KUALA LUMPUR: Global equities tumbled as expectations that US pumpiing had peaked were dashed by the latest June figures that will showed prices strike a fresh four-decade high of 9. 1%.
Wall Street equities showed conservative diminishes as buying fascination with technology heavyweights seemed to offset the brunts of the selling.
However , the negative economic development leaking over into the Oriental and Malaysia marketplaces, which turned red-colored at the opening bell.
At nine. 05am, the FBM KLCI was lower 1 . 06 factors to 1, 412. 38. There were 125 decliners compared with 83 gainers.
Trading volume was 58. 01 million shares highly valued at RM24. 49mil.
Malacca Investments Research noted the mounting headwinds at the domestic market such as the recession fears sparked by the red-hot speed of US inflation and also Indonesia’s temporary freeze out on migrant employees, which could prolong labour shortages in the plantations and manufacturing sectors.
“The FBM KLCI fell below its immediate assistance level at 1, 420 as the crucial index slid to some new 52-week low.
“Technical indicators remained negative as the MACD Histogram provides expanded further below zero, while the RSI is approaching the particular oversold territory.
“Next support is situated at 1, 400, followed by 1, 380, while the resistance is usually pegged along 1, 430-1, 460, inch it said in the report.
Brent crude oil prices remained subdued below the US$100 a barrel or clip mark owing to the particular softer demand perspective, sending oil plus gas-related counters cheaper after two directly days of selling.
PETRONAS counters however managed to bounce increased. On the blue-chip catalog, PETRONAS Chemicals rebounded eight sen higher to RM7. ninety six and Petronas Fuel rose two sen to RM16. 22.
MISC climbed nine sen increased to RM6. 63, IHH gained three sen to RM6. 45 while Press Metal 
dropped one sen in order to RM4. 07.
Among top actives, Metronic rose second . 5 sen in order to 9. 5 sen, DNeX gained 0. 5 sen to 73 sen and MAG lost 0. 5 sen in order to 17. 5 sen.