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KUALA LUMPUR (Nov 13): FBM KLCI closed 3.6 points or 0.23% at 1,587.18 during the Bursa Malaysia afternoon break today as global stocks fell and investors assessed the economic impact of the growing number of Covid cases -19.
Hong Leong Capital Bhd (HLCAP) stock price fell on the first day of trading today, as stock trading resumed after a suspension from March 26, 2015.
At the 12:30 pm break today, 7.17 billion securities were traded on the exchange for 2.4 billion ringgit.
The HLCAP, the most declining one, settled at RM1.97 or 21.53% to RM7.18 with around 13 million shares traded.
HLCAP stock trading resumed today after major shareholder Hong Leong Financial Group Bhd completed a private placement of 27 million existing shares in HLCAP to increase HLCAP’s public stake spread to 29.6%.
Globally, stocks in Asia were reported to have tumbled today, following sell-offs in the US and Europe, as investors feared the economic impact of a rapid rise in coronavirus infections.
MSCI’s broader index of Asian stocks outside of Japan was reported to have fallen 0.25% in early trading as the region’s stocks faltered.
Reuters reported that some investors saw a buying opportunity in the recession. “My view is that this is darkness just before dawn,” said Michael Frazis, portfolio manager at Frazis Capital Partners in Sydney.
In Malaysia today, Bernama reported that among KLCI constituents, Public Bank Bhd fell 16 sen to RM17.76, Tenaga Nasional Bhd lost 18 sen to RM11.30 and Petronas Chemicals Group Bhd lost two sen to RM6.81.
Among active stocks, AT Systematization Bhd rose 2.5 sen to 24.5 sen, Xidelang Holdings Ltd fell one sen to 8.5 sen, Nexgram Holdings Bhd rose half a sen to 5.5 sen and Metronic Global Bhd added one sen to 14 sen.
On the KLCI, it was reported that losses in the key index narrowed to the midday session from the start of trading this morning after Malaysia’s third quarter 2020 (3Q20) gross domestic product announcement at noon today.
It was reported that Bank Negara Malaysia announced that the Malaysian economy improved to record a lower year-on-year contraction of 2.7% in 3Q20 compared to a contraction of 17.1% in the previous quarter.
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