Global lockdown fears drag on region, KLCI

KUALA LUMPUR: The FBM KLCI retreated in morning trade as a resurgence of Covid-19 cases raised fears over renewed lockdowns in global markets.

At 12.30pm, the key index was down 6.27 points to 1,601.3.

In Japan, investors sold down on equities as a jump in new infections in Tokyo and Osaka raised the likelihood of lockdown in the cities and their surrounding areas.

The Nikkei dropped 1.8% amid fears the economic recovery would be derailed.

South Korea's market shared a similiar negative sentiment and fell 1.6%.

China's main index managed to eke out a 0.15% gain although Hong Kong's Hang Seng was down 1.6%.

Back home, glove counters were mostly higher following Kossan's record earnings performance and expectations that the average selling prices of gloves would continue to rise.

Top Glove was up eight sen to RM5.48, Hartalega rose 12 sen to RM9.99 and Supermax added 16 sen to RM5.56.

Kossan jumped 19 sen to RM3.99 as its first-quarter net profit beat analyst expectations.

Dragging on the index however, Axiata fell 13 sen to RM3.87, Maxis dipped eight sen to RM4.70 and Digi slid five sen to RM4.20.

Bank counters were negative with Hong Leong Bank dropping six sen to RM17.90, CIMB falling four sen to RM4.25 and Public Bank down one sen to RM4.19.

On the broader market, top actives were Key Asic up five sen to 25.5 sen, UCrest down 3.5 sen to 56 sen and SC Estate Builder dropping two sen to 10.5 sen.
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Bursa Malaysia , FBM KLCI , equities


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