KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs). At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
KUALA
LUMPUR (March 5): The FBM KLCI closed 13.45 points or 0.7% lower on
concerns of a potential global trade war after US President Donald Trump
announced the US' planned import tax on steel and aluminium.
At 5pm, the KLCI closed at 1,842.62 after Asian shares ended lower. Among the 30 KLCI-linked stocks, Press Metal Aluminium Holdings Bhd was the top decliner in percentage terms after the stock fell 50 sen or 9.1% to RM4.97.
Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told theedgemarkets.com that the KLCI's weakness was mainly from Press Metal's share price drop. Leong said the US' planned import tax on steel and aluminium had also affected the broader market.
Across the KLCI, there were 21 decliners and eight gainers while one stock was unchanged. “Until we can get a clearer picture about his (Trump's) plans (expected to be announced this week), we could see further weakness in the market,” said Leong.
Malaysian shares fell with Asian stock markets. Japan’s Nikkei 225 closed 0.66% lower, Hong Kong’s Hang Seng fell 2.28% while South Korea's Kospi dropped 1.13%.
Last week, Reuters quoted Trump as saying the duties of 25% on steel and 10% on aluminium would be formally announced this week. Today, it was reported that Asian investors dumped shares and drove to the safety of the yen and gold on Monday amid fears of a global trade war and worries of political uncertainty in Italy, risks that cloud the outlook for world growth.
Italian voters delivered a hung parliament on Sunday, flocking to anti-establishment and far-right parties in record numbers and casting the euro zone's third-largest economy into a political gridlock that could take months to clear.
In the US, Trump's proposed tariffs on imported steel and aluminium was met with warnings of retaliation from the rest of the world over the weekend.
Source: The Edge
At 5pm, the KLCI closed at 1,842.62 after Asian shares ended lower. Among the 30 KLCI-linked stocks, Press Metal Aluminium Holdings Bhd was the top decliner in percentage terms after the stock fell 50 sen or 9.1% to RM4.97.
Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told theedgemarkets.com that the KLCI's weakness was mainly from Press Metal's share price drop. Leong said the US' planned import tax on steel and aluminium had also affected the broader market.
Across the KLCI, there were 21 decliners and eight gainers while one stock was unchanged. “Until we can get a clearer picture about his (Trump's) plans (expected to be announced this week), we could see further weakness in the market,” said Leong.
Malaysian shares fell with Asian stock markets. Japan’s Nikkei 225 closed 0.66% lower, Hong Kong’s Hang Seng fell 2.28% while South Korea's Kospi dropped 1.13%.
Last week, Reuters quoted Trump as saying the duties of 25% on steel and 10% on aluminium would be formally announced this week. Today, it was reported that Asian investors dumped shares and drove to the safety of the yen and gold on Monday amid fears of a global trade war and worries of political uncertainty in Italy, risks that cloud the outlook for world growth.
Italian voters delivered a hung parliament on Sunday, flocking to anti-establishment and far-right parties in record numbers and casting the euro zone's third-largest economy into a political gridlock that could take months to clear.
In the US, Trump's proposed tariffs on imported steel and aluminium was met with warnings of retaliation from the rest of the world over the weekend.
Source: The Edge
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