Bursa extends sell-off as sentiment remains wobbly over US rate hikes


KUALA LUMPUR: Bursa Malaysia opened on a softer word on Thursday as international markets positioned for the beginning of the US Federal Reserve’s rate hike cycle subsequent week.

US markets prolonged their sell-off in a single day amid the rising trepidation that the central financial institution will elevate charges and cut back its bondholdings at a quicker rate than anticipated.

At 9.05am, the FBM KLCI was down 2.04 factors to 1,528.29 with continued promoting in monetary counters.

“We count on native sentiment to stay bitter over the close to time period, particularly on the expertise shares following the uneven session on Wall Street in a single day as traders continued to brace for inflation battles and sentiment could keep unstable forward of the FOMC assembly subsequent week,” stated Malacca Securities Research in a report.

Maybank was down two sen to RM8.30 and CIMB shaved seven sen to RM5.26. Public remained unchanged at RM4.18 whereas Hong Leong Bank was untraded.

IHH Healthcare in the meantime slid six sen to RM6.50.

Technology counters managed to carry agency regardless of the proceed rout within the Nasdaq. While the US tech-heavy index shaved over 1% within the in a single day session, traders scooped up tech bargains on Bursa.

The Bursa Malaysia Technology Index bounced 0.34% increased following the earlier session’s plunge, supported by analyst predictions that tech will proceed to be a buying and selling theme within the coming yr.

Among the actives, Ages rose one sen to 2.5 sen, Coraza gained 40.5 sen to 68.5 sen and Impiana was unchanged at 5 sen.

Source link