KLCI down 15.7 points; O&G shares fall

KUALA LUMPUR (March 2): The FBM KLCI closed down 15.7 points or 1.06% after cutting losses, while Asian stocks ended higher amid expectation world central banks will initiate monetary measures to mitigate Covid-19 outbreak's impact on their economies. Oil and gas (O&G)-related shares fell.

At 5pm, the KLCI settled at 1,466.94, after falling to its intraday low at 1,456.08. The KLCI pared losses on price gains in index-linked stocks like Tenaga Nasional Bhd and PPB Group Bhd.

At a glance, the KLCI's drop at 5pm was in contrast to global share indices, which rose after erasing intraday losses. Notable global share indices which erased their intraday losses include Japan's Nikkei 225 and South Korea's Kospi, which ended up 0.95% and 0.78% respectively.

Reutersreported Asian shares regained a measure of calm on Monday, as markets bounced after a searing sell-off last week and as investors pinned hopes on a likely coordinated global monetary response to help soften the economic blow of the 2019 novel coronavirus (Covid-19) outbreak.

"Markets being what they are, they are usually responsive to the prospect of monetary accommodation. The question is, how long this lasts and how much of a boost it gives us," Rob Carnell, head of Asia-Pacific research at ING was quoted as saying.

Across Bursa Malaysia today, 4.34 billion shares worth RM3.28 billion were traded, as investors sold O&G-related shares after crude oil's price drop at below US$50 a barrel.

Bursa's energy index, which tracks prices of O&G companies' shares, closed down 45.33 points or 4.28% at 1,013.51 to be the top percentage decliner among Bursa indices.

Among oil and gas stocks, Petronas Dagangan Bhd closed down 90 sen or 3.94% at RM21.94, while Sapura Energy Bhd fell 2.5 sen or 13.51% to 16 sen.

Bursa top-active stock Sapura Energy saw some 267 million shares traded.

Actively-traded stocks included property developer Thriven Global Bhd, with some 70 million shares transacted. Thriven's share price settled up 9.5 sen or 43.18% at 31.5 sen.

Thriven's annual report shows 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.