FBM KLCI descends into the red as negative sentiment continues


KUALA LUMPUR: The FBM KLCI lost its early gains to descend into the red at midday as investors remained jittery over ongoing uncertainties over rising inflation and the global economy.

At 12.30pm the key index was down 1.16 points to 1,541.37 while the overall market volume was negative with 544 decliners compared with 254.

Ahead of its earnings results, Kuala Lumpur Kepong slid 32 sen to RM26.10, in contrast to sector rivals Sime Darby Plantation up five sen to RM5.07 and IOI up three sen to RM4.11.

Financial services counters were mixed with Maybank dropping two sen to RM8.96, CIMB falling one sen to RM5 and Hong Leong Bank rising 10 sen to RM21.16.

Meanwhile Press Metal climbed six sen to RM5.36.

In active counters, KNM fell three sen to 16.5 sen after it announced the sale of Borsig Group for RM1.03bil in an attempt to improve its financial position.

Leading the list was Green Packet down one sen to 8.5 sen, MNC up 0.5 sen to two sen and Sapura Energy unchanged at 8.5 sen.

Major Asian markets slid on Tuesday despite Wall Street's overnight rally as investors remained concerned over rising inflation.

Comments by US President Joe Biden that his administration may lower tariffs on Chinese goods failed to lift sentiment amid ongoing anxieties over the impact of global supply disruptions.

Japan Nikkei was down 0.6%, South Korea's Kospi dropped 1% and China's composite index slipped 1.1%.

Hong Kong's Hang Seng meanwhile was down 1.4% while Australia's ASX200 was unchanged.

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