WEAK REGIONAL MARKET PERFORMANCE DRAGS BURSA MALAYSIA LOWER, CI DOWN 4.01 PCT

By Anas Abu Hassan

KUALA LUMPUR, April 7 (Bernama) -- Bursa Malaysia extended its decline to close sharply lower today, with the benchmark index falling by 4.01 per cent, dragged by weaker regional market performance amid growing concerns over a potential global trade war.

Regionally, Hong Kong’s Hang Seng Index slumped 13.22 per cent to close at 19,828.30, Japan’s Nikkei 225 slipped by 7.83 per cent to 31,136.58, Singapore’s Straits Times Index slid by 7.66 per cent to 3,532.80, and South Korea's Kospi shrank 5.57 per cent to 2,328.20.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 60.34 points to 1,443.80 from Friday’s close of 1,504.14.

The benchmark index started the trading day 28.83 points lower at 1,475.31 -- its highest point of the day, and dropped to as low as 1,419.05 during the mid-morning session.

In the broader market, decliners thumped gainers 1,296 to 122, while 170 counters were unchanged, 771 counters untraded, and 19 others suspended. 

Turnover swelled to 5.35 billion units valued at RM4.67 billion from 1.81 billion units valued at RM1.89 billion last Friday.    

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the global risk-off sentiment was triggered as market participants responded to United States President Donald Trump’s firm stance on wide-ranging tariffs, raising concerns over potential trade disruptions.

"Selling pressure intensified across Asia, with steep declines seen in Japan, China, and Hong Kong, dragging down markets in South Korea, Singapore, and Australia.

"We view today’s sell-off as excessive, presenting potential value for long-term investors who adopt a buy-on-weakness strategy," he told Bernama.  

Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said Asian countries, as a key region responsible for manufacturing a substantial share of globally traded goods, are feeling the direct impact of the tariff escalation.

"Equity markets across the region, including Malaysia, were struck by significant sell-offs, reflecting growing concerns over the escalating trade war," he said.

Back home, Bursa Malaysia’s heavyweights Maybank shed 24 sen to RM10, Public Bank eased 16 sen to RM4.21, Tenaga Nasional slipped 36 sen to RM13.12, CIMB shrank 39 sen to RM6.62, and IHH Healthcare lost eight sen to RM6.71.

Among the actives, MYEG decreased 21 sen to 71 sen, Velesto Energy slid two sen to 14 sen, Ta Win eased half-a-sen to two sen, Inari Amertron shaved 34 sen to RM1.54, and Gamuda fell 36 sen to RM3.69.

On the index board, the FBM Emas Index dipped 577.09 points to 10,618.56, the FBMT 100 Index dropped 539.57 points to 10,434.31, and the FBM Emas Shariah Index slumped 621.41 points to 10,301.77.

The FBM 70 Index tumbled 1,175.30 points to 14,675.87 and the FBM ACE Index declined 379.88 points to 4,252.72.

Sector-wise, the Financial Services Index shrank 697.24 points to 17,609.27, the Industrial Products and Services Index eased 11.71 points to 135.49, the Energy Index went down 76.89 points to 642.38, and the Plantation Index narrowed by 233.39 points to 7,098.80.

The Main Market volume increased to 3.01 billion units worth RM4.37 billion against Friday's 1.35 billion units worth RM1.79 billion.

Warrants turnover surged to 1.68 billion units valued at RM114.13 million from 189.56 million units valued at RM11.57 million last Friday.   

The ACE Market volume expanded to 648.79 million units worth RM181.09 million from 268.14 million units worth RM90.36 million previously.  

Consumer products and services counters accounted for 423.46 million shares traded on the Main Market, industrial products and services (565.36 million), construction (223.29 million), technology (547.17 million), SPAC (nil), financial services (264.66 million), property (271.64 million), plantation (55.53 million), REITs (39.97 million), closed/fund (32,700), energy (302.71 million), healthcare (115.03 million), telecommunications and media (60.81 million), transportation and logistics (42.22 million), utilities (97.32 million), and business trusts (197,400).

-- BERNAMA