Bursa opens weaker amid Wall St jitters


KUALA LUMPUR: The home market bought off on a wobbly begin following the sharp decline on Wall Avenue in a single day amid Federal Reserve tightening plans.

US markets tumbled for a second straight day with tech shares particularly taking a beating because the minutes of the Fed’s current coverage assembly revealed the opportunity of promoting down US$95bil in bonds and bigger fee hikes of fifty foundation factors ro rein in souring inflation.

“Given the unfavourable efficiency on the Wall Avenue, we anticipate some revenue taking actions might emerge on the native entrance, particularly on the expertise shares,” mentioned Malacca Securities Analysis in a notice.

At 9.05am, the FBM KLCI was down 3.28 factors to 1,601.44 whereas the broader market recorded 237 decliners in comparison with 127 gainers.

Declines have been seen in Maybank down three sen to RM8.86, Press Steel falling six sen to RM6.18 and MISC sliding 9 sen to RM7.67.

In the meantime, Petronas Chemical substances jumped 13 sen to RM10.12 whereas Sime Darby Plantation rose three sen to RM5.30.

Monitoring the Nasdaq’s 2.2% droop in a single day, the native tech sector noticed heavy profit-taking in anticipation of headwinds from a hawkish Fed.

MPI fell 76 sen to RM35.94, Vitrox dropped 22 sen to RM17.04 and D&O slid 14 sen to RM4.51.

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