KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
KUALA LUMPUR (April 4): The FBM KLCI plunged 34.84 points or 1.88% after China's retaliation against US import tariffs hit Asian stock markets.
Reuters reported that China hit back on Wednesday at US President Donald Trump administration’s plan to slap tariffs on US$50 billion in Chinese goods. It was reported that China retaliated with a list of similar duties on key US imports including soybeans, planes, cars, whiskey and chemicals.
It was reported that China announced it would impose additional tariffs of 25 percent on 106 US products including soybeans, autos and chemicals. US stock futures and Treasury yields also fell on the news.
At Bursa Malaysia, the KLCI closed at 1,815.94 at 5pm after hitting its intraday low at 1,811.56.
Maxis Bhd, Digi.Com Bhd and Genting Malaysia Bhd were among blue chips which dragged the KLCI lower.
Across Bursa Malaysia, 3.28 billion shares worth RM2.78 billion were traded. Decliners led gainers by 1,085 to 97 respectively. Among Bursa Malaysia indices, the ACE index fell the most at 7.1% followed by the technology gauge, which declined 7.01%.
Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that the announcement of China's import tariffs on US goods had triggered heavy selling in global stock markets.
“I believe that the market will continue to be volatile until the two countries settle for a negotiation,” Wong said.
Across Asian stock markets, Hong Kong’s Hang Seng was down 2.19% while South Korea's Kospi fell 1.41%. Japan's Nikkei 225 erased losses to close up 0.13%.
Tomorrow (April 5), Hong Kong and Mainland China markets will be closed for the Tomb Sweeping Day or Ching Ming Festival holiday. Mainland China markets will remain closed on Friday (April 6) for the festival.
Source: The Edge
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