Bursa Malaysia Lower At Midday As Investors Assess US Tariff Impact
KUALA LUMPUR, July 15 (Bernama) -- Bursa Malaysia continued its negative tone at midday as investors assessed the impact of United States (US) tariffs on key trading partners amid mixed regional market performance.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.25 points, or 0.28 per cent, to 1,533.26 from Monday's close of 1,537.51.
The benchmark index opened 1.45 points lower at 1,536.06, and subsequently moved between 1,532.41 and 1,538.56 during the session.
The broader market was negative with decliners outnumbering gainers 464 to 367, while 477 counters were unchanged, 1,121 untraded and eight suspended.
Turnover stood at 1.86 billion units worth RM1.04 billion.
In a research note today, Hong Leong Investment Bank Bhd (HLIB) anticipates the FBM KLCI to remain in consolidation phase as investors weigh the broader implications of the United States' (US) renewed tariff rhetoric, targeting key trading partners.
It said the benchmark index was further pressured by a confluence of external and domestic overhangs, namely uncertainty surrounding the US-Malaysia tariff negotiations, with a potentially prolonged process to reduce the 25 per cent import duties ahead of the Aug 1 deadline
'Therefore, we see the FBM KLCI weekly supports and resistances at 1,500-1,528 and 1,551-1,570, respectively,' it said.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng believes that the local market velocity should improve going forward, though the impact from the overnight policy rate (OPR) cut will not be immediately felt.
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