Bursa Malaysia ended the Thursday morning trading session in negative note. The main index FBM KLCI shed 5.93 points to 1,441.25 from Wednesday’s closing of 1,447.18.
The KLCI skidded in tandem with regional performance and stumbling performance of Wall Street overnight. The local bourse is expected to extend Wednesday’s loss and dip in red on Thursday.
Whilst on the broader market, the market breadth was overwhelmingly negative with decliners outnumbered gainers 455 to 280, while 340 counters were unchanged.
On trading volume and value registered at 1.2 billion units and RM77.03 million respectively.
Investors’ sentiment would remain cuatious as they are digesting US Federal Reserve’s 75-basis-point interest rate hikes. The latest rate hike is the third hike in 2022. With the rate hikes and inflationary pressure that are usurping the purchasing power of general public, the possibility of recession is looming large.
Some of the top gainers of the morning session were Petronas Gas, Harrison Holdings, Petronas Dagangan and SFP Tech.
Whilst decliners were Nestle, Dutch Lady Milk, Panasonic Malaysia, PPB, F&N, Batu Kawan.