Bursa Malaysia Retreats As Market Digests Latest US Tariffs
By Engku Shariful Azni Engku Ab Latif & Harizah Hanim Mohamed
KUALA LUMPUR, July 24 (Bernama) -- Bursa Malaysia closed lower across the board on Friday, as investors assessed the impact of the United States’ latest tariffs on imports from 60 economies.
However, the benchmark FBM KLCI fared better than its regional peers.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 13.57 points, or 0.79 per cent, to 1,701.02 from Thursday's close of 1,714.59.
The benchmark index opened 4.14 points lower at 1,710.45, and moved between 1,697.76 and 1,710.80 throughout the day.
On the broader market, decliners outnumbered advancers 723 to 339, while 543 counters were unchanged, 1,168 untraded, and 30 suspended.
Turnover narrowed to 3.03 billion units valued at RM2.30 billion from 3.19 billion units valued at RM2.27 billion on Thursday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the latest trade measures, coupled with rising crude oil prices and uncertainty surrounding upcoming US technology earnings, weighed on market sentiment.
Brent crude oil traded above US$100 per barrel before easing to US$97.28 per barrel at the close today, after attacks on Saudi oil tankers in the Red Sea and renewed US strikes on Iran intensified concerns over West Asia supply risks, adding to worries over inflation and the global growth outlook.
As for the local bourse, Thong said sentiment has turned cautious amid escalating geopolitical tensions and the implementation of the latest US tariffs.
“However, we believe the 1,700 level should provide strong psychological and technical support, driven by bargain-hunting after the recent pullback.
While external headwinds are likely to keep volatility elevated, the FBM KLCI has retreated to above the 1,700 support level, bringing valuations to more attractive levels,” he told Bernama.
Meanwhile, IPPFA Sdn Bhd director and country economist Mohd Sedek Jantan said the local market has demonstrated greater resilience than during the previous oil price spike, despite the benchmark index’s decline.
He said the FBM KLCI has so far managed to hold above the 1,700-point level, suggesting stronger underlying market support, underpinned by improved domestic fundamentals and continued institutional participation.
“While geopolitical developments and elevated energy prices are likely to keep volatility high in the near term, the market's ability to remain above key psychological support indicates that investors are adopting a more measured approach rather than a broad-based risk-off reaction,” he said.
Among heavyweight stocks, Maybank was eight sen lower at RM10.78, while Public Bank gave up six sen to RM5.11, Tenaga Nasional fell 14 sen to RM14.36, CIMB inched down five sen to RM7.68, and IHH Healthcare shed nine sen to RM8.30.
Among active stocks, Aimax was flat at one sen, but HHRG eased three sen to 15 sen, Zetrix AI and Aimflex was one sen lower at 70 sen and12.5 sen, respectively, while Trive Property inched up half a sen to two sen.
As for the top gainers, ESYS surged 44 sen to 55 sen, United Plantations rose 32 sen to RM33.42, Allianz Malaysia and Chin Teck Plantations advanced 28 sen to RM21.24 and RM11.34, respectively, and Ideal Capital jumped 24 sen to RM3.99.
Among top decliners, Malaysian Pacific Industries dropped RM1.10 sen to RM45.08, Nestle fell 58 sen to RM90.62, Hong Leong Bank slipped 38 sen to RM21.98, Fraser & Neave erased 34 sen to RM28.30, and Press Metal Aluminium slid 19 sen lower at RM7.86.
-- BERNAMA