Bursa joins Asian equities sell-off as recession risks grow

  • Markets
  • Wednesday, 28 Sep 2022

KUALA LUMPUR: The selling pressure continued to press on the FBM KLCI as growing recession fears sent investors fleeing to safe haven assets.

At 12.30pm, the key index was down 7.75 points to 1,403.12. The overall market was overwhelmingly negative with 586 decliners compared with 192 gainers.

There were 1.14 billion shares valued at RM902.77mil.

Among blue chips, MISC was down seven sen to RM6.81, Sime Darby Plantation fell 11 sen to RM4.16 and PPB slumped 46 sen to RM16.

Tenaga Nasional lost 13 sen to RM8.59.

Among the most actively traded counters, PT Resources climbed 3.5 sen to 40.5 sen with 101.97 million shares traded.

Top Glove dropped a further two sen to 59 sen on active selling while Widad gained 0.5 sen to 36 sen.

Meanwhile, Asian markets fell as the increase in borrowing costs and the risk of a recession triggered more flight to the US dollar, pressuring regional currencies.

Japan's Nikkei dropped 2.1% to 26,023, South Korea's Kospi slumped 2.9% to 2,159 and China's composite index slid 0.75% to 3,070.

In Hong Kong, the Hang Seng was down 2.3% and Australia's ASX200 dropped 0.7% to 6,450.

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Bursa Malaysia , FBM KLCI , equities


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