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Wednesday, March 22, 2017

Market Daily Report: FBM KLCI falls on Trump's policy uncertainty

KUALA LUMPUR (March 22): The FBM KLCI fell 6.37 points or 0.4%,tracking Asian share losses after a weaker overnight performance in US stock markets. World equities fell on uncertainties over US President Donald Trump's policies for the US economy.

At 5pm, the KLCI closed at 1,748.3 points after falling to its intraday low at 1,738.4 points. Across Asian share markets, Japan's Nikkei 225 declined 2.13%, Hong Kong’s Hang Seng fell 1.11% while South Korea’s Kospi was 0.46% lower.

In overnight US share trades, the Dow Jones Industrial Average fell 1.14%, S&P 500 dropped 1.24% while Nasdaq Composite was 1.83% lower.

Reuters reported that Asian stocks posted their biggest drop in two weeks on Wednesday as growing doubts about Trump's economic growth agenda prompted investors to dump risky assets and rush to safe havens such as gold and government debt.

Wall Street fell sharply on Tuesday as investors worried that Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote.

In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told that Trump's policies would be closely watched.

“Moving forward, investors will closely watch whether Trump will fulfill his promises on tax plans and healthcare reform," Leong said. He said investors will also closely watch prices of crude oil, which forms a crucial portion of the Malaysian economy.

Across Bursa Malaysia today, 3.16 billion shares worth RM2.75 billion were traded. Decliners hammered gainers by 605 to 328 respectively.

Yesterday, the trading volume was 4.58 billion shares.

Source: The Edge

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