KLCI joins global markets in sell-off as coronavirus fears mount

Chinese markets, which are yet to begin trading at the time of writing, are expected to experience a sell-off as the country resumes business after a week-long Lunar New Year break.

The Chinese central bank plans to inject US$173.8bil of liquidity into the market via reverse repo operations later today to head off the panic. At 9.06am, the local benchmark index was down 12.89 points at 1,518.17. Trading volume was 402.59mil with a value of RM147.92mil. Market breadth was overwhelmingly negative with 531 decliners, 42 gainers ans 149 counters unchanged."A resumption of the uptrend could be underway only when the index breaks out from the existing consolidation pattern by breaching the 1,600-psychological mark convincingly," it said.

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