Broad-based Selling Drags Bursa Malaysia Down, With FBM KLCI Just Above 1,400-level

By Anas Abu Hassan

KUALA LUMPUR, April 9 (Bernama) -- Bursa Malaysia extended its downtrend to close lower today as broad-based selling was seen across the board amid the escalating global trade war, with the benchmark index hovering just above the 1,400-level.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 42.97 points, or 2.98 per cent, to 1,400.59 from Tuesday’s close of 1,443.56.

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The benchmark index opened 6.55 points lower at 1,437.01 and moved in negative territory between the day’s high of 1,438.99 during the morning trading session and a low of 1,386.63 during the afternoon session.

Market breadth was also negative with decliners thumping gainers 919 to 224, while 320 counters were unchanged, 887 untraded and 10 suspended.

Turnover improved to 3.77 billion units valued at RM3.79 billion from 3.32 billion units valued at RM2.83 billion on Tuesday.

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UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI closed lower amid renewed anxiety stemming from President Donald Trump’s latest tariffs, a hefty 104 per cent duty on Chinese goods.

"With no sign of China backing down in tariff talks, we anticipate the US-China trade spat intensifying, potentially surpassing the turbulence of Trump’s first term," he told Bernama.

Back home, Mohd Sedek believed that while the key index weathered its second wave of sell-offs this week, domestically oriented shares have somewhat managed to hold up against the tide.

"Sectors such as healthcare, consumer, and plantation, which are more reliant on domestic demand, are demonstrating resilience, facing lower pressure compared to the regional market.

"The impact on Malaysia is expected to be more contained, thanks to the country’s trade diversification, which gives it an advantage over its neighbours," he added.

For heavyweights, Maybank dropped 38 sen to RM9.50, Public Bank lost 13 sen to RM4.09, Tenaga Nasional shed 40 sen to RM12.82, CIMB was 33 sen down to RM6.35, IHH Healthcare trimmed two sen to RM6.71 and Hong Leong Bank was 88 sen lower to RM18.50.

Among the actives, ACE Market debutant SumiSaujana lost six sen to 18 sen, MYEG fell 1.5 sen to 75.5 sen, Gamuda shaved 18 sen to RM3.59, while Supermax added three sen to 80.5 sen and Top Glove stayed flat at 82 sen.

On the index board, the FBM Emas Index declined 306.97 points to 10,343.78, the FBMT 100 Index lost 304.17 points to 10,148.84 and the FBM Emas Shariah Index decreased 251.22 points to 10,102.69.

The FBM 70 Index weakened by 402.19 points to 14,382.37 and the FBM ACE Index lost 167.64 points to 4,146.26.

Sector-wise, the Financial Services Index shaved 690.47 points to 16,904.82, the Industrial Products and Services Index slipped 5.01 points to 132.04, the Energy Index declined 31.85 points to 612.59 and the Plantation Index dropped 134.67 points to 6,839.09.

The Main Market volume advanced to 2.28 billion units worth RM3.56 billion from 1.81 billion units worth RM2.63 billion on Tuesday.

Warrants turnover declined to 995.82 million units valued at RM87.78 million against 1.18 billion units valued at RM91.02 million yesterday.

The ACE Market volume widened to 491.66 million units worth RM138.32 million versus 336.66 million units worth RM108.05 million previously.

Consumer products and services counters accounted for 259.79 million shares traded on the Main Market, industrial products and services (369.89 million), construction (172.13 million), technology (314.61 million), SPAC (nil), financial services (226.78 million), property (237.72 million), plantation (50.51 million), REITs (26.71 million), closed/fund (24,600), energy (211.84 million), healthcare (261.01 million), telecommunications and media (44.12 million), transportation and logistics (35.80 million), utilities (67.21 million), and business trusts (383,300).

-- BERNAMA