KUALA LUMPUR: Bursa Malaysia resumed a downward trend with over 800 stocks falling into the red, as yet another hawkish US job report sealed expectations that interest rates in the world's largest economy will stay higher for longer.
Malaysia's benchmark FBM KLCI dove 19.39 points to 1,583.02, firmly below the 1,600 psychological support.
There was sharp selling in YTL Power, plunging 27 sen to RM3.98, CIMB dropping 18 sen ot RM8 and Gamuda shedding 18 sen to RM4.82.
Nestle slid RM1.46 to RM93.54. while Sunway dove 22 sen to RM4.40.
Meanwhile, the overall market was beaten down with 884 declining stocks and only 180 gainers. Turnover was 1.8 billion shares changing hands for RM1.22bil.
Economists are scaling back projections for Federal Reserve rate cuts in 2025, with Reuters reporting Barclays' latest prediction of just one 25 basis points cut in June.
Meanwhile, the expected outperformance of the US economy and rising US dollar continued to sap funds from emerging markets, including Malaysia.
In the previous trading week, Bursa Malaysia registered a 12th consecutive week of net foreign outflow amounting to RM502.2mil.
Other Asian markets were also deep in negative territory. Japan's Nikkei lost 1.05% to 39,190 while Hong Kong's Hang Seng dropped 1.35% to 18,807.
China's composite index slid 0.45% to 3,154 and Singapore's Straits Times shed 0.58% to 3,779.
