Selling pressure intensifies on US recession fears

KUALA LUMPUR: The slump on the domestic market is set to continue following yesterday's 1% decline as slowing US retail sales data suggested inflationary pressure is having a negative impact on spending and the economy.

"With the rising recession fear amid the global interest rate hike environment, we believe the regional and local bourses are likely to trend in the negative tone at least over the near term," said Malacca Securities Research in a report.