KLCI cuts losses as world central banks seen supporting economies

KUALA LUMPUR (March 2): The FBM KLCI settled down 7.65 points or 0.52% at Bursa Malaysia's afternoon break today after cutting losses as Asian share indices rose from negative territory on expectation of global central banks' monetary measures to mitigate the Covid-19 outbreak's impact on their economies.

At 12:30pm, the KLCI settled at 1,474.99 after falling to its intraday low of 1,456.08. At a glance, the KLCI's drop at afternoon break stood out among global share indices, which erased their intraday losses.

Notable global share indices which erased their intraday losses include Japan's Nikkei 225 and South Korea's Kospi which rose 1.09% and 1.06% respectively at the time of writing.

Reutersreported that Asian shares steadied from early losses on Monday as investors placed their hopes on a coordinated global monetary policy response to weather the damaging economic impact of the coronavirus epidemic.

"The sheer scale of losses prompted financial markets to price in policy responses from the US Federal Reserve to the Bank of Japan and the Reserve Bank of Australia," the newswire reported.

It was reported that Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank would take necessary steps to stabilise financial markets.

Across Bursa Malaysia today, 2.78 billion shares worth RM1.77 billion were traded.

Top decliners included Carlsberg Brewery Malaysia Bhd and KLCI stock Petronas Dagangan Bhd. Leading gainers included KLCI components Tenaga Nasional Bhd and PPB Group Bhd.

Most-active stocks included Thriven Global Bhd with some 57 million shares transacted. Thriven settled up 11 sen or 50% at 33 sen at 12:30pm.

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 Prime Minister Tan Sri Muhyiddin Yassin's son, according to news reports.