Thursday 28 Mar 2024
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KUALA LUMPUR (March 23): The FBM KLCI fell 0.67% at midday break today as investor sentiment was battered in line with a fall in most regional markets.

At 12.30pm, the FBM KLCI lost 12.49 points to 1,864.38. The index had slipped to its intra-morning low of 1,857.86.

Losers thumped gainers by 611 to 95, while 483 counters traded unchanged. Volume was 1.06 billion shares, valued at RM853.59 million.

The top losers included Hong Leong Bank Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, KESM Industries Bhd, Globetronics Technology Bhd, Hengyuan Refining Company Bhd, UMW Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Hap Seng Consolidated Bhd and Hong Leong Financial Group Bhd.

The actives included Sapura Energy Bhd, Vizione Holdings Bhd, Sino Hua-An International Bhd, PUC Bhd, AirAsia X Bhd, Priceworth International Bhd and Media Chinese International Ltd.

The gainers included Nestle (M) Bhd, United Plantations Bhd, Hang Seng Index-linked put warrants, Scientex Bhd, Hartalega Holdings Bhd and Cocoaland Holdings Bhd.

The rumblings of a global trade war sent shivers through stock and currency markets on Friday, after U.S. President Donald Trump announced long-promised tariffs on Chinese goods and as China retaliated with a pledge to fight to the end of any such war, according to Reuters.

Trump signed a presidential memorandum on Thursday that could impose tariffs on up to US$60 billion of imports from China, although the measures have a 30-day consultation period, Reuters said.

AmBank Group chief economist and head of research Dr Anthony Dass said he expects the markets to remain in jitters in the near term, as investors are likely to be nervous with noises arising from trade war issues.

“We feel that in today’s complex global trade, even a mild form of trade protectionism can disrupt the global supply chain, due to strong interconnections.

“Thus, we think the upward momentum in stocks may have been broken,” Anthony Dass said.

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