.60 and RM19.48 respectively. CIMB rose one sen to RM5.13 while Hong Leong Bank closed six sen lower at RM16.84.

Reuters reported that China shares fell to their two-week lows and the yuan headed for its worst day in five-months. The Shanghai Composite Index ended down 1.4%, hitting its lowest point so far this year, while the blue-chip CSI300 dropped 1.7% to a two-week low.

Hong Kong’s Hang Seng fell 2.8% to 27,985.33, South Korea’s Kospi declined 0.68%, to 2,247.2 while Japan’s Nikkei shed 0.9%, or 218.95 points to 23,864.56.

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KLCI , Bursa


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