Bursa extends fall as Jackson Hole fears continue

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KUALA LUMPUR: Bursa Malaysia extended its decline on Tuesday after a a sharp dive on Wall Street overnight as US interest rates fears returned ahead of the Jackson Hole symposium later this week.

At 9.05am, the FBM KLCI was down 5.81 points to 1,481.56, threatening to erase all the gains made on the index over the past month.

There were 244 decliners on the market compared with 75 gainers for a deeply negative market breadth.

Trading volume was 109.89 million shares valued at RM53.34mil.

"Global sentiment should remain negative as investors braced for the US Fed Chairman’s speech in the Jackson Hole meeting which could signal further aggressive stance in taming the inflation," said Malacca Securities Research in its daily outlook.

However, the research firm said it it expects buying interest to emerge on stocks with solid results amid the ongoing reporting season on the local bourse.

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Following the market's recent losses, it said new support is pegged at 1,460-1,480 while resistance is located at 1,500-1,530.

Stocks in decline included PETRONAS Chemicals down three sen to RM8.67, Tenaga Nasional sliding five sen to RM8.54 and Press Metal shedding five sen to RM4.63.

Bank stocks were neutral to negative with Maybank holding steady at RM8.87 and Public Bank also unchanged at RM4.59.

CIMB however dropped four sen to RM5.27 while RHB shed one sen to RM5.82.

In plantations, Sime Darby Plantation fell seven sen to RM4.43 and IOI dipped two sen to RM4.17.

MISC was one of the rare gainers, adding seven sen to RM7.06.

Among actives, Sapura Energy rose one sen to five sen, Cnergenz gained two sen to 90.5 sen and Bintai Kinden slid 0.5 sen to nine sen.