KUALA LUMPUR, March 28 (Bernama) -- Bursa Malaysia closed lower today on profit-taking after a strong three-day rally, and investor sentiment was further shaken in the late afternoon session following news of an earthquake in Myanmar with tremors felt in neighbouring Thailand, said Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 1.44 per cent or 22.08 points to 1,513.65, its intraday low, from Thursday’s close of 1,535.73. The benchmark index opened 4.16 points lower at 1,531.57 and hit an intraday high of 1,533.52 during the midday session. On the broader market, decliners outpaced gainers 563 to 395, while 408 counters were unchanged, 1,106 untraded, and 133 suspended. Turnover slipped to 2.25 billion units valued at RM2.13 billion from 2.52 billion units worth RM2.41 billion on Thursday.
Key Takeaways:
Stocks Up as Tariff Fears Ease: Asian stocks rose on Tuesday, taking cues from Wall Street's positive performance after U.S. President Trump indicated that not all of the threatened tariffs would be imposed on April 2. The prospect of more targeted tariffs boosted investor confidence, particularly in the tech sector.
U.S. Market Rally: U.S. stocks closed higher, with the S&P 500 reaching its highest point in over two weeks and a significant rally in tech stocks lifting the Nasdaq by over 2%. This optimism spread to Asian markets, with Japan’s Nikkei and Taiwan stocks rising over 1%.
Dollar Hits 3-Week High: The U.S. dollar climbed to a three-week high, boosted by stronger-than-expected U.S. economic data. The S&P Global U.S. Composite PMI showed economic expansion, indicating that the economy is rebounding after a mid-quarter slowdown.
Caution Amid Optimism: While the tone on trade appears to be softening, analysts remain cautious. Risks from policy uncertainties and trade conflicts still loom, especially with the upcoming tariff announcements.
Oil and Gold Prices: Oil prices remained stable, reflecting market concerns about the global impact of tariffs on Venezuela-related oil imports. Gold remained steady at $3,013.75 an ounce, supported by the easing of tariff concerns and cautious Federal Reserve signals on interest rate cuts.
Market Sentiment: Despite positive movement in global stocks, uncertainty persists, especially regarding the final tariff decisions and their long-term economic effects. Investors are hopeful but remain on alert for potential market disruptions.
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