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KLCI starts lower before rising as China virus concerns persist

Tukiya

Jan. 22, 2020

KUALA LUMPUR (Jan 22): The FBM KLCI opened lower today before erasing losses on gains in stocks including Top Glove Corp Bhd and Hartalega Holdings Bhd as a global outbreak of a pneumonia-causing virus, which started in China, dictated global market sentiment.
At 9am, the KLCI opened down 2.69 points at 1,584.64. At 09:04am, the index rose 1.77 points to 1,589.10.
"Underlying market tone should stay weak in the near term, with concerns over a potential repeat of the SARS (severe acute respiratory syndrome) virus outbreak in 2003 from China clouding sentiment," TA Securities Holdings Bhd wrote in a note today.
Across Bursa Malaysia at 9:09am, 366.36 million shares worth RM134.895 million were traded. Top gainers included KLCI stocks Top Glove, Hartalega and IHH Healthcare Bhd.
Most-active stocks included newly-listed Powerwell Holdings Bhd. Powerwell shares, which were listed on Bursa's ACE Market at 25 sen each, opened up 0.5 sen or 2% at 25.5 sen.
At 9:14am, Powerwell saw some 135 million shares traded to become Bursa's most-active stock.
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