Commodities offer support as profit taking continues on Bursa


KUALA LUMPUR: FBM KLCI erased some of its earlier losses as the domestic market was supported by rising commodity prices amid growing tensions over a potential armed conflict in Ukraine.

At 12:30 p.m., the key index was down 3.62 points at 1,579.07, off its morning low at 1,567.19.

Energy and commodities players regained their composure after some early profit taking.

press metal rose 17 sen to RM6.82 while Petronas Chemicals gained two sen to RM9.14.

In plantations, Kuala Lumpur Kepong increased by 48 sen to RM25.68, IOI added four sen to RM4.46 and Sime Darby Plantation won nine sen at RM4.67.

The bank remained in the red, however, led by Maybank down nine sen to RM8.71, Public Bank down one sen to RM4.36, CIMB slipping three sen to RM5.54 and Hong Leong Bank down six sen to RM19.94.

Tech stocks continued to fall in line with the Nasdaq. MPI fell 90 sen to RM34.80, Vitrox slipped 29 sen to RM7.46 and D&O fell 18 sen to RM4.55.

Most active counters were Ta Win down 1.5 sen to 16.5 sen, DNeX slipping three sen to RM1.15 and AT Systemization drop from 0.5 sen to 2.5 sen.

In major Asian markets, the rout continued amid prospects of all-out war in Ukraine as Russia moved its troops into the breakaway eastern region of the country.

Japan’s Nikkei fell 2.1%, South Korea’s Kospi 1.8% and China’s 1.4%.

Hong Kong’s Hang Seng plunged 3% while Australia’s ASX200 lost 1.2%.


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