KUALA LUMPUR: Bursa Malaysia turned downward as it opened for buying and selling on Friday, monitoring the unfavourable efficiency on Wall Street in a single day as Russia and Ukraine peace talks did not make any progress.
“Failure of the Russia-Ukraine talks on cease-fire, coupled with the inflationary stress may result in extra hawkish tone within the FOMC assembly subsequent week.
“Hence, the retracement yesterday on Wall Street might put stress on the native entrance and revenue
taking actions might emerge,” mentioned Malacca Securities Research in a report.
Meanwhile, the power sector may additionally see profit-taking actions as crude oil costs got here off multi-year highs.
At 9.05am, the FBM KLCI was down 6.33 factors to 1,574.2.
Press Metal
led the decline with a 14 sen drop to RM6.41. Public Bank was down fie sen to RM4.39 and Hong Leong Bank shed 18 sen to RM19.98.
However, plantation shares remained agency on elevated CPO costs amid a provide scarcity.
Kuala Lumpur Kepong rose eight sen to RM26.28 whereas IOI was unchanged at RM4.30.
On the broader market, expertise counters had been the among the many hardest hit as the Nasdaq fell in a single day forward of the approaching US Federal Reserve financial coverage assembly.
MPI shed RM2.18 to RM30.88, KESM dropped 47 sen to RM8.38 and D&O fell 12 sen to RM3.82.
Most actives had been Hibiscus Petroleum down three sen to RM1.17, SMTrack unchanged at 10 sen and DNeX sliding two sen to 98 sen.
