Banks lead FBM KLCI lower amid weak market sentiment


  • Markets
  • Monday, 24 Jan 2022

KUALA LUMPUR: The FBM KLCI remained in the red at midday as bank counters continued to lead the market lower amid weak investor sentiment as anxieties grow over the US Federal Reserve's interest rate hike and asset tapering plans.

Exacerbating the uncertainty was worries that Russia was planning an invasion of Ukraine after the former's military was seen gathering at the border.

At 12.30pm, the benchmark index was down 4.28 points to 1,522.78.

Among the blue chips, Maybank was down six sne to RM8.22, CIMB shed six sen to RM5.24, Hong Leong Bank dropped four sen to RM19.16 and RHB slid 12 sen to RM5.60.

Public Bank was unchanged at RM4.18.

On the technology index however, some bargain-hunting was seen in MPI up RM1.78 to RM39.80, KESM adding 18 sen to RM10.86 and UWC climbing 18 sen to RM4.53.

Top actives were DNeX down 2.5 sen to 96 sen, Coraza up 12.5 sen to 78.5 sen and TWL shedding 0.5 sen to six sen.

The broader market was negative with 584 decliners to 310 gainers.

Asian markets meanwhile continued to fall as investors braced for the Fed's move to mop up some of the liquidity from the market.

Japan's Nikkei was down 0.1%, South Korea's Kospi slid 1.5% while China's benchmark index rose 0.2%.

Hong Kong's Hang Seng however dropped 1% while Australia's ASX200 lost 0.4%.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Bursa Malaysia , FBM KLCI , equities

   

Next In Business News

Red alert for global food security
RAM Ratings optimistic on digital bank licences in its rated portfolio
Maybulk's net profit falls to RM8.44mil in 1Q
Hap Seng posts higher net profit of RM156.30mil in 1Q
IJM Corp net profit jumps 82% to RM795mil in FY22
Cnergenz 1Q net profit at RM3.64mil
MSM posts RM28mil net loss in 1Q
Boustead 1Q profit soars 573% on land disposal
Ringgit gains momentum to end higher versus US dollar
Axiata appoints joint acting group CEOs as Izzaddin Idris steps down

Others Also Read