Why is the red-red stock market so hot, Cendol?


 A few hours after the FOMC meeting in the United States (US), the local equity market extended yesterday's losses after interest rates were aggressively raised.

According to Malacca Securities Sdn Bhd, in the near term global market sentiment will remain negative with investors trying to digest a 75 basis point increase in interest rates in the US.

Even so, the local market may witness bargain-hunting activities in the banking sector to buy at cheap prices including the energy, construction and building materials segments ahead of Budget 2023.

As a result, the FTSE KLCI index (FBM KLCI) was down 5.92 points at 1,441.26 from Wednesday's close of 1,447.18 with a weak opening of 2.31 points at 1,444.87.

In the broader market, losses at 232 outpaced gains at 43, while 165 counters were unchanged, 1,950 untraded and 9 suspended.

Total revenue at 98.13 million units worth RM43.28 million.

Heavyweight stocks saw Maybank, Petronas Chemicals Group Bhd and IHH Healthcare Bhd down 5 sen at RM8.67, RM5.40 and RM6.05 while CIMB Group Holdings Bhd remained at RM8.56 while Public Bank Bhd added 1 sen at RM4.41. .

Active stocks showed Velesto Energy Bhd and Sunzen Biotech Bhd up 0.5 sen at 13 sen and 6.5 sen, Top Glove Corp Bhd slipped 1 sen to 65.5 sen, EA Technique (M) Bhd fell 0.5 sen at 8.5 sen and Cnergenz Bhd remained at 95.5 sen. .

On the index board, FBM Emas fell 38.05 points at 10,292.05, FBMT 100 lost 41.55 points at 10,029.08, FBM Emas Shariah fell 42.54 points at 10,347.35, FBM 70 lost 53.20 points at 12,479.35 and FBM ACE lost 24.78 points at 4,753.34.

In terms of sectors, the Energy index was down 5.40 points at 720.18, the Plantation index was down 25.53 points at 6,820.29, the Financial Services index was down 45.48 points at 16,354.37 and the Products and Services index was down 1.09 points at 174.59.