(Updated)

KLCI drops 0.31% amid spike in Covid-19 cases, slow regional markets

KLCI drops 0.31% amid spike in Covid-19 cases, slow regional markets
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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.

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.

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.