KUALA LUMPUR, Sept 28 (Bernama) -- Bursa Malaysia ended marginally lower on Monday amid selling activity as the market lacked fresh catalysts to spur investors’ buying interest, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.60 points, or 0.09 per cent, to 1,670.02, from Friday’s close of 1,671.62. The benchmark index, which opened 0.93 of-a-point higher at 1,672.55, moved between 1,668.61 and 1,674.11 throughout the trading session. Market breadth was negative as losers surpassed gainers 748 to 388, while 517 counters were unchanged, 1,271 untraded and 91 suspended. Turnover slipped to 3.11 billion units worth RM2.40 billion from 4.07 billion units valued at RM2.69 billion on Friday.
The US dollar rallied while European stocks tumbled on Tuesday after President-elect Donald Trump announced sweeping tariff plans targeting imports from Mexico, Canada, and China.
Market Impact
Currencies Under Fire
Trump’s Tariff Plan
Sweeping Tariffs Announced:
Other Market Moves
Market Impact
- The STOXX 600 fell 0.7%, led by automakers such as Volkswagen and Stellantis, which dropped between 2.6%-5%.
- The threat of tariffs on the European Union added pressure, with traders anticipating the EU could be next.
- S&P 500 futures eased 0.1%, following Monday’s 0.3% gain.
Currencies Under Fire
- The dollar surged 2.3% to 20.75 pesos and climbed 1% to C$1.4139, reflecting investor fears that Mexico would bear the brunt of Trump’s tariffs.
- Offshore yuan weakened to 7.2674 per dollar, its lowest since late July.
- The euro fell 0.1% to $1.04838, while the British pound eased 0.2% to $1.2548.
Trump’s Tariff Plan
Sweeping Tariffs Announced:
- 25% tariffs on all goods from Mexico and Canada.
- An additional 10% tariff on Chinese imports.
- The measures are aimed at combating illegal immigration and drug trafficking.
- “The dollar’s move higher makes sense as markets digest Trump’s timing,” said Sean Callow of ITC Markets.
- Analysts warn of increased uncertainty, with policy surprises likely to become routine.
Other Market Moves
- Slipped 1% to $92,781, cooling further from last week’s record high of $99,830.
- Fell to a one-week low of $2,604.99, pressured by the dollar’s strength.
- Brent crude rose 0.6% to $73.41, while WTI crude climbed 0.45% to $69.25, as investors monitored developments in a potential Israel-Hezbollah ceasefire.
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