KUALA LUMPUR: The slump on the domestic market is set to continue following yesterday's 1% decline as slowing US retail sales data suggested inflationary pressure is having a negative impact on spending and the economy.
"With the rising recession fear amid the global interest rate hike environment, we believe the regional and local bourses are likely to trend in the negative tone at least over the near term," said Malacca Securities Research in a report.
At 9.05am, the FBM KLCI was down 6.43 points to 1,460.7. The market was overwhelmingly negative with 317 decliners compared with 64 gainers.
Trading volume was 201.46 million shares valued at RM72.92mil.,
Bank stocks, which were among the biggest losing sectors in the previous session, continue their fall amid worries over an impending global recession.
Maybank dropped five sen to RM8.65, Public Bank dropped one sen to RM4.37, Hong Leong Bank slid 10 sen to RM20.60 and RHB fell four sen to RM5.70.
There were also more losses in telcos including Axiata slipping two sen to RM2.93, Maxis shedding one sen to RM3.74 and Digi sliding one sen to RM3.69.
Press Metal fell four sen to RM4.89, Tenaga Nasional dropped three sen to RM9.18 and Sime Darby Plantation was down eight sen to RM4.27.
Among the top actives, Avillion was up 0.5 sen to 8.5 sen, Ta Win was flat at six sen and Advance Synergy rose 0.5 sen to 19.5 sen.