Bursa tracks Wall St sell-off


  • Markets
  • Thursday, 06 Jan 2022

KUALA LUMPUR: Bursa Malaysia was weighed down by a weak performance on Wall Street overnight following revelations that the US Federal Reserve may be looking to reduce its balance sheet following its interest rate hike cycle.

At 9.05am, the FBM KLCI was down 5.33 point to 1,542.63.

Over the broader market, there were 236 decliners compared to 59 gainers.

Investors reacted negative to the release of the Fed's minutes from its December meeting, which indicated that almost all its members were in favour of cutting the amount of bonds the central bank was holding.

The prospect of liquidity being taken out of the market sent investors scurrying out of stocks, with the Dow slumping 1.1% while the tech-heavy Nasdaq dove 3.3%.

On Bursa Malaysia, the market turned cautious with stocks retreating from the previous session's rally.

MPI dropped 70 sen to RM49.30, Genetec shed 44 sen to RM40.06 and Sam Engineering fell 40 sen to RM23.30.

KESM slid 16 sen to RM12.54, Pentamaster fell 13 sen to RM5.37.

Glove stocks remained firm with Hartalega gaining 11 sen to RM5.86, Top Glove rising six sen to RM2.50 and Kossan climbing five sen to RM2.01.

Most active counters were Pasukhas unchanged at 2.5 sen, SMTrack flat at 26 sen and DNeX down 1.5 sen to 82.5 sen.
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Bursa Malaysia , FBM KLCI , equities

   

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