FBM KLCI returns to 1,600 as covid fears weigh

KUALA LUMPUR: Malaysia's equities markets fell headed into midday as the growing number of Covid-19 infections sent investors to the sidelines amid fears of another lockdown.

At 12.30pm, the FBM KLCI was down 8.43 points to 1,599.95.

Recovery stocks were in the red on the back of the heightened pandemic fears.

Maybank dropped three sen to RM82.5, Public Bank fell eight sen to RM5.32 and CIMB shed four sen to RM4.25.

Tenaga Nasional lost six sen to RM10.02 while Press Metal gave up eight sen to RM5.32.

Glove counters were also negative on profit-taking following last week's rally. Top Glove slid 11 sen to RM54.6 and Hartalega slid eight sne to RM10.04.

On the broader market, top actives were Minda up two sen to 17.5 sen, Focus down 1.5 sne to 13.5 sen and UCrest up six sen to 41 sen.

The fall to the 1,600 support comes amid improving sentiment in global markets as the US corporate earnings season had a strong start and vaccination programmes lead to improved recovery prospects in major markets.

Japan's Nikkei was up 0.2% while South Korea's Kospi gained 0.3%.

China's composite index jumped 1.3% and Hong Kong's Hang Seng climbed 0.8%. Australia's ASX200 added 0.2%.