Malaysia Shares Down as Trading resumes

Bursa Malaysia KLCI fell 6 points or 0.4% to 1,481 on Tuesday as trading resumed from Monday's holiday, extending losses from the prior session and tracking a pullback in US stocks overnight due to tensions in China over the country's strict pandemic measures.

Meantime, New York Fed president said the US central bank needs to press forward with rate hikes.

Caution also grew ahead of domestic corporate earnings reports and as local media said the new government was planning to review the country’s subsidies program and analyze the implications of narrowing some of the benefits.

On November 25, the day after he was sworn in as Malaysia’s 10th prime minister, Anwar Ibrahim said that his primary focus would be on the cost of living.

Losses were mainly pronounced for basic materials, tech, healthcare, and consumers.

Among single stocks, Petronas Chemicals sank 4.2%, Maxis Bhd slipped 3.2%, Digi.Com retreated 3%, while Axiata Group and IHH Healthcare lost 1.0%, each.