,KUALA LUMPUR: The FBM KLCI erased its losses from earlier in the day to end the morning session slightly higher as investors picked up bargain stocks following the recent sharp declines.At 12.30pm, the key index was up 2.87 points to 1,598.16, en route to snapping a three-day losing streak, which brought the benchmark below the 1,600 psychological level.Selling pressure on the market intensified of late given the combined negative pressures of rising US Treasury yields as well as a resurgence of Covid-19 cases in several developed economies."Although bargain hunting may emerge in certain bashed down stocks, we believe the upside may be capped in the near term as investors may trade in a cautious mode given the overnight losses on Wall Street amid concerns over the US bond yield, weaker oil price and intensifying Covid-19 cases in Europe," said Malacca Securities Research.There was some mild return of interest in healthcare counters with IKK rising nine sen to RM5.50, Top Glove adding one sen to RM5.06 and Hartalega gaining four sen to RM9.64.Bank stocks were mostly negative given anxieties over a derailment of the economic recovery. Maybank dropped three sen to RM8.24, CIMB lost five sen to RM4.38, Hong Leong Bank shed 16 sen to RM18.72 and Public Bank was unchanged at RM4.18.The 6% plunge in crude oil prices in the previous session sent energy stocks further down. The Bursa Malaysia Energy Index was en route to a seventh straight day of losses since hitting a recent high on March 15.Of actives, Green Ocean was up 0.5 sen to 6.5 sen, SMI rose 4.5 sen to 22.5 sen and Dagang Nexchange added five sen to 93.5 sen.Meanwhile, key Asian markets were pummelled owing to the fresh pandemic fears. Japan's Nikkei dove 1.9% and South Korea's Kospi slid 0.3%.In China, the composite index slid 1.2% and Hong Kong's Hang Seng fell 1.9%.Australia's ASX200 was up 0.5%.
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