KUALA LUMPUR: The domestic market opened weaker on Thursday as the plunge on Wall Street overnight revived fears of slowing economic growth due to rising inflation in global markets.
At 9.05am, the FBM KLCI dropped 9.29 points to 1,545.62 erasing headway made on the market during the recent rebound.
The overall market was a sea of red with 440 decliners compared with just 51 gainers.
"We expect market sentiment to remain fragile as volatility and selling pressure resumed on Wall Street on the back of inflation fears and weak results from retailers.
"Also, the hard-hit technology stocks may face further sell-off under this interest rate hike environment," said Malacca Securities Research in a note.
Amid the strong selling pressure, Press Metal resumed its descent by falling 22 sen to RM5.06.
Other stocks on the backfoot included IHH own four sen to RM6.42, Axiata shedding three sen to RM3.20 and Tenaga Nasional sliding five sen to RM9.15.
The technology sector was predictably downbeat after the Nasdaq lost a whopping 4.7% overnight.
MPI fell 72 sen to RM30.90, Vitrox dropped 18 sen to RM7.18 and D&O slid 13 sen to RM3.65.