After a shallow dip at the opening, Bursa Malaysia widened its losses and closed the Tuesday morning trading session lower with the main index FBM KLCI declining 8.85 points or -0.59% at 1,484.57 vis-a-vis yesterday’s close of 1,493.42.
The performance of KLCI was in line with that of the regional peers. Also, the investors might tiptoe on a cautious mood following the hawkish remarks made by the two US Federal Reserve officials that interest rates may exceed 5% this year. THE DJIA shed 0.34% to 33,517.65, as stocks pared gains as a result of that.
At 9:00 am, the index inched higher at 1,490.40.
During the morning trading session, the index was traded in the range of 1,482.06 – 1,491.22.
Last Friday, the Dow Jones Industrial Average surged 2.13% or 700 points, while the Nasdaq gained 2.56% or 264 points, as the market participants digested the inflation data in the US. It may be heading for a cooling off, hence a dovish stance by Federal Reserve on rate hikes.
Top five active counters for the morning session were L&P Global , Berjaya Corp., SMTrack, Hong Seng Consolidated, Citaglobal.
Top five gainers were Heineken Malaysia, Batu Kawan, Malaysia Airports Holdings, Tex Cycle Technology, Fraser & Neave.
Whilst top five decliners were Nestle Malaysia, Hextar Technologies, Ajinomoto Malaysia, Inari Amertron, MISC.
