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KUALA LUMPUR (Feb 17): Bursa Malaysia’s leading index fell lower in early trading on Wednesday, following regional markets as Wall Street took a breather overnight.
At 9.05am, the FBM KLCI was down 1.36 points to 1,604.78.
The first to decline were Nestlé (Malaysia) Bhd, Malaysia Pacific Industries Bhd, Hong Leong Bank Bhd, UWC Bhd, PPB Group Bhd, Pentamaster Corp Bhd, Euro Holdings Bhd, Hengyuan Refining Company Bhd and Cahya Mata Sarawak Bhd.
Bloomberg He said Treasury bond yields rose to their highest level in a year, while global stocks fell from a record high as investors weighed how rising yields could affect risky assets.
Rakuten Trade said Wall Street took a breather as rising bond yields kept traders on the sidelines on concerns of a possible rise in borrowing costs.
He said that while both the S&P 500 and the Nasdaq ended lower, the Dow Jones Industrial Average closed 64 points higher at a new record above the 31,500 mark.
“On the domestic front, while the FBM KLCI succumbed again to late-selling activities, especially at the counters, we noticed that funds are moving to smaller-cap companies.
“Although the KLCI FBM may see some recovery possibly above the 1,610 level, the increase in trading volume is indicative that retailers are back on track.
“We expect interest to stay on oil and gas (O&G) stocks and Brent crude to stay above US $ 63 (RM254.76) / barrel,” he said.
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