Bursa tracks global equities sell-off as surging bond yields trigger panic

KUALA LUMPUR: Despite signs that bullish sentiment had returned to the market following yesterday's strong rebound, Bursa Malaysia found itself once again in the red as a sharp-sell-off in global equities weighed on prices.

At 12.30pm, the FBM KLCI was down 3.78 points to 1,557.76, erasing earlier gains from sustained buying in Maybank and Public Bank shares.

Dragging the index lower, Petronas Chemicals fell 17 sen to RM7.61 and Tenaga Nasional dropped 16 sen to RM9.96.

CIMB, wich rose in yesterday's session, slid given sen to RM4.28 while Hong Leong Bank lost two sen to RM17.60.

Glove counters were also in the red with Hartalega shedding 10 sen to RM10.04 and Supermax down nine sen to RM4.90. Top Glove was unchanged at RM5.30.

On the broader market, top actives were XOX unchanged at nine sen, Dagang Nexchange up 0.5 sne ot 72 sne and Puncak Niaga jumping 9.5 sen to 48 sen.

Asian markets skidded on Friday amid a rout in global bond markets, which gave rise to fears of distressed selling in other assets.

Japan's Nikkei dove 2.9% while South Korea's Kospi plunged 3.1%.

In China, the composite index lost 1.8% while Hong Kong's Hangs slid 2.4%.

In Australia, equity markets bled 1.9%.
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Bursa Malaysia , FBM KLCI , equities


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