Bursa Malaysia ends morning session easier

This is particularly after the US equities suffered their biggest decline in two months yesterday

BURSA Malaysia ended the morning session in the red, tracking the development of global stock markets, particularly after the US equities suffered their biggest decline in two months yesterday.

At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 9.03 points to 1,478.34, compared with yesterday’s closing of 1,487.37.

The benchmark index opened 2.45 points easier at 1,484.92 to mark its intraday high and hit a low of 1,477.54 in the mid-morning session.

On the broader market, losers surpassed gainers 478 to 273, while 362 counters were unchanged, 1,205 untraded, and seven others suspended.

Turnover stood at 1.05 billion units worth RM638.54 million.

Public Investment Bank Bhd said Wall Street’s benchmark S&P 500 index slid 2.1%, its most severe one-day fall since mid-June.

“Worries over possible Russian energy supply cuts led European gas and power prices to surge yesterday, adding to fears that the continent could slip into recession,” it said in a note.

These have dampened the risk appetite for risky assets.

Meanwhile, losses in the composite index were led by Petronas Chemicals Group Bhd, which fell 13 sen to RM8.57, followed by Sime Darby Plantation Bhd, which lost 12 sen to RM4.38, while Kuala Lumpur Kepong Bhd erased 72 sen to RM21.88.

Bursa Malaysia heavyweights Malayan Banking Bhd shed four sen to RM8.83, Public Bank Bhd was flat at RM4.59, but IHH healthcare Bhd gained a sen to RM6.36.

Of the actives, Sapura Energy Bhd added half-a-sen at 4.5 sen, Dagang NeXchange Bhd was one sen better at 85.5 sen, Cnergenz Bhd perked up 3.5 sen to 92 sen, and Borneo Oil Bhd was unchanged at 2.5 sen.

On the index board, the FBM Emas Index slid 57.15 points to 10,499.19, the FBM T100 Index slipped 57.99 points to 10,245.41, the FBM Emas Shariah Index fell 64.32 points to 10,603.35, the FBM ACE eased 5.57 points to 4,849.43, while the FBM 70 dipped 52.64 points to 12,581.19.

Sector-wise, the Financial Services Index decreased 96.27 points to 16,518.86, the Plantation Index declined 129.50 points to 7,042.13, but the Energy Index went up 20.65 points to 686.05 and the Industrial Products and Services Index eased 1.50 points to 180.17. — Bernama / pic TMR

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