Bursa Malaysia stays cautious amid global rally as US court blocks tariffs
KUALA LUMPUR: There was a relative quiet on Malaysia's stock market as investors in global markets celebrated a ruling from a US trade court that stopped US President Donald Trump's tariffs from going into effect.
Malaysia's benchmark FBM KLCI rose 2.12 points to 1,525.60 at the opening bell, but subsequently subsided to reflect the uncertain sentiment.
As global markets celebrate, there remains an air of caution as it remains to be seen what the latest development in the tariffs saga means.
Asian markets and US futures rallied in response to the prospect of an end to the assault on the global trade order even as analysts caution the final word may remain with the Supreme Court, as well as Trump's willingness to abide with the ruling of the judiciary.
On Bursa Malaysia, banking heavyweights disappointed with recent earnings results. Hong Leong Bank dropped 20 sen to MR19.70 while its holding company Hong Leong Financial Group shed 12 sen to RM16.58.
RHB Bank dropped 15 sen to RM6.52.
Telekom Malaysia fell 20 sen to RM6.65.
Among the most active counters, Harvest Miracle was flat at 18 sen, Ta Win was unchanged at two sne and Nationgate rose three sen to RM1.61.
In early Asian trade, Japan's Nikkei rose 1.52% to 38.297, and South Korea's Kospi gained 1.28% to 2,704.
Singapore's Sraits Times, however, dipped 0.2% to 3,904.
US futures were buoyant with the S&P mini rising 1.4% and the Nasdaq mini climbing 1.8%. Trading ideas: Samaiden, Pestech, Jati, Paradigm REIT, Bursa, MPI, THB, HLB, TM, Axiata, MISC, Genting Plantations, IOIProp, SimeProp, Kerjaya, AAX, 7-Eleven
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