US plunge sends domestic shares lower

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KUALA LUMPUR: The domestic market opened weaker on Thursday because the plunge on Wall Street in a single day revived fears of slowing financial progress attributable to rising inflation in international markets.

At 9.05am, the FBM KLCI dropped 9.29 factors to 1,545.62 erasing headway made in the marketplace through the current rebound.

The total market was a sea of pink with 440 decliners in contrast with simply 51 gainers.

“We anticipate market sentiment to stay fragile as volatility and promoting strain resumed on Wall Street on the again of inflation fears and weak outcomes from retailers.

“Also, the hard-hit know-how shares might face additional sell-off beneath this rate of interest hike atmosphere,” mentioned Malacca Securities Research in a word.

Amid the sturdy promoting strain, Press Metal resumed its descent by falling 22 sne to RM5.06.

Other shares on the backfoot included IHH personal 4 sen to RM6.42, Axiata shedding three sen to RM3.20 and Tenaga Nasional sliding 5 sen to RM9.15.

The know-how sector was predictably downbeat after the Nasdaq misplaced a whopping 4.7% in a single day.

MPI fell 72 sen to RM30.90, Virox dropped 18 sen to RM7.18 and D&O slid 13 sen to RM3.65.

Among the highest actives, Technax was up one sen to 6 sen, Sapura Energy misplaced 0.5 sen to seven sen and Serba Dinamik fell one sen to fifteen sen.



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