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Bursa maintains downtrend as tech loses lustre


KUALA LUMPUR: Bursa Malaysia headed into the red at the opening bell as the pullback in equities seen in US markets dampened the local investor sentiment.Overnight, Wall Street retreated sharply as investors continued to rotate out of technology counters amid rising bond yields.The Nasdaq lost over 2% while the Dow Jones and S&P500 shed 0.9% and 1.3% respectively.At 9.30am, the FBM KLCI was down 5.87 points to 1,516.6, en route to its fourth straight day of losses.The market breadth was significantly negative with 445 decliners versus 197 gainers.The investor sentiment failed to be inspired by the rally in Brent crude prices past the US$80 a barrel in the previous session as Opec+ adhered to its schedule of gradual monthly output increases.However, the Bursa Malaysia Energy Index was seen jumping 3.5% while Petronas Chemicals one of the few advancers on the FBM KLCI, gaining four sen to RM8.69.The financial sector, which was the leading laggard in the previous session, remained shaky as Hong Leong Bank dropping six sen to RM18.72 and Public sliding one sen to RM4.02.Maybank and CIMB stayed firm to their previous day's close as investors weighed the recent selldown.Tech-related counters tracked the Nasdaq lower, led by MPI down 80 sen to RM44, Vitrox falling 26 sen to RM19.80 and UWC down six sen to RM6.12.Among top actives, Sapura Energy was flat at 10 sen, KNM rose one sen to 24.5 sen and AIM gained one sen to 22.5 sen.


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