Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 6): Malaysia-listed Hang Seng Index-linked put warrants rose to top spots on Bursa Malaysia's gainers list today as investors bought the warrants as a hedge against broader market losses. Asian shares fell following an overnight drop of more than 4% in US equities as investors took cue from higher US bond yields amid US interest rate hike expectation.

At Bursa today, seven of its top ten gainers were Hang Seng-linked put warrants at 10:58am. Among them, HSI-H4D gained 26 sen to RM1.25 while HSI-H2Y climbed 18 sen to 50 sen.

On the broader market, the FBM KLCI lost 49.64 points to 1,803.43 points. "The cautious market undertone due to worries over rising US bond yields and interest rates should keep a lid on stock prices, and extend the current overbought correction," TA Securities Holdings Bhd wrote in a note today.

Asian share markets fell. Japan's Nikkei 225 fell 5.26%, South Korea's Kospi declined 2.95% while Hong Kong's Hang Seng was 4.32% lower.

Overnight, Reuters reported that US stocks plunged in highly volatile trading on Monday, with the Dow industrials falling nearly 1,600 points during the session, its biggest intraday decline in history, as investors grappled with rising bond yields and potentially firming inflation. The benchmark S&P 500 and the Dow suffered their biggest percentage drops since August 2011 as a long-awaited pullback from record highs deepened.

The Dow Jones Industrial Average fell 1,175.21 points, or 4.6%, to 24,345.75; the S&P 500 lost 113.19 points, or 4.1%, to 2,648.94; and the Nasdaq Composite dropped 273.42 points, or 3.78%, to 6,967.53.

 

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