KUALA LUMPUR: The home market was not spared the adverse sentiment that hit US markets in a single day, extending the decline that started yesterday on fears that aggressive US curiosity rate hikes may dampen financial development.
At 9.05am, the FBM KLCI was down 1.39 factors to 1,603.22. The total market remained firmly adverse with 280 decliners compares to 93 gainers.
“We count on buyers to commerce in a risk-off temper following the adverse sentiment on Wall Street, particularly the selldown in expertise shares triggered by rising bond yields forward of the US inflation knowledge might spillover on our native expertise shares,” stated Malacca Securities Research.
However, the analysis agency was optimistic on the variety of Covid-19 instances within the nation falling to beneath 10,000, which may benefit the restoration theme.
From a technical view, it stated the FBM KLCI was well-supported by the 1,600 psychological degree regardless of the latest pullback.
Among the heavyweights, Press Metal
slumped 13 sen to RM6.43 to guide the decline,
Axiata dropped three sen to RM3.68 and MISC shed two sen to RM7.64.
Petronas Chemicals rose eight sen to RM10.28 whereas IOI gained three sen to RM4.40.
Technology shares tracked the Nasdaq decrease, led by MPI down 78 sen to RM32.30, Vitrox shedding 15 sen to RM7.35 and Inari Amertron down six sen to RM2.91.
Top actives have been CSH up one sen to fifteen sen, Tanco gaining 11 sen to 50.5 sen and China Ouhua Winery up 0.5 sen to 9 sen.
