KUALA LUMPUR, April 8 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) erased earlier gains to close marginally lower on Tuesday as mild bargain hunting activities were offset by cautious mode over ongoing global uncertainties. At 5 pm, the benchmark index slipped 0.24 of-a-point, or 0.02 per cent, to 1,443.56 from yesterday’s close of 1,443.80. The benchmark index opened 7.63 points firmer at 1,451.43 and climbed to as high as 1,454.58 in early trade before retreating to a low of 1,440.89 towards the end of the morning trading session. It then moved in a yo-yo mode during the afternoon session. In contrast, the broader market was positive with gainers outpacing decliners 669 to 367, while 419 counters were unchanged, 894 counters untraded, and nine others suspended. Turnover dwindled to 3.32 billion units valued at RM2.83 billion against 5.35 billion units valued at RM4.67 billion on Monday.
U.S. equities advanced modestly on Wednesday ahead of President Trump’s announcement of sweeping new tariffs, as investors weighed trade policy risks against ongoing market momentum.
Market Snapshot – April 2, 2025
| Index | Move | Closing Level |
|---|---|---|
| Nasdaq Composite | +0.9% | 17,511.51 |
| S&P 500 | +0.7% | 5,670.97 |
| Dow Jones Industrial | +0.6% | 42,225.32 |
Stocks edged higher in pre-announcement trading, with investors cautiously optimistic despite elevated geopolitical and macro risk.
President Trump’s “Liberation Day” tariffs were unveiled after the close, fueling uncertainty over potential foreign retaliation and its economic spillover.
Macro Drivers
Markets remained in wait-and-see mode as investors anticipated Trump’s tariff rollout.
Gold surged to another intraday record, peaking at $3,177.70, reflecting a flight to safety amid global trade concerns.
Bitcoin also rose (+1.7% to $86,398), showing resilience despite its higher-risk profile.
Markets may reprice risk on Thursday depending on global response to U.S. tariffs.
Tech & The “Magnificent Seven”
Performance was mixed among the high-valuation leaders:
Tesla (TSLA): +5.3% on reports CEO Elon Musk will step down from Trump’s Department of Government Efficiency (DOGE), despite Q1 sales decline of 13% YoY.
Other Mag-7 stocks: Three gained, four declined.
Movers of the Day
Top Gainers:
CoreWeave (CRWV): +16.7% — Post-IPO rally continues; backed by NVIDIA.
Petco (WOOF): +12.8% — Momentum from Uber Eats delivery partnership.
Rocket Cos. (RKT): +9.9% — Upgraded by Deutsche Bank and KBW following $9.4B deal for Mr. Cooper.
Top Decliners:
Newsmax (NMAX): -77.4% — Sharp pullback after a speculative two-day, +2,200% IPO rally.
nCino (NCNO): -19.7% — Weak quarterly results drag shares lower.
Key Takeaways
Tariff uncertainty loomed large, capping upside despite short-term bullish momentum.
Gold and Bitcoin diverged from traditional correlations, both rising alongside equities.
Traders now shift focus to Thursday’s open, where markets will digest full tariff details, potential foreign retaliation, and implications for sector-specific equities.
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