KUALA LUMPUR, Feb 6 — Losses on the Bursa Malaysia FBM KLCI accelerated at mid-morning, with the bourse shedding 56.35 points and going under the psychological barrier of 1,800 points to 1,796.72.
Aside from the main FBM KLCI, all other indices on the Bursa Malaysia also registered varying degrees of losses.
The local stock exchange had fallen 38.64 points on opening this morning, as local investors took their lead from the volatility in the US stock markets and elsewhere.
US stocks plunged in highly volatile trading yesterday, with the Dow industrials falling nearly 1,600 points during the session, its biggest intraday decline in history, as investors grappled with rising bond yields and potentially firming inflation.
Maybank Investment Research also warned of further dips in the local stock market.
“Expect another bloodbath today following the steep correction in Wall Street overnight. Weaker oil price could also weigh on the stock market,” it said in a research note carried by The Star Online.
“Technically, we expect FBMKLCI to trade between 1,830 and 1,860 today. Downside supports are 1,840 and 1,812.”
MORE TO COME