Bursa stays beneath strain on charge hike fears

KUALA LUMPUR: The home market was not spared the adverse sentiment that hit US markets in a single day, extending the decline that started yesterday on fears that aggressive US rate of interest hikes may dampen financial development.

At 9.05am, the FBM KLCI was down 1.39 factors to 1,603.22. The general market remained firmly adverse with 280 decliners compares to 93 gainers.

“We count on traders to commerce in a risk-off temper following the adverse sentiment on Wall Avenue, particularly the selldown in know-how shares triggered by rising bond yields forward of the US inflation knowledge could spillover on our native know-how shares,” stated Malacca Securities Analysis .

Nonetheless, the analysis agency was optimistic on the variety of Covid-19 instances within the nation falling to under 10,000, which may gain advantage the restoration theme.

From a technical view, it stated the FBM KLCI was well-supported by the 1,600 psychological stage regardless of the latest pullback.

Among the many heavyweights, Press Steel slumped 13 sen to RM6.43 to steer the decline,

Axiata dropped three sen to RM3.68 and MISC shed two sen to RM7.64.

Petronas Chemical compounds rose eight sen to RM10.28 whereas IOI gained three sen to RM4.40.

Expertise shares tracked the Nasdaq decrease, led by MPI down 78 sen to RM32.30, Vitrox shedding 15 sen to RM7.35 and Inari Amertron down six sen to RM2.91.

Prime actives had been CSH up one sen to fifteen sen, Tanco gaining 11 sen to 50.5 sen and China Ouhua Vineyard up 0.5 sen to 9 sen.


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