Bursa Malaysia ended the Monday morning session in deep red with the main index FBM KLCI dived 16.2 points to 1,451.11. Clearly, the index has breached the support level of 1,460-point in line with the selling pressure seen in global markets.
Meanwhile, the market breadth was negative, with 670 decliners overwhelmingly outweighed 173 gainers.
Trading volume and value were 1.31 billion shares and RM932.55mil, respectively.
The market outlook for the week is that market participants’ sentiment may be subjected to harsh retreat as major central banks are expected to hike interest rates, thereby increase the borrowing cost and reduce the disposal income of borrowers.
Some of the top gainers of the morning session were Nestle, Petronas Gas, United Plantation, Petronas Dagangan, Bintulu Port, DKSH, Hong Leong Financial Group.
Whilst top losers were Dutch Lady Malaysia, PPB, MPI, F&N, Batu Kawan, Aeon Credit.
