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KUALA LUMPUR: Bursa Malaysia continued its decline as anxiety over the new strain of coronovirus in the UK and increased lockdown measures sent global stocks tumbling.
At 9:05 a.m. M., The FBM KLCI fell 6.84 points to 1641.05.
Now in its fourth consecutive day of decline, Malacca Securities Research said the index could be finding its support.
“We believe that the FBM KLCI could be due to a technical bounce closer to support at 1,640, followed by 1,620,” he said.
The research house expects downside risk to be limited given that the launch of vcaccine is underway.
Investors could also remain focused on the possible emergence of the HSR news stream alongside the LSS4 expected by the end of the year.
However, crude prices continued to fall and Brent crude fell below $ 51 a barrel, causing energy stocks in Bursa Malaysia to decline.
Bursa Malaysia’s energy index fell 1.9% after the sharp drop the previous day.
The Financial Services Index was 1.7% lower, while the Construction Index fell 2% and the Technology Index lost 1.5%.
Asset, Iris was up two sen to 41 sen, Fintec added 0.5 sen to 10 sen and Key Alliance Group was unchanged at 5.5 sen.
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