Friday 29 Mar 2024
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KUALA LUMPUR (March 7): The FBM KLCI lost 0.51% at midday break today, in line with the fall at most global markets as jiiters of a trade war weighed down on investor sentiment.

At 12.30pm, the FBM KLCI fell 9.36 points to 1,839.01.

Market breadth was negative with losers thumping gainers by 695 to 83, while 523 counters traded unchanged. Volume was 1.74 billion shares, valued at RM1.29 billion.

The top losers included Nestle (M) Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Petronas Dagangan Bhd, KESM Industries Bhd, Hartalega Holdings Bhd, Ajnomoto (M) Bhd and Globetronics Technology Bhd.

The actives included Daya Materials Bhd, Sapura Energy Bhd, Borneo Oil Bhd, Sino Hua-An International Bhd, NWP Holdings Bhd, UMW Oil & Gas Corp Bhd, Sumatex Resources Bhd and AirAsia X Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, Hong Leong Bank Bhd, Selangor Properties Bhd, Tasek Corp Bhd, Kian Joo Can Factory Bhd, Atlan Holdings Bhd, Genting Malaysia Bhd and MBM Resources Bhd.

Global stocks and the dollar slumped on Wednesday, after a key advocate for free trade in the White House resigned, fanning fears President Donald Trump will proceed with tariffs and risk a trade war, according to Reuters.

White House economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday that he is leaving, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said Trump’s top economic advisor Gary Cohn resigned with investors perceiving Trump’s tariff talks as “draconian” and will likely lead to higher prices of metals and other related goods.

Nazri said this latest development will definitely ensure more volatility in the market and has eventually led us to change our technical anticipation from upward bias to downward surprises and bias.

“For the local market, investors’ sentiments has gradually shifted from a strong bull to a weaker bull scenario, with escalating downward bias, hence we might see downward surprises in the near future, as investors lighten up their positions to avoid unnecessary uncertainty,” Dr Nazri said.

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