FBM KLCI slides on rising Covid fears

KUALA LUMPUR: The FBM KLCI continued to slide headed into midday as the rising number of Covid cases cast fears of yet another return to a movement control order.At 12.30pm, the FBM KLCI was down 8.18 points to 1,593.47, losing its grip on the 1,600 psychological resistance despite Wall Street's positive performance last week in anticipation of strong corporate earnings.Sepculation over MCO3.0 and talk of businesses once again shuttering their physical locations had investors on edge on Monday, a day after a Star report cited sources claiming another lockdown.Senior Minister Datuk Seri Ismail Sabri Yaakob has since said a decision to review the current restrictions has yet to be made.Meanwhile, investors are also staying on the sidelines ahead of Bank Negara's interest rate decision on Thursday, and as Japan's and China's stock markets remained shut for national holidays.IHH Healthcare was seen falling 10 sen to RM5.28 along with glove stocks including Top Glove, down nine sen to RM5.56, Hartalega sliding 20 sen to RM10.08 and Supermax falling five sen to RM5.98.Petronas Chemicals was also lower by 10 sne to RM8..10 while Maxis shaved six sen to RM4.54 and Axiata dropped six sen to RM3.81.Among the top actives on the broader market, LKL was up four sen to 38 sen, Hiap Teck rose 1.5 ssne ot 65 sen and Priceworth was down 0.5 sen to two sen.Notable price action was seen in Transocean surging 31 sen to RM4.30, Central Global climbing 26 sen to RM2.45 and Stella jumping 12 sen to RM1.22. SKB Shutters skidded 29 sen to RM1.20.In regional markets, Hong Kong's Hang Seng fell 1.5% while South KOrea's Kospi dipped 0.1%. Australia's ASX200 was flat.

Source:The Star

May 03, 2021 04:52 UTC

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