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Selldown continues on Bursa as Russia-Ukraine tensions escalate
2022-02-22 00:00:00.0     星报-商业     原网页

       KUALA LUMPUR: The selling pressure intensified on the domestic market as corrective pressures set in amid growing geopolitical tensions between Ukraine and Russia.

       At 9.05am, the FBM KLCI was down 6.35 points to 1,576.34 with most blue-chips descending on profit-taking activity.

       The broader market was negative with 224 decliners compared with 129 gainers.

       "With the ongoing political tensions, we believe the negative sentiment will persist.

       "However, given the recent inflow of foreign funds, coupled with the firm commodity prices in crude oil and crude palm oil, these will support the plantation and O&G sectors over the near term," Malacca Securities Research said in a report.

       Plantation stocks were slightly weaker on Tuesday after falling sharply in the previous session as investors cashed out of a 10-session rally.

       Sime Darby Plantation rose eight sne to RM4.66 while Kuala Lumpur Kepong dropped 34 sen to RM24.86 and IOI dipped two sen to RM4.40.

       Maybank, which had stayed resilient amid the previous session's profit-taking, declined five sen to RM8.75.

       Other banks were also on the backfoot with Public Bank dropping four sne to RM4.33, CIMB losing one sen to RM5.56 and Hong Leong Bank falling two sen to RM19.98.

       Axiata, which is scheduled to announce its earnings results later today, dropped seven sen to RM3.82.

       Meanwhile, technology stocks remained soft led by MPI down 68 sen to RM35.02, Vitrox shaving 23 sen to RM7.52 and D&O Green Technology losing 21 sen to RM4.52.

       Top actives were DNeX down nine sen to RM1.09, Ta Win slipping 1.5 sen to 16.5 sen and SMTrack sliding 0.5 sen to 25.5 sen.

       


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关键词: falling     profit-taking     KUALA LUMPUR     Plantation     stocks    
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