Continued selling of Heavyweights and lingering concerns of inflation brought the local market down despite overnight gains in Wall Street and better performance in Asian Equities
An analyst in a local stockbroking firm said that the local bourse that broad market appears to lack the steam inspite of mild gains when the market opened this morning adding that investors continue to fret about the impending interest rate hikes and Covid-19.
He said that investors are deeply concerned about global recession and stagflation with inflation spiraling in different parts of the world which does not bode well for the local market.
However, he adds the beaten-down values on the local bourse would certainly entice investors the opportunity to cheery pick stocks that are fundamentally strong but are beaten down by the bearish sentiment adding that calm returns to the market, this stocks are likely to go up to reflect their true value.
The FBMKLCI was down 12.07 points to 1,537.83 with 494 gainers, 366 losers while 393 counters remained unchanged. Turnover was at 2.23 billion units traded at RM1.67 billion. Among the heavyweights Maybank was down 6 cents at RM8.85, Public Bank was down 3 sen at RM4.58
Sector-Wise, the Industrial Products service trimmed 0.58 points to 1999.77 points, the plantation index up to 9.58 points to 7911.63 12and the Financial Service Sector eased 127.47 points to 16618.79 points.
