Growing list of negatives add to selling pressure

KUALA LUMPUR: Bursa Malaysia continued its sell-off as a confluence of negatives added to the volatility and downside pressure on global equities.

Investors are on edge over the US Federal Reserve rate decision later this week even as While Russia and Uraine continues with negotiations to end the conflict.

Meanwhile, the rising Covid-19 cases in China and subsequent lockdown have introduced yet another negative catalyst to the investment landscape.

At 9.08am, the FBM KLCI was down 10.46 points to 1,556.98 amid a pullback in Brent crude prices overnight as demand for the commodity could be impacted by potential disruptions to China's economy.

At the time of writing, Brent crude futures were down 2.1% to US$104.59 a barrel.

On the FBM KLCI, Petronas Chemicals lost 17 sen to RM9.42, SIme Darby PLantation dropped 14 sen to RM4.91 and Kuala Lumpur Kepong fell 42 sen to RM25.92.

Press Metal dove 21 sen to RM6.07 amid the potential impact of ongoing developments to aluminium demand.

Meanwhile, Hibiscus Petroleum, seen as a proxy for oil prices, dropped four sen to RM1.07 in heavy trade with 132.65 million shares exchanging hands.

Another oil and gas stock, Bumi Armada was down 0.5 sen to 39.5 sen.

Technology stocks tracked the Nasdaq's overnight fall as the Fed is expected to begin its interest rate hikes later ths week. MPI lost 88 sen to RM30.22, D&O shaved 17 sen to RM3.78 and Greatech fell 10 sen to RM3.31.