Bursa loses early lead as Russia-Ukraine negotiations yield little progress

KUALA LUMPUR: After a hopeful begin, Bursa Malaysia succumbed to profit-taking strain to enter the lunch break in damaging territory.

The FBM KLCI misplaced a slim lead in early buying and selling to enter noon 5.51 factors decrease at 1,585.27 as buyers cautious over stalled peace talks between Russia and Ukraine and cashed out of the robust rally over the earlier two periods.

The efficiency amongst blue chips was blended, suggesting that there remained some bullish sentiment in the marketplace following the robust rebound seen within the US market in a single day.

Main laggards in morning commerce included CIMB down 11 sen to RM5.37, IHH falling eight sen to RM6.31 and Public Financial institution shedding three sen to RM4.60.

Plantations nevertheless remained agency with Kuala Lumpur Kepong rising 78 sen to RM25.78 and Sime Darby Plantation climbing 9 sen to RM4.99.

Press Metallic was additionally up seven sen to RM6.41.

On the broader market brewers and shopper shares have been seen rallying, led by Heineken Malaysia up 90 sen to RM22.90, F&N gaining 76 sne to RM21.40 and Carlsberg rising 40 sen to RM20.38.

Prime actives have been XIX up 0.5 sen to 2.5 sen, AT rising 0.5 sen to 2.5 sen and Widad unchanged at 35 sen.

In Asian markets, beneficial properties have been subdued as peace talks between Russia and Ukraine stalled and oil futures returned to a rally.

Japan’s Nikkei rose 0.3%, South Korea’s Kospi gained 0.1% whereas China’s composite index fell 0.2%.

Hong Kong’s Dangle Seng plunged 2.4% in one other unstable session as Tencent fell greater than 4% whilst US President Joe Biden and Chinese language president Xi Jinping are scheduled to fulfill over a number of key points later in the present day.

In the meantime, Australia’s ASX200 rose 0.4%.


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