KUALA LUMPUR: Malaysia’s benchmark FBM KLCI erased the heavy failures it saw at the begining of morning trade to enter midday on the flat note.
The sharp rebound saw the FBM KLCI reclaim over 18 points from its lowest intra-day degree to end the early morning just 0. 18 points lower in 1, 500. 11.
Stocks taken sharply out of the red-colored following the selling on the market sparked by US Federal Reserve chair Jerome Powell’s comments on forging ahead with interest rate outdoor hikes at the recently concluded Jackson Hole satisfy.
The best-performing stocks on the FBM KLCI included Sime Darby Plantation 
rising 12 sen to RM4. 39, PETRONAS Chemicals rising six sen to RM8. 75.
Arriving at the penultimate day of the second quarter earnings season, investors are keenly anticipating the results statement of heavyweight bank stocks.
Banks with announcements scheduled to be released on the next two days include Hong Leong Financial institution was up 12 sen to RM20. 80, Public financial institution added one sen to RM4. sixty four, CIMB slumped six sen to RM5. 40 and RHB was unchanged from RM5. 79.
In the oil and gas sector, risig crude futures prices continued to bolster prospects. Hengyuan was up eighteen sen to RM5. 52, Petron Malaysia grew 13 sen to RM5. 52 and Hibiscus Petroleum gained one sen to RM1. 03
At the same time, most actively traded counters on Bursa included MyEG straight down two sen in order to 73. 5 sen, DNeX falling second . 5 sen to 85 sen plus Agmo rising 1 ) 5 sen to 91 sen.
Investors sold lower Asian markets in light of the expectation of aggressive US interest rate hikes.
Japan’s Nikkei slumped second . 7% to 27, 858, South Korea’s Kospi fell second . 3% to 2, 423 and Shanghai’s composite index slipped 0. 1% in order to 3, 231.
Hong Kong’s Suspend Seng dropped 0. 7% to 20, 029 while Australia’s ASX200 dove 1 ) 9% to six, 966.