Investors take cover on inflation fears, rising Covid cases


KUALA LUMPUR: The FBM KLCI prolonged its decline over morning commerce as traders turned to the sidelines forward of US inflation information, which might inform the Federal Reserve’s price of rate of interest hikes.

On the home entrance, the federal government’s warning that Covid cases had been on the rise within the nation amid the unfold of the extremely contagious BA.5 pressure of the virus, additionally triggered promoting on the market.

At 12.30pm, the important thing index was down 5.51 level to 1,420.28. There had been 526 decliners in contrast with 252 gainers.

There had been 1.59 billion shares exchanging fingers valued at RM642.33mil.

On the blue-chip index, Petronas Chemicals slipped 14 sen to RM8.33 and Press Metal dropped 20 sen to RM4.08.

Plantations had been blended with Sime Darby Plantation down two sen to RM4.05, IOI up 5 sen to RM3.85 and Kuala Lumpur Kepong rising 18 sen to RM20.80.

Top actives on the market embrace TWL unchanged at 6.5 sen, Yong Tai down 1.5 sen to six.5 sen and Metronic rising 2.5 sen to 12 sen.

Meanwhile, Asian markets fell to their lowest in two years as additional Covid lockdowns in China elevated worries of a slowdown within the financial system whereas inflations fears endured.

Japan’s Nikkei fell 2%, South Korea’s Kospi dropped 1.2% and China’s composite index dropped 1%.

Hong Kong’s Hang Seng slid 1.2% and Australia’s ASX200 rose 0.1%.

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