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Market Update: Malaysia Stocks Tumble
The FTSE KLCI sank 18 points or 1.1% to 1,571 in early deals on Monday, tracking US stocks that sank on Friday, with the Dow plunging over 500 points to post its worst week since October as traders liquidated reflation trades in the wake of a hawkish Fed. The US central bank signaled it might raise interest rates as early as 2023, a faster pace than initially thought, while Chair Jerome Powell said there had also been initial discussions about a bond-buying tapering. Sentiment was also dragged down by local media reports saying Malaysia may have no option but to revise down the GDP figure for 2021 to a range of 5.5% to 6% from the current forecast at between 6% and 7.5, due to a raging pandemic. In business news, Malaysia Airlines will operate limited service with 85% reduction until the end of the year but will continue to facilitate essential domestic and international travels as well as cargo movement. Sime Darby Plantation Bhd tumbled 5% while Axiata Group slipped 3.4%. [/s2If]
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