KLCI sinks deeper into the red at midday

KLCI sinks deeper into the red at midday

KUALA LUMPUR: The particular FBM KLCI continued to be in negative area at midday among cautious sentiments throughout the region as central banks globally raise rates.

From lunch break, the market barometer closed lower 6. 74 factors, or 0. 47% to 1, 432. 42, dragged by losses in plantation plus PETRONAS-linked stocks.

The broader marketplace sagged, with decliners overtaking advancers 430 to 244 whilst 343 counters had been unchanged. Turnover was one billion shares valued at RM689. 7mil.

Malacca Securities believes the neighborhood bourse is likely to remain cautious and stay downward bias because investors continued in order to price in more aggressive interest rate hike going forward.

It noted that investors may watch for Malaysia’s inflation rate to gauge the upcoming immediately policy rate (OPR) outlook by Bank Negara.

Hong Leong Investment Bank Research said the bears were as a whole control after violating multiple key facilitates to record the sixth decline from seven trading times.

“We reiterate that an extended downwards consolidation may dominate within our envisaged 1, 436 (76. 4% FR), 1, 418 and 1, 408ps (25M low) supports unless KLCI could swiftly reclaiming over 1, 45 four (61. 8% FR), 1, 468 (50% FR) and one, 485 (downtrend line) hurdles, ” this said.

On Bursa Malaysia, Nestle tumbled 60 sen to RM127. eighty, Kuala Lumpur Kepong eased 32 sen to RM21. sixty six, Malaysian Pacific Industries lost twenty six sen to RM28. 88 and Panasonic Manufacturing dropped 20 sen to RM23. 68.

Heineken Malaysia increased 18 sen to RM23. 50, Hextar Technologies added 15 sen to RM2. 70, Bonia climbed 11 sen to RM2. 05 and Dutch Lady gained ten sen to RM31. 20.