PetGas tops FBM KLCI decliners after Trump announces US tax on Chinese imports

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KUALA LUMPUR (March 23): Petronas Gas Bhd (PetGas) shares fell the most among FBM KLCI-linked stocks as the broader market declined after US President Donald Trump annnounced tariffs on up to US$60 billion of Chinese imports. 

At Bursa Malaysia, PetGas fell 2.11% to RM17.62 at 9:30am followed by YTL Corp Bhd, which declined 2.05% to RM1.43. At 9:56am, the KLCI dropped 0.8% to 1,862.40 points.

"The sharp sell off on Wall Street overnight should spillover to trigger profit-taking and accelerate correction," TA Securities Holdings Bhd wrote in a note today.

Reuters reported that US stocks slumped on Thursday as Trump's move to impose tariffs on up to US$60 billion of Chinese imports drove fears about the impact on the global economy, fueling the biggest percentage declines in Wall Street's three major indexes since they entered correction territory six weeks ago. 

The Dow Jones Industrial Average fell 724.42 points or 2.93% to 23,957.89, the S&P 500 lost 68.24 points or 2.52% to 2,643.69 and the Nasdaq Composite dropped 178.61 points or 2.43% to 7,166.68.