Blue chips extend losses, tracks key Asian markets

KUALA LUMPUR: Blue chips extended their losses in early Thursday trade, tracking the weaker key Asian markets and the overnight fall on Wall Street.

At 9.24am, the KLCI was down 3.82 points or 0.24% to 1, 574.50. Turnover was 607.36 million shares valued at RM270.95mil. The broader market was weaker with 325 losers to 179 gainers and 359 counters unchanged.

Bloomberg reported Asian stocks opened lower and US futures extended losses Thursday after Federal Reserve officials sped up their expected pace of policy tightening.

Shares fell in Japan, Australia and South Korea. S&P 500 futures slipped after the benchmark closed down, but off its lows after Fed Chair Jerome Powell downplayed the risk of an immediate rate increase.

Policy makers disclosed that they expect two hikes by the end of 2023 and would begin a discussion about scaling back bond purchases.

At Bursa on Wednesday, foreign funds were net sellers at RM131.7mil but the selling was absorbed by local retail investors who were net buyers at RM83.5mil and local funds at RM48.2mil.

MPI fell 58 sen to RM39.98, MCom lost 15 sen to 10 sen, Trans Ocean 14 sen to RM4.66, TimeCom 10 sen to RM14.18 and MISC nine sen to RM7.02

Among the plantations, FarEast lost 13 sen to RM2.90 and PPB 10 sen to RM18.44 but Genting Plantations rose 11 sen to RM7.28.

Strong crude oil prices saw Petronas Dagangan climb 14 sen to RM19.16.

Central Global extended its rally, up eight sen to RM2.55.

Euro Holdings, which hit limit-down on Tuesday and Wednesday, was untraded at RM1.21.

Serba Dinamik edged up 0.5 sen to 65 sen with 15.54 million shares done.

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