Trading on Bursa Subdued

Meanwhile, trading on the local bourse remained subdued as the FBM KLCI ended broadly lower in line with the regional downtrend.

Trading on Bursa Subdued
Photo by Meriç Dağlı / Unsplash

Wall Street saw another steep decline after a 75bps rate hike by the Feds with more to come to tame inflation indicating a possible hard landing for the US economy.

As such, the DJI Average lost 522 points while the Nasdaq closed 205 points lower as the US 10-year yield eased slightly to 3.53%.

Meanwhile, trading on the local bourse remained subdued as the FBM KLCI ended broadly lower in line with the regional downtrend.

"For today, we reckon regional volatility to heighten amid the weakness in the US market. Therefore, we expect the index to trend within the 1,440-1,455 range and foresee some selling on the Oil & Gas stocks as the Brent crude dipped to below the US$90/barrel following the rate hike overnight," says Rakuten Trade.

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At a broader societal level, they are deeply concerned about wealth inequality and are not optimistic that the economic situations in their countries will improve.

Negative Performance

Malaysian equities ended lower amid a negative performance across the region. The benchmark index fell 0.95% or 13.92 points to 1,447.18 with losers led by PETDAG, PETGAS and PMETAL. Market breadth was negative with 529 losers against 296 gainers. Total volume stood at 2.34bn shares valued at RM1.66bn.

Key regional markets closed broadly lower yesterday. Nikkei 225 and STI lost 1.36% and 0.16% to end at 27,313.13 and 3,261.79 respectively. Meanwhile, HSI and SHCOMP fell by 1.79% and 0.17% to end at 18,444.62 and 3,117.18 respectively.

Wall Street ended sharply lower after the Feds hiked rates. The DJIA dived 1.70% to close at 30,183.78. S&P500 and Nasdaq slumped 1.71% and 1.79% to end at 3,789.93 and 11,220.19 respectively.