Big bounce on Bursa as investors reclaim morning losses

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KUALA LUMPUR: Malaysia's benchmark FBM KLCI erased the heavy losses it saw in early morning trade to enter midday on a flat note.

The sharp rebound saw the FBM KLCI reclaim over 18 points from its lowest intra-day level to end the morning just 0.18 points lower at 1,500.11.

Stocks pulled sharply out of the red following the selling on the market sparked by US Federal Reserve chair Jerome Powell's comments on forging ahead with interest rate hikes at the recently concluded Jackson Hole meet.

The best-performing stocks on the FBM KLCI included Sime Darby Plantation rising 12 sen to RM4.39, PETRONAS Chemicals climbing six sen to RM8.75.

Arriving at the penultimate day of the second quarter earnings season, investors are keenly anticipating the results announcement of heavyweight bank stocks.

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Banks with announcements scheduled to be released over the next two days include Hong Leong Bank was up 12 sen to RM20.80, Public bank added one sen to RM4.64, CIMB slumped six sen to RM5.40 and RHB was unchanged at RM5.79.

In the oil and gas sector, risig crude futures prices continued to bolster prospects. Hengyuan was up 18 sen to RM5.52, Petron Malaysia grew 13 sen to RM5.52 and Hibiscus Petroleum gained one sen to RM1.03

Meanwhile, most actively traded counters on Bursa included MyEG down two sen to 73.5 sen, DNeX falling 2.5 sen to 85 sen and Agmo rising 1.5 sen to 91 sen.

Investors sold down Asian markets in light of the the expectation of aggressive US interest rate hikes.

Japan's Nikkei slumped 2.7% to 27,858, South Korea's Kospi fell 2.3% to 2,423 and Shanghai's composite index slipped 0.1% to 3,231.

Hong Kong's Hang Seng dropped 0.7% to 20,029 while Australia's ASX200 dove 1.9% to 6,966.