Bursa opens on weak notice as US market weighs

KUALA LUMPUR: Persisting tensions between Russia and the worldwide neighborhood ate away at traders’ urge for food for international equities, triggering a fall in US markets in a single day.

Whereas Bursa Malaysia was anticipated to rally on the constructive information of the nation’s border reopening, the inventory trade was seen declining in early commerce given the continued uncertainties.

At 9.08am, the FBM KLCI was down 4.1 factors to 1,583.26. There have been 244 decliners in comparison with 114 gainers, resulting in a destructive market breadth.

“Uncertainties remained on the worldwide entrance as Russia threatened to halt gasoline contracts provide and the stress between Ukraine and Russia nonetheless endured,” mentioned Malacca Securities Analysis in a report.

The oil and gasoline sector was additionally seen retreating as US President Joe Biden introduced a launch of US petroleum stockpiles, which triggered a pointy fall in crude oil futures.

With Brent crude dropping almost 7% in a single day, oil-related shares on Bursa declined barely with losses capped by expectations of provide situations worsening.

Among the many heavyweights, most financial institution shares have been little modified however Hong Leong Financial institution climed 22 sen to RM20.42 and Public Financial institution rose one sen to RM4.68.

Petronas Chemical substances was seen sliding six sen to RM9.54 and Press Metallic retreated 4 sen to RM6.16.

Pawnbroker Pappajack made its debut on the ACE-Market as was up 7.5 sen to 37.5 sen as essentially the most actively traded counter with 119.68 million shares traded.

Different main actives have been Vinvest up 0.5 sen to 24 sen and TWL rising 0.5 sen to 7.5 sen.


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