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KUALA LUMPUR (September 9): FBM KLCI fell 1.44% and fell below the 1,500 level in early trading on Wednesday, following losses in regional markets and US futures on concerns from a delay in a Covid-19 vaccine.
At 9.05am, the benchmark index lost 21.56 points to 1,497.76.
The first losers were Petronas Dagangan Bhd, Panasonic Manufacturing Malaysia Bhd, Kossan Rubber Industries Bhd, Malaysia Pacific Industries Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, ViTrox Corp Bhd, Hartalega Holdings Bhd, Kuala Lumpur Kepong Bhd, and UWC Bhd.
Bloomberg He said Asian stocks opened lower and US futures fell amid concerns that a Covid-19 vaccine could be delayed and concerns over equity valuations.
The dollar and Treasuries extended their gains, he said.
Rakuten Trade Sdn Bhd in its daily market report said that US markets continue to see strong selling with Tesla tech stocks leading the decline.
It said Nasdaq has lost more than 10% from the 12,000-10,847.69 peak.
“We view the market sell-off as simply a correction after hitting new highs recently, so investors should not be unduly concerned.
Today’s regional market is expected to feel the heat and see widespread weakness.
“On the home front 1,500 as a key support level for KLCI and bargains are expected to emerge, especially glove stocks. Therefore, we advise investors to “buy the dips,” he said.
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