KUALA LUMPUR, June 12 (Bernama) -- Selected blue-chip counters trading at attractive valuations helped Bursa Malaysia close higher on Friday, despite cautious market sentiment driven by developments in West Asia, volatility in crude oil prices and uncertainty over the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.10 points or 0.24 per cent to 1,683.63 compared with Thursday's close of 1,679.53. The key index opened 5.34 points stronger at 1,684.87 earlier today and moved between 1,679.72 and 1,685.39 throughout the session. Market breadth was negative, with losers leading gainers 533 to 479, while 561 counters were unchanged, 1,130 untraded and 33 suspended. Turnover fell to 2.79 billion units worth RM2.31 billion from 3.32 billion units worth RM2.88 billion yesterday.
Wall Street Hits Records:
S&P 500: 6,388.64 (+0.40%)
Dow Jones: 44,901.92 (+0.47%)
Nasdaq: 21,108.32 (+0.24%)
U.S. markets rallied to fresh highs, driven by Tesla’s robotaxi news and easing trade tensions. Optimism rose as Trump hinted at progress with the EU ahead of the Aug 1 tariff deadline, though Canada talks remain uncertain.
Bursa Malaysia Snapshot:
FBM KLCI: 1,540.32 (+0.69%)
Top Gainer: PCHEM RM3.69 (+9.50%)
Top Loser: MAXIS RM3.50 (-1.13%)
USD/MYR: 4.2170 (+0.04%)
Bursa retreated as profit-taking set in, breaking a two-day rally. Analysts say a favorable U.S.-Malaysia trade deal could boost sentiment next week.
Key Highlights:
RM63B Semiconductor Investments: Malaysia’s National Semiconductor Strategy has attracted RM58B in foreign and RM5B in domestic investments. PM Anwar Ibrahim points to major global projects and 13 potential Malaysian champions. Plans include more R&D funding and talent development to cement Malaysia’s global semiconductor hub status.
TENAGA Faces RM840M Tax Bill: The utility giant was slapped with another additional tax assessment for YA 2022, prompting legal reviews following a similar Federal Court ruling on YA 2018.
Trade Talks Pressure: Malaysia is racing to secure favorable U.S. trade terms before Aug 1. Neighboring Indonesia and Vietnam have already negotiated lower tariffs. Without concessions on policies like halal certification and Bumiputera regulations, Malaysia risks a 25% import tariff. However, its pivotal role in the semiconductor and electronics supply chain gives it bargaining leverage.
Investor Takeaway:
Semiconductors remain Malaysia’s strongest growth story, attracting big-ticket foreign investment.
TENAGA’s tax overhang may pressure the stock near-term.
Trade negotiations with the U.S. are critical – a positive outcome could lift Bursa sentiment heading into August.
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