The Local Risky Asset Market 'Collapsed' Because of the US!

thecekodok

 Bursa Malaysia lost early in the week, reflecting Wall Street's weak performance with the Federal Reserve (Fed) maintaining an aggressive interest rate hike stance.


At the opening, the FBM KLCI index started up 2.77 points at 1,480.92 before falling 5.62 points at 1,480.92 compared to Friday's close at 1,486.54.


In the broader market, gains at 152 offset losses at 191, while 249 counters were unchanged, 1,666 untraded and 67 suspended.


Total revenue at 272.64 million units worth RM220.09 million.



According to Malacca Securities Sdn Bhd, the risk asset market started to shake at the weekend with news of protests in China unnerving investors as the local market awaited the formation of Cabinet members including the 2023 Budget.


Heavyweight stocks saw Maybank fall 1 sen to RM8.66, Public Bank Bhd lost 4 sen to RM4.48, Petronas Chemicals Group Bhd fell 20 sen to RM8.88 and IHH Healthcare Bhd lost 3 sen to RM5.97 while CIMB Group Holdings Bhd rose 6 sen to RM5.86 and Tenaga Nasional Bhd (TNB) added 7 sen to RM8.85.


Active stocks saw MMAG Holdings Bhd steady at 3 sen and Ta Win Holdings Bhd flat at 7 sen, Advance Synergy Bhd down 1 sen at 19.5 sen while MQ Technology Bhd gained 1 sen at five sen and Eden Inc Bhd added 0.5 sen at 14.5 sen.


On the index board, the FBM Emas index fell 34.40 points at 10,542.39, the FBMT 100 index fell 36.21 points at 10,263.48, the FBM ACE dropped 15.75 points at 5,175.89, the FBM 70 fell 33.32 points at 12,605.03 and the FBM Emas Shariah index lost 33.97 points at 10,653.


In terms of sectors, the Financial Services index fell 29.79 points at 16,669.37, the Products and Services index fell 1.47 points at 183.89, the Plantation index fell 7.01 points at 6,810.14 and the Energy index contracted 9.52 points at 749.57.

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