Bursa, regional peers under pressure ahead of US debt ceiling vote FMTNews FMTBusiness
KUALA LUMPUR: Bursa Malaysia and the regional bourses sank into the red today amid uncertainties over whether the US Congress would resolve the debt ceiling impasse today.
The key index opened 0.23 of-a-point weaker at 1,396.68, and subsequently fluctuated to an intraday low of 1,380.90, or 1.1% lower, and an intraday high of 1,398.38 in the early morning session. A major debt ceiling bill negotiated by US President Joe Biden and house speaker Kevin McCarthy passed through a House Committee yesterday and will now go to the full House for a vote expected later today.
It was reported China’s Purchasing Managers’ Index slipped to 48.8 this month from 49.2 in April, according to data released by the National Bureau of Statistics on Wednesday. A reading below 50 indicates contraction. “Hence, we expect the key index to hover within the 1,385-1,395 range for the remainder of the week, with immediate support at 1,370 and resistance at 1,400,” he told Bernama.
Sector-wise, the financial services index trimmed 62.56 points to 15,206.74, the industrial products and services index lost 3.41 points to 159.11, the plantation index tumbled 146.42 points to 6,601.08, and the energy index shed 17.60 points to 809.44.
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