KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.
KUALA LUMPUR (May 6): The FBM KLCI closed 4.5 points or 0.27% lower amid weaker Asian stock markets after US President Donald Trump threatened to raise US tariffs on Chinese goods.
At 5pm, the KLCI closed at 1,632.8 after falling to its intraday low at 1,623.61. Across Bursa Malaysia, 2.79 billion shares worth RM1.7 billion were traded as decliners outdid gainers by a stark 684 to 162.
In China, the Shanghai Stock Exchange Composite closed down 5.58% while Hong Kong's Hang Seng fell 2.9%. Elsewhere across Asia, South Korea and Japan markets were closed today for public holidays.
US stock futures were also lower. At 5:39pm, the S&P and Dow futures fell 1.79% and 1.91% respectively while Nasdaq futures dropped 2.28%.
Reuters reported today that Trump stunned global markets with a tweet
late on Sunday announcing he would hike US tariffs on US$200 billion
worth of Chinese goods this week and target hundreds of billions more
soon, saying trade talks with China were going too slowly.
It was reported that he would raise tariffs on the US$200 billion of Chinese goods to 25 percent on Friday from 10 percent. It was reported that he also said he would target a further US$325 billion of Chinese goods with 25 percent tariffs "shortly".
In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com: “Our market is defensive, therefore, less selling pressure.
“Though factors that will be looked at are policy direction on economic growth as well as certain industries such as infrastructure, we still need a clearer picture on this.”
He said this today as investors looked ahead to Bank Negara Malaysia's (BNM) monetary policy statement tomorrow. At its latest monetary policy committee meeting in March, BNM said the committee decided to maintain the overnight policy rate at 3.25%.
Source: The Edge
It was reported that he would raise tariffs on the US$200 billion of Chinese goods to 25 percent on Friday from 10 percent. It was reported that he also said he would target a further US$325 billion of Chinese goods with 25 percent tariffs "shortly".
In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com: “Our market is defensive, therefore, less selling pressure.
“Though factors that will be looked at are policy direction on economic growth as well as certain industries such as infrastructure, we still need a clearer picture on this.”
He said this today as investors looked ahead to Bank Negara Malaysia's (BNM) monetary policy statement tomorrow. At its latest monetary policy committee meeting in March, BNM said the committee decided to maintain the overnight policy rate at 3.25%.
Source: The Edge
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