KUALA LUMPUR (May 6): The FBM KLCI fell more than 1% in morning trade on Bursa Malaysia today on broad-based selling as investors weighed factors including the economic impact of the re-enforcement of the movement control order (MCO 3.0) at several places to curb the spread of the Covid-19 pandemic.
At 10.15am, the KLCI had fallen 16.52 points or 1.05% to 1,559.15, while Bursa’s Health Care Index dropped the most after falling 4.25% as rubber glove manufacturers emerged among the top decliners on the local bourse.
"The recent profit-taking correction should persist pending further clarity of the effectiveness of current MCO restrictions, or any potential stimulus to spark an oversold rebound ahead, while oil and gas (O&G) related stocks extend their recovery, backed by a firm global oil price trend,” TA Securities Holdings Bhd analysts wrote in a note today.