FBM KLCI maintains downside bias as inflation fears rise
KUALA LUMPUR: Investor sentiment on Bursa Malaysia remained wobbly on Tuesday, a day after hotter-than-expected domestic inflation data brought the FBM KLCI nearly a third of a percent lower.

At 9am, the benchmark index was down 1.48 points to 1,536.06 as anxieties mounted over global inflation.

"We expect the downward bias consolidation tone to linger, taking cue from the negative developments on Wall Street overnight.

"Meanwhile, the lower liners may extend its recovery stance that is supported by stability in trading liquidity," said Apex Securities Research in its outlook.

There is profit-taking in global markets ahead of the release of the US personal consumption expenditure price index this Friday, amid fears a high inflation print could deter the Federal Reserve from embarking on a potential first rate cut in June.

Wall Street ended with falls across all three major indices as the record-breaking rally took a breather.

On the FBM KLCI, Genting stepped back three sen to RM4.77 while Genting Malaysia slid one sen to RM2.77.

PETRONAS Gas dropped 14 sen to RM17.42, Press Metal dipped three sen to RM4.57 and Telekom shed three sen to RM6.01.

In banks, Maybank fell three sen to RM9.59, CIMB dropped three sen to RM6.43 and AmBank slid one sen to RM4.11.

Of actives, Sapura Energy , which reported a narrower net loss in the final quarter of its financial year, rose 0.5 sen to 4.5 sen on active trade of 51.74 million shares.

Velesto was unchanged at 29 sen while TCS climbed 3.5 sen to 16.5 sen.
Markets,Bursa Malaysia,FBM KLCI,equities,trading,investor,commodity,stocks
KUALA LUMPUR: Investor sentiment on Bursa Malaysia remained wobbly on Tuesday, a day after hotter-than-expected domestic inflation data brought the FBM KLCI nearly a third of a percent lower.