PETALING JAYA: The FBM KLCI continues to be buffeted around in the global uncertainty that is currently dogging global markets, due in large part to major concerns over the Covid-19 pandemic and its continued spread.

The benchmark index opened 25.38 points lower at 1,319.37 today, before declining a further 37.1 points or 2.76% to settle at 1,307.65 at 12.30pm. The market had earlier declined as much as 19.95 points to 1,299.42.

Market breadth was negative as losers thumped gainers 934 to 77, with 142 counters unchanged, 868 untraded and 31 others suspended.

Turnover amounted to 2.01 billion shares worth RM1.44 billion.

In its market note, Rakuten Trade Research said the market is in for a “roller coaster ride” as downside pressure on the KLCI expected to be high, with 1,300 as the immediate psychological support level.

“With the Us Federal Reserve’s aggressive rate cut over the weekend to near zero, any rebound will be met with selling activities. Judging by the US’ latest quantitative easing we reckon this indicates the scenario is even worse than initially anticipated.

“With the outlook on interest rates clearer now, next is to look out for currencies which should see heightened volatility. Again, we would advocate investors to be cautious and adopt the sell into strength mode, if any,” it said.

PublicInvest Research said the index is anticipated to stage a technical rebound, which could be short-lived, should there still be excessive selling pressure.

“The FBM KLCI is hence expected to trend sideways in the near term, hovering around the 1,360 mark to accommodate the potentially persistent selling pressure. Support levels for the index are at 1,190, 1,250 and 1,310, while the resistance levels are at 1,360, 1,400 and 1,430,” it said in a note today.