KUALA LUMPUR: Despite opening higher at the start of the opening bell, the FBM KLCI succumbed to profit taking activities as the key index lingered mostly in the negative territory.

At 5pm, the 30-stock index plunged 26.78 points, or 1.84% to 1,431.10. The index opened 3.25 points higher at 1,461.13 this morning.

Market breadth turned negative as losers overpowered the gainers on a ratio of 640-to-255 stocks. Traded volumes rose to 2.72 billion shares, valued at RM1.9bil as profit taking activities took control Along with investors' profit-taking, dealers said investors were also concerned about the the risk of recession arising from global inflation.

Mercury Securities expects global equities to remain volatile in the short-term amid fears of persistently high inflation forcing central banks across the world to raise rates at a more rapid pace.

On Bursa Malaysia, Nestle tumbled RM2 to RM132.50, Malaysian Pacific Industries shed RM1.92 to RM26.86, Kuala Lumpur Kepong lost RM1.30 to RM22.14 and Petronas Dagangan fell 56 sen to RM20.50.

Consumer stocks dominated the gainers’ list on Bursa Malaysia. Dutch Lady rose 42 sen to RM33.10, Heineken Malaysia added 28 sen to RM23.70 and Carl *** erg gained 22 sen to RM22.02.

Among the banks, Maybank lost five sen to RM8.60, Public Bank fell seven sen to RM4.40, CIMB declined six sen to RM4.90, RHB Bank eased four sen to RM5.70 and Hong Leong Bank shed 30 sen to RM20.60.

Elsewhere in the region, Japan’s Nikkei 225 lost 0.37%, South Korea’s Kospi fell 2.74%, China’s Shanghai Composite Index lost 1.2% and Hong Kong’s Hang Seng Index closed down 2.56%.

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