KUALA LUMPUR: The FBM KLCI entered a steady descent into the red in the morning session as investors sold down their positions ahead of the release of the US consumer price index later tonight.
The inflation gauge is expected to rise 0.2% month-on-month, cementing the Federal Reserve’s decision to maintain its aggressive rate hike cycle to tame prices.
At 12.30pm, Malaysia’s benchmark index was down 3.13 points to 1,377.44. The overall market was negative with 431 decliners compared with 283 gainers.
Trading volume was one billion shares valued at RM708.49mil.
PETRONAS Chemicals, which started the day positive slid eight sen below the reference price to RM8.47.
Banks were mixed with Maybank down two sen to RM8.49, Public Bank dropping two sen to RM4.20 while CIMB rose two sen to RM5.32 and hong Leong Bank added six sen to RM20.46.
IOI fell seven sen to RM3.61, PPB dropped 10 sen to RM15.84 and Nestle slid 20 sne to RM129.80.
Meanwhile, there was a rally in glove counters with Top Glove rising five sne to 68.5 sen with 72.76 million units crossing hands, the most of the morning session.
Hartalega
jumped 13 sne to RM1.86, Supermax climbed 6.5 sen to 77.5 sen and Careplus surged seven sen to 32 sen.
In Asian markets, Japan’s Nikkei fell 0.5% to 26,273, South Korea’s Kospi dropped 1.2% to 2,176 and China’s composite index rose 0.2% to 3,030.
Hong Kong’s Hang Seng fell 1% to 16,534 and Australia’s ASX200 gained 0.1% to 6,656.