Bursa Malaysia opens higher, but retreats thereafter

• Published date: 23 December 2022
• Publication title: ASEAN Tribune

23 December 2022 (NAM NEWS NETWORK) KUALA LUMPUR- Bursa Malaysia, the stock exchange of Malaysia, opened slightly higher Friday but retreated within minutes, taking its cue from the Wall Street which tumbled overnight on concerns over more rate hikes by the United States Federal Reserve, said an analyst.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.33 per cent or 4.86 points to 1,463.49 from Thursday's closing of 1,468.35.

The market bellwether opened 0.81 points better at 1,469.16.

On a broader market, decliners surpassed advancers 250 versus 116, while 212 counters were unchanged, 1,691 untraded and 13 others suspended.

Turnover stood at 251.54 million units worth RM110.07 million (US$1=RM4.43).

According to news reports, the Dow Jones Industrial Average fell by 348.99 points, the S and P 500 lost 56.05 points and the Nasdaq Composite dropped 233.25 points.

Rakuten Trade Sdn Bhd vice-president of Equity Research, Thong Pak Leng said back home, the FBM KLCI closed positively on Thursday as bargain hunting emerged despite the market undertone remaining jittery.

'Persistent selling by foreign funds has been rather surprising so far this month with a net outflow of around RM1.34 billion, despite the improving political climate domestically.

'We reckon that sentiment will remain cautious following news that China may see a spike in CO...