Bursa continues slide ahead of US inflation reports

KUALA LUMPUR: The selling pressure on Wall Street overnight, especially in technology counters, is likely to weigh on Bursa Malaysia, while investors continue to take a cautious approach ahead of key Us inflation data.

According to Malacca Securities Research, the market is focusing on the upcoming August inflation data that will be released later today and tomorrow.

"Should there be any pick up in the inflation numbers, it may provide pressure on the stock markets with the anticipation of a more hawkish tone from the Fed," it said in a note.

At the start of trading, the benchmark FBM KLCI was down 6.36 points to 1,447.03 as the selling momentum intensified.

Maybank dropped three sen to RM9.11, Public Bank shaved two sen to Rm4.13 and Hong Leong Bank lost six sen to RM19.76.

CelcomDigi meanwhile dropped six sen to RM4.37 while IHH shed four sen to RM5.92.

Despite the negative performance in US tech counters overnight, Bursa Malaysia's tech stocks managed to hold firm.

The Bursa Malaysia Technology Index was a fraction higher at 62.74, lead higher by an eight sen jump in UWC to RM3.52.

There were however also its share of laggards including D&O, which slid three sne to RM3.60, Unisem, falling two sen to RM3.15 and Itmax sliding one sen to RM1.40.

read more - https://www.thestar.com.my/business/business-news/2023/09/13/bursa-continues-slide-ahead-of-us-inflation-reports