FBM KLCI down with Westports as Trump talk spooks investors

FBM KLCI down with Westports as Trump talk spooks investors
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KUALA LUMPUR (Aug 21): The FBM KLCI dipped 4.6 points or 0.3% to close at its intraday low on late selling of Westports Holdings Bhd shares and as investors remained concerned about President Donald Trump's ability to push through his growth-focused economic agenda.

At 5pm, the KLCI closed at 1,771.62 points. KLCI-linked Westports shares fell 13 sen to RM3.62 to become Bursa Malaysia's fifth-largest decliner.

“It’s clear that the better than expected growth in (Malaysia's) gross domestic product (GDP announced) last Friday is not really helping as (share) trade is mostly cautious,” TA Securities Holdings Bhd technical analyst Stephen Soo said.

Soo said worries that Trump would fail to push through his growth-focused economic agenda had overridden Malaysia's economic growth figures.

Across Bursa Malaysia, decliners outpaced gainers at 418 to 366 respectively. A total of 1.68 billion shares were traded for RM1.78 billion.

Malaysian shares fell with Asian equities. Japan’s Nikkei 225 fell 0.4% while South Korea's Kospi was down 0.14%.

Reuters reported that Asian shares were fragile on Monday as investors remained unconvinced about Trump's ability to fulfill his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress.

It was reported that investors were also wary of any flare-up of tensions between North Korea and the US as US troops and South Korean forces started a joint exercise on Monday.