Monday 25 Sep 2023
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KUALA LUMPUR (March 14): The FBM KLCI dipped 0.16% at mid-morning as negative sentiments from Wall Street and regional markets spilled over to Bursa Malaysia.

At 10am, the FBM KLCI fell 3.02 points to 1,861.01.

Losers led gainers by 379 to 169, while 298 counters traded unchanged. Volume was 497.53 million shares valued at RM273.91 million.

The decliners included Tasek Corp Bhd, UMW Holdings Bhd, MISC Bhd, Petronas Gas Bhd, Hengyuan Refining Company Bhd, Kuala Lumpur Kepong Bhd, Hartalega Holdings Bhd and Petron Malaysia Refining & Marketing Bhd.

The actives included SKH Consortium Bhd, Hibiscus Petroleum Bhd, Sapura Energy Bhd, Eastland Equity Bhd, Progressive Impact Corp Bhd, Advance Synergy Bhd, UMW Oil & Gs Corp Bhd and Berjaya Corp Bhd.

The gainers included Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, PPB Group Bhd, Hock Heng Stone Industries Bhd and Hong Leong Industries Bhd.

Asian shares eased 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 eyes hefty tariffs on Chinese imports, according to Reuters.

The combination left investors scurrying for safety as global equities took a knock, the dollar fell and bonds rose, it said.

Hong Leong IB Research in a traders’ brief said in the US, with the recent unconventional moves such as US import tariffs and the unusual reshuffling in the White House by President Trump, coupled with the upcoming FOMC meeting that will be held on 20-21 Mar, investors are likely to stay cautious over the near term.

“The Dow could trend sideways within a range between 24,500-26,000 levels.

“Back in the local front, stocks could see selling pressure across the small cap and lower liners, in tandem with the profit taking activities on Wall Street.

“Also, market participants are likely to trade cautiously ahead of the dissolution of parliament and the upcoming GE14. The FBM KLCI’s upside will be limited around 1,866-1,870,” it said.

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