KUALA LUMPUR, Aug 19 (Bernama) -- Bursa Malaysia ended lower on Wednesday, as elevated United States (US) Treasury yields and weakness in technology stocks weighed on investor sentiment, an analyst said. However, gains in healthcare and telecommunications stocks provided some support to the broader local market. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.04 points, or 0.12 per cent, to 1,731.32 compared with Tuesday’s close of 1,733.36. The benchmark index opened 1.39 points weaker at 1,731.97, and fluctuated between 1,725.95 and 1,733.44 throughout the day. On the broader market, losers outpaced gainers 701 to 478, while 563 counters were unchanged, 1,131 untraded and 16 suspended. Turnover shrank to 3.31 billion units valued at RM2.92 billion from 3.74 billion units valued at RM2.91 billion on Tuesday.
KUALA LUMPUR (Aug 2): The FBM KLCI fell 10.18 points or 0.57% as the US-China trade war escalated after the US proposed a 25% tariff on US$200 billion worth of Chinese imports. At 5pm, the KLCI closed at 1,778.13 points.
Reuters reported today that US Trade Representative Robert Lighthizer said on Wednesday that President Donald Trump directed the increase from a previously proposed 10% duty because China refused to meet US demands and has imposed retaliatory tariffs on US goods.
It was reported that Trump's threats of higher tariffs weighed on China's financial markets. But Chinese Foreign Ministry spokesman Geng Shuang reiterated at a regular news briefing that the United States' efforts at "blackmail" would fail.
In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com: "The volatility will continue until the markets have seen some clarity. Positive news first, then only can we see some upside."
Across Bursa Malaysia, 2.09 billion shares were traded for RM1.99 billion. Top decliners included KLCI-linked Hong Leong Financial Group Bhd and MISC Bhd.
Asian stock markets took cue from China's share slip. In China, the Shanghai Stock Exchange Composite dropped 2% while Hong Kong’s Hang Seng was down 2.21%.
Elsewhere, Japan's Nikkei 225 declined 1.03% while South Korea's Kospi fell 1.6%.
Source: The Edge
Comments
Post a Comment