KUALA LUMPUR: Bursa Malaysia plummeted again on Wednesday, with over 900 stocks in the red, as escalating tariff wars between the U.S. and China—two of the world's biggest economies—fueled concerns, stoked recession fears, and wiped out massive amounts in market value. At closing, the FBM KLCI fell for the sixth day, plunging 42.97 points, or 2.98%, to 1,400.59, its lowest in 21 months since July 2023. The market traded within a range of 52.36 points between an intra-day high of 1,438.99 and a low of 1,386.63 during the session. All indices ended the day in negative territory. The benchmark index has lost a whopping 125.93 points, or 8.3%, since the announcement of sweeping tariffs by US President Donald Trump on April 2. In the broader market, selling overwhelmed as 919 stocks plunged, while just 224 managed to rise, pushing market breadth down to a dismal 0.24. About 3.77 billion shares, valued at RM3.8bil, changed hands. Dealers expect market sentiment to remain cauti...
Chinese IT Firm Picks Banks for Second Listing Amid China’s Market Shift Unisplendour Corp, a Beijing-based IT services provider, is planning a second listing in Hong Kong to raise around US$1 billion (RM4.42 billion) to fuel its overseas expansion. BNP Paribas SA, China Merchants Bank International, and CSC Financial Co have been tapped as lead banks for the offering, with more banks potentially joining the deal. The company confirmed it is exploring equity financing in Hong Kong but has not finalized the plan or a listing timeline. China’s IPO Shift to Hong Kong Chinese firms are increasingly turning to Hong Kong for capital as China limits domestic stock sales to stabilize its equity market. Other major Chinese companies seeking Hong Kong listings include: Contemporary Amperex Technology Co Ltd (CATL) – the world’s largest battery maker Jiangsu Hengrui Pharmaceuticals Co – a major drugmaker Foshan Haitian Flavour...