Wall Street's optimism vanished late Wednesday as President Trump’s sweeping new tariffs triggered a sharp selloff in U.S. equity futures and a flight to safe-haven assets, casting a shadow over global trade outlook and corporate margins. Key Market Moves Instrument Move S&P 500 Futures -3.5% Nasdaq 100 Futures -4.5% Treasury Futures Surged (Yields fell sharply) Japanese Yen Gained as safe haven AUD & NZD Bonds Rallied Tariff Summary A 10% baseline tariff on all U.S. imports. Additional tariffs on ~60 countries, with higher duties targeting China, EU, and Vietnam . Steel and aluminum imports spared from the new round but remain under existing 25% duties. “Eye-watering tariffs scream ‘negotiation tactic,’ which will keep markets on edge for the foreseeable future.” — Adam Hetts, Janus Henderson Investors Sector Impact Major declines hit consumer, tech, and industrial names: Company Sector Move Nike, Gap, Lululemon Retail (Vietnam-based) -...
Bloomberg data showed that shares in Hong Leong Bank, which was among the top 10 active FBM KLCI counters, traded 0.9% or 14 sen higher to settle at RM16.02 today, despite thin trading volume of 334,100.
"While the blue chip stocks have been pretty lifeless of late, several heavyweights, like Hong Leong Bank, Fraser & Neave Holdings Bhd, British American Tobacco (Malaysia) Bhd and Tenaga Nasional Bhd — but especially Hong Leong Bank — contributed to the slight uptick in today's stock market," Inter-Pacific Securities Sdn Bhd's head of research Pong Teng Siew told theedgemarkets.com.
"Further, we had tech counters like ViTrox Corp Bhd and Pentamaster Corp Bhd, which traded up nicely," Pong added.
About 3.22 billion shares worth about RM1.99 billion were traded today.
Gainers outperformed losers with 426 against 362, while 477 counters settled unchanged.
Among the top gainers for the day were MESB Bhd, Pentamaster and ViTrox, while top losers included Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd and Lafarge Malaysia Bhd.
Across the region, Japan's Nikkei 225 grew 0.96%, Hong Kong's Hang Seng Index was up 0.06%, while the Korea Composite Stock Price Index was down 0.05%.
Reuters reported Asian stocks rose to a 10-year high on Friday, on expectations of brisk global growth. This was despite investors holding off chasing shares higher ahead of US economic data and next week's Chinese Communist Party congress.
"MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.23%, having gained 3.7% so far this month. Japan's Nikkei edged up 1% to another 21-year high," the report said.
Source: The Edge
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