KLCI down as Wuhan virus concerns linger

KUALA LUMPUR (Feb 5): The FBM KLCI settled down 2.44 points or 0.16% at 1,533.36 at Bursa Malaysia's afternoon break today on profit taking as investors took cue from China's effort to stimulate its economy and mitigate the 2019 novel coronavirus outbreak concerns.

Yesterday, the KLCI closed 13.85 points or 0.91% higher at 1,535.80 to mark its first rise after ten consecutive trading days of losses.

Despite the KLCI's drop at 12:30pm today, analysts appeared optimistic that Malaysian shares will extend their rise today.

"Stocks should extend rebound today on lessening panic over the coronavirus epidemic, as global markets stabilise after China implemented stimulus," TA Securities Holdings Bhd wrote in a note today.

Across Bursa, 1.74 billion shares worth RM1.17 billion were traded. Top decliners included KLCI stocks Petronas Gas Bhd and Public Bank Bhd.

The most-active stock was AirAsia Group Bhd, which saw some 140 million shares traded. The counter settled up five sen or 4.35% at RM1.20.

Globally,Reutersreported that Asian stocks steadied on Wednesday as Chinese stocks nudged higher on hopes of additional stimulus to lessen the economic impact of a coronavirus outbreak, but risks remain as the illness continues to spread and the death toll neared 500.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.36%.