KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
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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