Traders take revenue on Bursa after weak Wall St efficiency

KUALA LUMPUR: The home market slipped into the purple in early morning buying and selling following the decline in US markets as crude oil costs returned above US$120 a barrel.

In a single day, main US indices dipped over 1% every as issues re-emerged over the affect of elevated oil costs on already-high inflation.

“With the Wall Avenue taking a pause after a current sturdy rebound, we anticipate the revenue taking actions could spill over to the native entrance,

particularly the expertise shares.

“We expect traders could keep cautious within the anticipation of additional sanction towards Russia, which can raise commodity costs one other spherical,” mentioned Malacca Securities Analysis in a report.

Losses in Malaysia’s heavyweight index have been gentle as oil and gas-related counters provided assist after rising in tandem with the surging commodity value.

At 9.05am, the FBM KLCI was down 1.7 factors to 1,596.18, erasing a few of the positive factors made earlier within the week.

Hong Leong Financial institution was down six sen to RM20.44, IHH dropped 5 sen to RM6.49 and Sime Darby Plantation fell 6c to RM4.99.

Petronas Chemical substances nevertheless rose eight sen to RM9.67 whereas Hartalega jumped eight sen to RM4.91.

Amongst actives, CSH rose 0.5 sen to 17 sen, Velesto was unchanged at 10.5 sne and Sapura Vitality was unchanged at three sen.


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