Selling persists on Bursa as recession fears spike
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KUALA LUMPUR: Selling momentum on the domestic market pushed prices further below the FBM KLCI's 1,400 psychological level as investors fret the US Federal Reserve will not ease up on interest rate hikes despite signs of a looming recession.
At 9.05am, the FBM KLCI was down 5.67 points to 1,391.83, extending losses after late selling in yesterday's session pushed the market into the red.
There were 220 decliners compared with 68 gainers. Trading volume was 89.38 million valued at RM37.19mil.
Overnight, US Treasury yields spiked and Wall Street stocks fell sharply as the Bank of England's bond-purchasing announcement failed to calm markets.
"As Wall Street wiped out its gains from the previous session, we reckon that the local sentiment may remain fragile as investors will adopt a wait-and-see approach amid the rising macroeconomic pressure," said Malacca Securities Research in a report.,
However, it said 3Q window-dressing activities may provide buying support to heavyweight counters and the FBM KLCI could find support above 1,400.
However, the bloodshed continued in morning trade, led by Tenaga Nasional down 15 sen to RM8.10, CIMB dropping five sen to RM5.10 and Maybank shedding four sen to RM8.52.
Press Metal dropped four sen to RM3.96, PETRONAS Gas lost four sen to RM16.36 and IHH slid five sen to RM5.87.
Meanwhile, Gamuda jumped 15 sen to RM3.16 following a record earnings announcement.
Among top actives, Green Ocean was flat at one sen, Bina Puri fell 0.5 sen to three sen and SNS was up 0.5 sen to 27.5 sen.
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