Bursa might see spillover from US tech slide

  • Markets
  • Tuesday, 23 Nov 2021

KUALA LUMPUR: Investors have their eyes trained on the corporate earnings season amid rising concerns on the global front over a resurgence Covid-19 cases.

Wall Street put on a weak performance overnight as technology stocks were driven lower by rising bond yields, which could have a negative impact on Bursa Malaysia.

"We could expect the selling pressure to spillover on the local front, specifically hitting the technology stocks," said Melaka Securities Research.

The brokerage also noted that foreign funds have been selling local equities over the past two trading days, which could further dampen investor sentiment.

At 9.15am, the FBM KLCI was up 3.93 points ot 1,530.8, staying caught within a consolidation phase as the Q3 earnings season rolled on.

A positive earnings surprise by Petronas Chemicals yesterday saw the petrochemicals counter rising three sen to RM8.33.

It was joined by Tenaga Nasional adding four sen to RM9.54 as well as some bank stocks including CIMB rising four sen to RM5.20, Maybank up one sen to RM8.15 and Public Bank gaining one sen to RM4.08.

Maxis was also on the advance, rising five sen to RM4.59, and Digi adding two sen to RM4.28.

On the technology index, equities tracked the weaker US Nasdaq performance overnight but remained at multi-year highs at 100.45 points.

Among some leading laggards, KESM slipped 38 sen to RM14.04, Elsoft dropped two sen to RM1.03 and D&O was own three sen to RM5.89.

Top actives on Bursa Malaysia were YBS up 4.5 sen to 62.5 sen, Tanco unchanged at 27 sen and Iconic rising 0.5 sen to 38 sen.

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Bursa Malaysia , FBM KLCI , equities


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