Banks, tech counters weigh on Bursa


KUALA LUMPUR: The FBM KLCI slid additional because it entered noon, reflecting the promote down in equities in anticipation of the beginning of the US Federal Reserve’s fee hike cycle subsequent week.

At 12.30pm, the important thing index was down 13.63 factors to 1,529.29. The broader market was overwhelmingly unfavourable with 662 decliners in comparison with 249 gainers.

Bank shares have been seen main the market decrease with CIMB slumping 22 sen to RM5.29, Maybank dropping seven sen to RM8.43, Public Bank shedding seven sen to RM4.15, Hong Leong Bank falling 30 sen to RM19.50 and RHB slipping 4 sen to RM5.76.

Technology counters prolonged their fall, monitoring the rout in international tech shares that noticed the Nasdaq plunging 2.6% in a single day.

MPI fell RM2 to RM40, KESM shed 48 sen to RM10.98 and UWC slid 39 sen to RM4.64.

Meanwhile, the benchmark oil index rose to a contemporary multi-year excessive of US$88.60 a barrel.

Oil and fuel performs rose in tandem with Petronas Chemical gaining three sen to RM8.98 and Petronas Gas including two sen to RM16.58.

On the actives listing, EA Holdings dropped one sen to 1.5 sen, DNeX rose 5 sen to 91.5 sen and SCIB jumped 6.5 sen to 27 sen.

In regional markets, equities have been pummeled as US Treasury yields rose to contemporary two-year highs.

Japan’s Nikkei fell 2.4%, South Korea’s Kospi dropped 0.7% and China’s composite index slipped 0.3%.

In Hong Kong, the Hang Seng was unchanged whereas Australia’s ASX200 misplaced 0.9%.

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