KUALA LUMPUR: Bursa Malaysia started on a dour word on Monday regardless of the rebound in the US market late final Friday as traders continued to digest the fee hikes plan put in place for the US Federal Reserve to mitigate the hovering inflation.
At 9.05am, the FBM KLCI was down 5.63 factors to 1,451.11. The total market was unfavorable with 158 decliners to 95 gainers.
The nation’s benchmark index has misplaced over 7% since the finish of May.
“On the chart, after breaking previous the two previous troughs (in early August 2021 and mid-December 2021) to fall underneath the rectangle sample, the FBM KLCI has moved a step down to shut at the place it was in late May 2020.
“This may set the stage for the benchmark index to renew its unfavorable momentum publish an anticipated transitional reduction rally first,” mentioned Kenanga Research in a report.
Decliners in early commerce included Maybank falling 17 sen to RM8.71 following the earlier week’s rebound.
Kuala Lumpur Kepong dropping 38 sen to RM23.02, RHB shedding 9 sen to RM5.79 and Hap Seng sliding 15 sen to RM7.30.
Tech shares have been additionally hammered with Hap Seng sliding 15 sen to RM7.30 and D&O erasing 13 sen to RM3.91.
Among actives, SFP Tech, which made its debut on the ACE Market, greater than doubled from its reference value to 64 sen on heavy buying and selling quantity of 125.5 million shares.
Other lively counters included MQTech down 0.5 sen to three.5 sen and Hibiscus Petroleum falling 4 sen to RM1.04.
