Investors take cover on inflation fears, rising Covid cases

TheStar Tue, Jul 12, 2022 12:56pm - 4 months View Original


KUALA LUMPUR: The FBM KLCI extended its decline over morning trade as investors turned to the sidelines ahead of US inflation data, which would inform the Federal Reserve's rate of interest rate hikes.

On the domestic front, the government's caution that Covid cases were on the rise in the country amid the spread of the highly contagious BA.5 strain of the virus, also triggered selling on the market.

At 12.30pm, the key index was down 5.51 point to 1,420.28. There were 526 decliners compared with 252 gainers.

There were 1.59 billion shares exchanging hands valued at RM642.33mil.

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