KUALA LUMPUR: Despite opening higher at the start of the opening bell, the FBM KLCI succumbed to profit taking activities as the key index lingered mostly in the negative territory.
At 5pm, the 30-stock index plunged 26.78 points, or 1.84% to 1,431.10. The index opened 3.25 points higher at 1,461.13 this morning.
Market breadth turned negative as losers overpowered the gainers on a ratio of 640-to-255 stocks. Traded volumes rose to 2.72 billion shares, valued at RM1.9bil as profit taking activities took control Along with investors' profit-taking, dealers said investors were also concerned about the the risk of recession arising from global inflation.
Mercury Securities expects global equities to remain volatile in the short-term amid fears of persistently high inflation forcing central banks across the world to raise rates at a more rapid pace.
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