Market sentiment soured by lockdown measures, tech rout

KUALA LUMPUR: The FBM KLCI remained under pressure at midday as the implementation of a third movement control order soured market sentiment.

At 12.30pm, the key index was down 1.67 points to 1,586.58, en route to a fourth straight session of declines.

Glove counters continued to slip as investors turn cautious on moderating earnings moving forward on the back of normalising average selling prices.

Top Glove was down eight sen to RM5.37, impacted also by news that a shipment had been seized by US customs due to a finding of forced labour.

Hartalega was up five sen to RM9.98 on the back of a positive earnings result while Supermax was flat at RM5.83.

Meanwhile, there was also selling in technology counters following the sharp decline in the Nasdaq overnight as the US Treasury Secretary warned of rising interest rates due to inflation.

A wider regional decline was averted as the key markets of China, Japan and South Korea were shuttered for holidays.

Hong Kong's Hang Seng was flat and Australia's ASX200 was up 0.6%.

On Bursa Malaysia, Vitrox fell 26 sen to RM15.48, Unisem slid 24 sen to RM7.66 and UWC dropped 17 sen to RM5.68.

Of actives, Focus was down 0.5 sne to 10 sen, Sedania jumped eight sen to 31.5 sen and Dagang Nexchange rose three sen to 71 sen.
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Bursa Malaysia , FBM KLCI , equities


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