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Market rat-tled by coronavirus

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PETALING JAYA: The local market continued its rocky start to the Year of the Rat with experts anticipating more volatility in the days ahead, comparing it to what happened in the previous SARS outbreak.FBM KLCI ended the day 0.08% lower at 1550.47 points, after taking a beating the previous day when it shed 21.17 points to its lowest level since October last year on fears over the fast-spreading coronavirus.

Overall sentiment appeared to be mixed, with gainers outnumbering decliners at a ratio of five to four.

In the region, Hong Kong fell more than 2% when it reopened for trading yesterday, later dwindling further to end the day 3.26% lower. “It is very difficult to definitely estimate when the outbreak reaches its peak. But I think in one week or about 10 days, it will reach the climax and then there will be no large scale increases, ” Zhong, who heads a national team of experts set up for the control and prevention of the novel coronavirus-caused pneumonia, was quoted as saying.

An AmInvestment Bank report noted that the FBM KLCI, during the epidemic, had lost more than 20% at the worst point of the outbreak, staying depressed for eight months between October 2002 to May 2013 at 630-671 points . After the epidemic was declared over, however, the FBM KLCI gained a hefty 231 points or 34% over the next nine to 12 months, rising to 902 points in March 2004.

 

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