KUALA LUMPUR: Bursa Malaysia and key Asian markets skidded early Friday, battered by the overnight plunge on Wall Street as investors locked in profits on worries about a surge in Covid-19 cases and weaker economic outlook.
The FBM KLCI fell to a low of 1,510 in early trade, down as much as 46.7 points.
However, at 9.18am, the 30-stock index managed to reduce some of the losses and it was down 37.84 points or 2.43% to 1,519.51.
Turnover was 1.57 billion shares valued at RM728.76mil. The broader market displayed investors’ worries as decliners hammered advancers more than 22 to one or 920 losers to 42 gainers and 117 counters unchanged.
Bloomberg reported Asian stocks slumped after a rout on Wall Street triggered by concerns the epic rally since March was excessive given the emergence of a second wave of infections in some locations. South Korean shares opened down over 4% and Japanese ones fell about 2%
At Bursa on Thursday, foreign funds stepped up their selling pressure as net selling rose to RM274.6mil while local retailers were net buyers at RM149.9mil and local institutions at RM124.7mil.
F&N fell the most, down by 94 sen to RM31.56 with just 200 shares done, Dutch Lady fell 80 sen to RM43.02, Carlsberg 60 sen to RM23.98 and Heineken 54 sen to RM21.48.
Public Bank lost 62 sen to RM16.62, HLFG 58 sen to RM14.50 while insurer Allianz gave up 48 sen to RM14. Aeon Credit skidded 54 sen to RM9.54.
Reuters reported oil prices slid early on Friday, extending heavy overnight losses on a surge in US coronavirus cases this week that has raised the prospect of a second wave of the outbreak slamming demand in the world's biggest consumer of crude and fuel.
West Texas Intermediate was down $1.32, or nearly 4%, at $35.02 a barrel by 0011 GMT, after slumping more than 8% on Thursday. Brent crude was down $1.15, or 3%, at $37.40 a barrel, having dropped nearly 8% the previous session.
Petronas Dagangan dropped 50 sen to RM21.50 and Yinson 50 sen also to RM5.95.
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