KUALA LUMPUR: The home market slipped into the crimson in early morning buying and selling following the decline in US markets as crude oil costs returned above US$120 a barrel.
Overnight, main US indices dipped over 1% every as worries re-emerged over the affect of elevated oil costs on already-high inflation.
“With the Wall Street taking a pause after a latest sturdy rebound, we anticipate the profit taking actions might spill over to the native entrance,
particularly the expertise shares.
“We suppose buyers might keep cautious within the anticipation of additional sanction towards Russia, which can raise commodity costs one other spherical,” mentioned Malacca Securities Research in a report.
Losses in Malaysia’s heavyweight index have been gentle as oil and gas-related counters supplied help after rising in tandem with the surging commodity value.
At 9.05am, the FBM KLCI was down 1.7 factors to 1,596.18, erasing a number of the positive aspects made earlier within the week.
Hong Leong Bank was down six sen to RM20.44, IHH dropped 5 sen to RM6.49 and Sime Darby Plantation
fell 6c to RM4.99.
Petronas Chemicals nevertheless rose eight sen to RM9.67 whereas Hartalega jumped eight sen to RM4.91.
Among actives, CSH rose 0.5 sen to 17 sen, Velesto was unchanged at 10.5 sne and Sapura Energy was unchanged at three sen.
