KUALA LUMPUR, July 9 (Bernama) -- Bursa Malaysia closed lower on Thursday as renewed geopolitical tensions in West Asia weighed on investor sentiment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.97 points, or 0.36 per cent, to 1,677.64 from Wednesday's close of 1,683.61. The benchmark index opened 2.62 points lower at 1,680.99, and moved between 1,676.18 and 1,683.80 throughout the session. However, market breadth was slightly positive, with gainers leading losers 533 to 504, while 547 counters were unchanged, 1,112 untraded, and 12 suspended. Turnover slipped to 2.64 billion units valued at RM2.19 billion from 2.96 billion units valued at RM2.18 billion on Wednesday.
KUALA LUMPUR (Oct 3): The FBM KLCI closed down 10.78 points or 0.68% today after Asian shares fell substantially as the US' announcement of new import tariffs on European Union (EU) imports hit world market sentiment.
At 5pm, the KLCI closed at 1,564.12, led by Public Bank Bhd and Press Metal Aluminium Holdings Bhd's share price drop.
Public Bank closed 42 sen or 2.13% lower at RM19.28 to be the top-percentage decliner among the 30 KLCI stocks. Press Metal ended down nine sen or 1.88% at RM4.69.
AxiTrader Asia Pacific market strategist Stephen Innes wrote in a note today Malaysia's Budget 2020, which will be announced this Oct 11 "is now being viewed as the next significant catalyst which is likely keeping foreign investors cautious on local bonds, equities and currency."
Earlier today, Hong Leong Investment Bank Bhd wrote in a note that investors may adopt a defensive yield-seeking strategy amid the current market backdrop.
"Overall, we will likely see defensive yield seeking to be the dominant investment style in the near term," Hong Leong said.
Globally, Reuters reported that Asian stocks tumbled to a one-month low on Thursday as already-growing market fears about global growth were fanned by the US announcement of new import tariffs on products from the EU.
It was reported that Washington will enact 10% tariffs on Airbus planes and 25% duties on French wine, Scotch and Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.
EU manufacturers are already facing US tariffs on steel and aluminium and a threat from the US to penalise EU cars and car parts, according to Reuters.
Source: The Edge
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