Thursday 28 Mar 2024
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KUALA LUMPUR (March 14): The FBM KLCI fell 0.33% at the midday break today as regional markets skidded on growing tensions over American tariffs on global exporters.

At 12.30pm, the FBM KLCI lost 6.20 points to 1,857.83.

Losers led gainers by 453 to 165, while 547 counters traded unchanged. Volume was 1.29 billion shares, valued at RM861.02 million.

The top losers included Nestle (M) Bhd, Ajinomoto (M) Bhd, UMW Holdings Bhd, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Carlsberg Brewery Malaysia Bhd, Tasek Corp Bhd and MISC Bhd.

The actives included Sapura Energy Bhd, DGB Asia Bhd, Hibiscus Petroleum Bhd, SKH Consortium Bhd, Eastland Equity Bhd, QES Group Bhd, Karambunai Corp Bhd and UMW Oil & Gas Corp Bhd.

The gainers included Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Hong Leong Bank Bhd, PPB Group Bhd, Padini Holdings Bhd, United Plantations Bhd, Hartalega Holdings Bhd, LPI Capital Bhd and Dialog Group Bhd.

Asian shares faltered on Wednesday amid fears of rising U.S. protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and sought to impose hefty tariffs on Chinese imports, according to Reuters.

The combination of moves by Trump left investors scurrying for safety as global equities took a knock, the dollar fell and bonds rose, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said regional markets are expected to continue to be volatile, with rising downward bias, following sell-offs on major tech stocks in US. Microsoft was down 2.4%, Qualcomm plunged 5%, while GE fell 4.4% as concerns about trade war rose.

Nazri said US equities fell for the second straight day, the S&P 500 index fell by 0.6% to 2,765.31, while the Dow lost 171.58 points (0.7%) to 25,007.03.

“For the local market, the FBM KLCI index is anticipated to drift lower today, in-line with regional markets.

“Rotational plays on small and mid-caps are expected to increase, as market participants presently enjoy waiver on stamp duty and clearing fees,” Nazri said.

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