KUALA LUMPUR (May 3): The FBM KLCI dropped 0.31% in early trade amid a recent spike in Covid-19 cases, coupled with sluggish regional markets.
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At 9.05am, the benchmark index had declined 4.95 points to 1,596.69 points.
Plantation firm Malpac Holdings Bhd was the top gainer this morning, up 24 sen or 16% at RM1.74, giving it a market capitalisation of RM130.5 million.
Reuters reported that regional markets got off to a slow start as holidays in China and Japan crimped volumes and investors awaited a raft of data this week, which should show the US leading a global economic recovery.
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MSCI’s broadest index of Asia-Pacific shares outside Japan was all but flat after taking a bit of a spill last Friday. Japan’s Nikkei was shut for a holiday, but Nikkei futures edged up 0.2%, according to the wires.
Wall Street extended its bull run with Nasdaq futures and S&P 500 futures both up 0.3%.
“Following the recent sideways trend and rising cases of Covid-19 locally, the KLCI could remain lacklustre and flattish with support at 1,560 points,” said JF Apex Research in a note today.-The Edge Market