Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
KUALA LUMPUR (March 14): The FBM KLCI dropped 6.97 points or 0.4% in tandem with Asian share losses. Global markets took cue from the US' planned tax on Chinese imports and US President Donald Trump's move to fire his Secretary of State Rex Tillerson.
At Bursa Malaysia, the KLCI ended at 1,857.06. The KLCI fell as KLCI-linked Nestle (M) Bhd topped Bursa Malaysia decliners. KLCI-linked decliners included IOI Corp Bhd and Axiata Group Bhd.
Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that “the worry is about US President Donald Trump’s trade policy." Wong said investors are concerned that the US' planned import tax may worsen world trade.
Such sentiment led to Asian share losses today. Japan's Nikkei 225 dropped 0.87% while South Korea's Kospi fell 0.34%. In China, Hong Kong’s Hang Seng decreased 0.53% while the Shanghai Stock Exchange Composite was 0.57% lower.
Reuters reported that shares faltered and the dollar skidded on Wednesday as investors fretted over the threat of new US tariffs on Chinese imports, brushing aside data that showed the Asian economy got off to a solid start in 2018. The MSCI Asia ex-Japan IT index declined as Trump sought to impose tariffs on up to US$60 billion of Chinese imports.
Investor appetite for risk was also hit by Trump's move to fire his Secretary of State, regarded as a moderate in his administration, reinforcing market uncertainty about Trump's future policies. It was reported that Trump dismissed Tillerson following a series of public rifts over policy on North Korea, Russia and Iran. He was replaced with loyalist CIA Director Mike Pompeo.
Source: The Edge
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