Bursa Malaysia tracks sharp selling in US markets


KUALA LUMPUR: Bursa Malaysia tracked the sharp decline in US markets to start out on a slide as buyers pulled out of equities in gentle of rising rates of interest.

At 9.15am, the FBM KLCI was down 6.76 factors to 1,536.16.

There was a destructive market breadth available on the market with 348 decliners in comparison with 123 gainers.

Overnight on Wall Street, the key US indices plunged on expectations of aggressive rate of interest hikes and a bond discount plan by the US Federal Reserve to rein in hovering inflation.

Technology counters have been the toughest hit in anticipation of upper lending prices, sending the Nasdaq down 2.6%.

The rout in tech counters spilled over to Bursa Nalaysia, which noticed a slide of over 3% in its personal tech index.

MPI dropped RM1.80 to RM40.20, KESM shed 44 sen to RM11.02, D&O dropped 26 sen to RM4.25 and Pentamaster misplaced 20 sen to RM4.26.

Among blue chips, banks additionally wobbled following an earnings disappointment by Goldman Sachs in the US market.

Maybank dropped two sen to RM8.39, Public Bank slid 5 sen to RM4.17, CIMB misplaced 10 sen to RM5.41 and Hong Leong Bank shaved 24 sen to RM19.56.

Among most lively counters, SCIB surge 7.5 sen to twenty-eight sen on the again of 53.06 million shares traded because the buying and selling suspension on the corporate was lifted following the discharge of its lengthy overdue annual report.

Other high actives have been SMTrack down 0.5 sen to 23 sen and MQ Technology up one sen to eight sen.

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