KUALA LUMPUR: Sentiment on the local bourse remained weak as Wall Street started 2023 on a sour note while global markets remained wobbly on fears of a looming recession.
At 9.05am, the FBM KLCI was down 1.96 points to 1,472.03, after plunging over 18 points in the previous session on heavy selling pressure.
Minutes into Wednesday trading, there were 160 decliners on the market to 108 gainers, suggesting the selling was broad-based. Trading volume was 118.41 million shares valued at RM52.16mil.
According to Malacca Securities Research, the strong pullback seen in the market was owing to investors digesting recent gains made from the year-end window-dressing activities.
"We believe the pullback could be deemed as a healthy pullback and bargain hunting activities should pick up in undervalued stocks despite worries over the Covid-19
sub-variants may continue to weigh on investors’ sentiment.
"Still, we believe the reopening of China’s travel borders may provide decent growth for most of the global economies with another round of pent-up demand," said the research firm in a note.
However, it said it remained positive on the oil and gas and plantation sectors as the underlying commodity prices remained firm and should lift the sectors.
It added the tourism sector may see a turnaround with travelling activities picking up amid the reopening of China's borders.
Heineken Malaysia fell 30 sen to RM24.74, Kuala Lumpur Kepong dropped 20 sen to RM21.90 and United Plantation shed 16 sen to RM15.12.
Press Metal slid three sen to RM4.89 while PETRONAS Chemicals lost 10 sen to RM8.50.
L&P Global stayed at the top of the actives list on its second day of trading, gaining 3.5 sen to 58 sen.
Cypark also saw heavy trading, rising 3.5 sen to 55.5 sen while Citaglobal was flat at 33 sen.
转载说明:本文转载自Sunbet。 安徽新闻网声明:该文看法仅代表作者自己，与安徽新闻网无关。转载请注明：Bursa starts on shaky ground