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KUALA LUMPUR (Oct 23): Stock prices in Bursa Malaysia reversed their upward trend seen today, as speculation that a national health emergency may be declared, which could include suspension from Parliament, has been widespread.
The FBM KLCI, which posted gains at the end of the morning trading session, fell to the negative zone in the afternoon trading session. The benchmark index fell 4.16 points or 0.3% to close at 1,494.64.
In the broader market, the ACE market index fell 3.15% or 344.43 points to 10,606.77. The FBM Small Cap Index lost 2.57% or 353.45 points to 13,413.66.
Most of the stocks closed lower today, with 900 declines against 232 winners, while 425 counters were unchanged.
The selling pressure only grew stronger in the last hour of trading before the closing bell at 5pm.
In terms of trading volume, around 6.93 billion shares worth RM4.10 billion were traded today. The main assets were MLabs Systems Bhd, AT Systematization Bhd and Lambo Group Bhd.
Fraser & Neave Holdings Bhd, MISC Bhd and Public Bank Bhd were the main winners, while the main losers were Nestlé (Malaysia) Bhd, Carlsberg Brewery Malaysia Bhd and Duopharma Biotech Bhd.
Prime Minister Tan Sri Muhyiddin Yassin today chaired a special meeting with the cabinet and is said to meet Yang-di-Pertuan Agong to receive emergency special powers.
News reports have indicated that the prime minister rushed out of the cabinet meeting to Kuantan, Pahang, to meet with the Agong.
It is unclear what these emergency powers will entail.
Today, for the most part, Asian stock exchanges were largely green. The Nikkei 225 was up 0.18% or 42.32 points to 23,516.59. Hong Kong’s Hang Seng was up 0.54% or 132.65 points to 24,918.78, while the Shanghai Composite was down 1.04% or 34.50 points to 3,278.
Reuters reported that Asian stocks overall posted meager gains in better-than-expected US jobs data.
“Asian stocks overall posted meager gains, following better-than-expected US employment data and signs of progress in talks for a $ 2 trillion stimulus deal in Washington that supported US stocks overnight.” , He said.
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