KLCI eyes 1,200 support as bears rage on

KUALA LUMPUR: The FBM KLCI descended lower to the 1,200 support on Thursday as investors continued their exodus from equities to safer ground.

Despite reports of mammoth stimulus packages from the world's major central banks, investors were not persuaded to stay invested in light of the worsening coronavirus situation.

Markets continued to bleed across Asia with China's benchmark down 2.1%, Japan's Nikkei falling 1.65%, Hong Kong's Hang Seng dropping 4.25% and Australia's ASX200 sliding 3.25%.

At 12.30pm, the FBM KLCI was down 29.73 points to 1,209.28.

Amid calls by stockbrokers to suspend trading on the local exchange to stave off a further meltdown, 880 counters fell into the red while 102 gained and 159 were unchanged.

Trading volume was 2.11 billion shares valued at RM1.3bil.

Nestle was among the leading losers, falling RM3 to RM135.20, F&N sliding RM3 to RM25.42, Heineken dropping RM1.44 to RM18.06 and Dutch Lady slipping RM1.38 to RM36.02.

Stocks that saw positive price action included Hartalega gaining 15 sen to RM6.30, Top Glove rising four sen to RM5.79 and Sime Darby Plantation gaining 13 sen to RM4.20.

Top actively traded counters were Sapura Energy down one sen to 6.5 sen, Netx unchanged at one sen and Ekovest falling 5.5 sen to 29 sen.

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