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Bursa, Asian markets retreat on growing Covid-19 fears

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KUALA LUMPUR: Banks led blue chips lower on Friday as worries about the fallout on the economy continued to weigh on investor and the anxiety among investors was also seen in Asian markets.

At 5pm, the KLCI was down 7.93 points or 0.53% to 1,483.10. Turnover was 2.65 billion shares valued at RM2.28bil. Decliners beat advancers 649 to 251 while 326 counters were unchanged.

"What was initially seen as a China-centric shock is now certainly a global concern," said Westpac senior economist Elliot Clarke. RAM Ratings said the Malaysian banking sector wrapped up 2019 with a muted 3.9% loan expansion - a multi-year low. Reuters reported Opec was holding crunch talks with its allies y after the group told Russia and others it wanted an additional 1.5 million barrels per day of oil cuts until the end of 2020, saying a big move was needed to deal with the impact of coronavirus.

 

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