Bursa, key Asian markets skid on Fed’s hawkish comments

KUALA LUMPUR: Bursa Malaysia followed key Asian markets lower in early Monday trade as investors worried about the US Federal Reserve’s hawkish comments.

At 9.55am, the FBM KLCI had fallen 18.85 points or 1.19% to 1, 570.20. Turnover was 1.57 billion shares valued at RM671.25mil. The broader market was weak with 659 losers to 161 gainers and 325 counters unchanged.

Asian stocks dropped on Monday as investors mulled the implications of a surprise hawkish shift last week by the US Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below 2%, Reuters reported.

Japan's Nikkei led declines with a 3.3% drop and dipped below 28, 000 for the first time in a month, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 1% in early trading.

Chinese blue chips opened 0.4% lower, and Australia's benchmark slid 1.8%.

Treasury yields slipped, taking the 30-year rate below 2% for the first time since

At Bursa last Friday, foreign funds were net buyers at RM314.3mil and local retail investors at RM13.6mil but local funds net sellers were at RM327.9mil.

Last week, foreign funds were net buyers at RM75.7mil and local retail investors at RM227.4mil but local funds net sellers at RM303.1mil.

MPI fell the most, down RM1.22 to RM39.46, Unisem 25 sen lower at RM7.46 but Vitrox rose 26c to RM14.76

Tenaga Nasional fell 34 sen to RM10.10 and HLFG 28 sen to RM18.08 while Sime Plantation lost 22 sen to RM4.18 but MAHB gained 21 sen to RM6.22

Euro Holdings extended its fall from last week, slipping five sen to RM1.05. It hit limit-down twice last week.

Serba Dinamik lost 1.5 sen to 61 sen in active trade.

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