Bursa weakens as over 1,000 stocks in the red

KUALA LUMPUR: Market sentiment worsened in late afternoon trade on Monday as declining stocks rose to over 1,000 on Bursa Malaysia with consumer stocks the top losers, trekking the weaker Asian emerging markets.

At 3.32pm, the FBM KLCI had given up nearly all its gains, edging up just 0.33 of a point or 0.02% to 1,582.85.

Turnover was 4.86 billion shares valued at RM2.65. Decliners beat advancers more than five to one or 1,007 losers to 202 gainers and 284 counters unchanged.

F&N fell the most, down RM27.82, Nestle 90 sen to RM135.10 and Dutch Lady 38 sen to RM34.50 on concerns about the impact of rising raw material prices.

Other decliners were Ann Joo, down 36 sen to RM2.54 and KL Kepong 34 sen to RM22.16.

Reuters reported Taiwan stocks closed 3% lower on Monday, leading declines across most of Asia's emerging markets, as curbs to contain new Covid-19 outbreaks fuelled worries that the region's nascent economic recovery will be derailed.

The island's premier looked to reassure investors that the fundamentals of the trade-dependent economy remain strong as new restrictions went into effect over the weekend. In neighbouring South Korea and Japan, shares closed under 1% lower.

The Indonesian stock market, which resumed trade after a break, fell 1.4%.

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