Bursa Malaysia closed the Friday’s morning trading session in red with the main index FBM KLCI fell 6.74 points or 0.47% to 1,432.42 from Thursday’s closing 1,439.16. The downward trending of the movement of KLCI is performing in line with regional bourses, taking its cue from Wall Street’s downward movement overnight.
Market breadth was negative with decliners outweighed gainers 430 to 244, while 343 counters were unchanged and thin trading. Trading volume was registered at one billion units with trading value of RM689.69 million.
The dealer said the local bourse opened marginally lower, and continued its downtrend throughout the morning session, as investors remained concerned over the global economic health following central banks’ rate hikes.
It is noteworthy that following the 75 bps rate hike by US Federal Reserve, other central banks also announced rate hikes. For instance, Swiss National Bank jaked up interest rates by 75 bps and BoE (Bank of England), 50 bps; Meanwhile, Bank Indonesia also hiked their interest rate by 50 bps, a surprise move.
Some of the top gainers of morning session were Heineken Malaysia, Bonia, and Dutch Lady Milk.
Whilst decliners were Nestle, KL-Kepong, MPI, Panasonic Malaysia, Batu Kawan, Carlsberg.
