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 9): The FBM KLCI dipped 15.02 points or 0.92% today as global markets took caution ahead of the next round of China-US trade talks. The talks are closely watched as a means to avert a planned US tariff hike on Chinese goods on Friday.
At Bursa Malaysia today, the KLCI ended at 1,618.53. In China, the Shanghai Stock Exchange Composite ended 1.48% lower while Hong Kong's Hang Seng dropped 2.39%. Elsewhere across Asia, Japan's Nikkei 225 closed down 0.93% while South Korea's Kospi fell 3.04%.
US stock futures also fell. At 5:37pm, the Dow and Nasdaq futures dropped 0.8% and 0.93% respectively. At 5:38pm, S&P futures fell 0.79%.
Reuters reported that Asian shares fell to eight-week lows on Thursday as investors waited to see whether Chinese and US trade negotiators can salvage a deal to stave off the threat of fresh US tariff increases, which would damage global economic growth.
It was reported that Chinese Vice Premier Liu He is set for talks in Washington on Thursday and Friday with US officials who have complained that Beijing had backtracked on earlier commitments. It was reported that an agreement could avert a sharp increase in US tariffs on Chinese goods that President Donald Trump has threatened to impose on Friday. It was reported that China has threatened to retaliate, raising the risk of a major escalation in the bruising trade war between the world's two largest economies.
It was reported that Trump threatened to raise tariffs on 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, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said: “Last night, there was a big drop in US (stock) futures. Market is bracing itself for what’s to come. The likelihood for Trump’s tariffs to go ahead is high so expect retaliation from China.”
He said today stocks across Bursa Malaysia were more thinly traded than usual against such sentiment.
Across Bursa Malaysia, 2.14 billion shares were traded for RM2.02 billion.
Yesterday, volume stood at 2.47 bllion shares worth 2.06 billion.
Source: The Edge
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