KLCI slumps on Covid-19; Bursa politically-linked stocks up

KUALA LUMPUR (March 2): The FBM KLCI slumped when market opened today while politically-linked stocks including Thriven Global Bhd rose as investors weighed the global Covid-19 outbreak and responded to news on Tan Sri Muhyiddin Yassin’s appointment as Malaysia’s eighth prime minister.

At 9:01am, the KLCI fell 17.88 points to 1,464.76 before droping 22.93 points to 1,459.71 at 9:05am.

"Given the more bearish technical signals flashed by trend and momentum indicators for the KLCI following last week's sharp selloff, further downward correction can be expected this week.

"On the global front, increasing fears that a developing coronavirus pandemic may trigger a global economic recession should spillover to further dampen local market sentiment," TA Securities Holdings Bhd wrote in a note today.

Across Bursa Malaysia at 9:18am, 686.95 million shares worth RM419.75 million were traded. Most-active stocks including Thriven with some 18 milion shares transacted. Thriven rose 13.5 sen to 35.5 sen.

Property developer Thriven's annual report shows that Datuk Fakhri Yassin Mahiaddin owns an indirect 27.16% stake in the company via Ketapang Capital Sdn Bhd.

Fakhri is Muhyiddin's son, according to news reports.