Bursa recoups earlier losses as investors digest inflation news

KUALA LUMPUR: Investors trimmed losses on Bursa Malaysia after an early retreat this morning on fears the higher-than-expected US inflation could lead to more rate hikes.

At 12.30pm, the benchmark FBM KLCI was down 2.02 points to 1,451.52. There were were 407 gainers compared to 355 decliners.

Trading volume was 1.63 billion shares valued at RM1.08bil.

In the bank sector, Maybank was up two sen to RM8.85, Public Bank rose three sen to RM4.17, Hong Leong Bank added 12 sen to RM19.94 and RHB was up four sen to RM5.69.

Meanwhile, Malaysia Airports jumped 15 sen to RM7.25, Bermaz Auto rose eight sen to RM2.38 and KESM added 10 sen to RM7.25.

Top actives included KNM up one sen to 11.5 sen, Capital A rising four sen to 99 sen and MQ Technology down 0.5 sen to 2.5 sen.

Regionally, markets were improved as investors shrugged off a slightly higher-than-expected US consumer price report and turned its attention to the European Central bank meeting later today.

China's composite index was flat at 3,124 while Hong Kong's Hang Seng dropped 0.2% to 17,969.

Japan's Nikkei was up 1.45% to 33,177 and South Korea's Kospi rose 1.1% to 2,561.