Bursa Malaysia ends lower on profit-taking in financial counters
KUALA LUMPUR: Bursa Malaysia ended lower as profit-taking in financial services counters weighed on the market, amid cautious sentiment across the regional market.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 8.14 points, or 0.53 per cent, to 1,526.16 from Monday's close of 1,534.30.
The benchmark index opened 0.94 of-a-point higher at 1,535.24, and fluctuate between 1,521.93 and 1,535.41 throughout the day.
In the broader market, decliners outpaced gainers 575 to 338, with 474 counters unchanged, 1,008 untraded and 17 suspended.
Turnover declined to 2.65 billion units worth RM1.85 billion compared with Monday's 3.12 billion units worth RM1.63 billion.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI extended its downtrend, weighed by continued foreign fund outflows for a sixth straight session, as investors remained risk-averse amid unresolved global trade tensions.
This came despite comments earlier today from Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who suggested the United States may revise its proposed tariffs on Malaysian exports to a lower baseline of 10 per cent—a notable development that nevertheless failed to significantly lift market sentiment, he told Bernama.
"The market retained a defensive posture, as uncertainties surrounding trade tariffs continue to cloud outlook.
"This caution persisted despite constructive signals from European markets and limited cues from Wall Street, where investors were processing Trump's decision to defer the implementation of 50 per cent tariffs on European Union (EU) goods from June 1 to July 9," he added.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key Asian markets ended mostly lower as investors are cautiously awaiting the latest developments on Trump's trade war.
"Market participants are growing uneasy as Trump's unpredictable policy announcements and proposed tax cut extensions undermine confidence in the US economy and drive US Treasury yields higher.
"On the domestic front, Malaysian equities remain attractive, supported by undervaluation, stronger corporate earnings, and an improving economic backdrop," he added.
Nevertheless, the FBM KLCI is likely to stay in a consolidation phase in the near term, as cautious sentiment prevails amid rising global uncertainties, said Thong.
"We expect the index to trade within the 1,520–1,550 range this week," he said.
Among heavyweight counters, Maybank shed seven sen to RM9.85, Public Bank dropped three sen to RM4.38, CIMB lost six sen to RM6.90, and IHH Healthcare erased one sen to RM6.90, while Tenaga Nasional was flat at RM14.
As for active stocks, Permaju dropped one sen to two sen, Sinaran Advance plunged seven sen to three sen, SFP Tech fell 1.5 sen to 20.5 sen, Velesto eased half-a-sen to 16.5 sen, while Tanco put on one sen to RM1.01.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
27 minutes ago
- The Star
Trump aims to exceed first term weapons sales to Taiwan, officials say
WASHINGTON/TAIPEI: The United States plans to ramp up weapons sales to Taipei to a level exceeding President Donald Trump's first term as part of an effort to deter China as it intensifies military pressure on the democratic island, according to two US officials. If US arms sales to Taiwan do accelerate, it could ease worries about the extent of Trump's commitment to the island. It would also add new friction to the tense U.S.-China relationship. The US officials, who spoke on condition of anonymity, said they expect US approvals for weapons sales to Taipei over the next four years to surpass those in Trump's first term, with one of the officials saying arms sales notifications to Taiwan could "easily exceed" that earlier period. They also said the United States is pressing members of Taiwan's opposition parties not to oppose the government's efforts to increase defence spending to three per cent of the island's budget. The first Trump administration approved sales of approximately US$18.3 billion worth of weapons to Taiwan, compared with around US$8.4 billion during Joe Biden's term, according to Reuters calculations. The United States is Taiwan's most important international backer and arms supplier despite the lack of formal diplomatic ties between Washington and Taipei. Even so, many in Taiwan, which China claims as its own, worry that Trump may not be as committed to the island as past US presidents. On the election campaign trail, Trump suggested Taiwan should pay to be protected and also accused the island of stealing American semiconductor business, causing alarm in Taipei. China has vowed to "reunify" with the separately governed island, by force if necessary. Taiwan's government rejects Beijing's sovereignty claims, saying only the island's people can decide their future. The US officials said administration officials and Trump himself were committed to "enhancing hard deterrence" for Taiwan. "That's where the president is. That's where all of us are," one US official said, adding that they were working closely with Taiwan on an arms procurement package to be rolled out when Taiwan secured domestic funding. Taiwan's Presidential Office told Reuters the government is determined to strengthen its self-defence capabilities and pointed to its proposals to increase defence spending. "Taiwan aims to enhance military deterrence while continuing to deepen its security cooperation with the United States," Presidential Office spokesperson Wen Lii said. Taiwan's defence ministry declined to comment on any new arms sales, but reiterated previous remarks by the island's defence minister, Wellington Koo, about the importance of "solidarity and cooperation of democratic allies." Taiwan's President Lai Ching-te and his Democratic Progressive Party (DPP) aim to increase defence spending to three per cent of GDP this year through a special defence budget. But the island's parliament, controlled by opposition parties the Kuomintang (KMT) and the Taiwan People's Party (TPP), passed budget cuts earlier this year that threatened to hit defence spending. That triggered concerns in Washington, where officials and lawmakers have regularly said the US cannot show more urgency over Taiwan's defence than the island itself. "We're messaging pretty hard (in Taipei) to the opposition. Don't get in the way of this. This isn't a Taiwanese partisan question. This is a Taiwanese survival question," one of the US officials told Reuters. Three people in Taiwan with direct knowledge of the situation confirmed that the US government and US congressional visitors have been pressing the opposition parties in Taiwan not to block defence spending, especially the coming special defence budget, which is expected to be proposed to parliament later this year. "As long as they knew there were people from the opposition in the room, they directly asked them not to cut the defence budget," one of the people said. Alexander Huang, director of the KMT's international department, told Reuters it was "beyond question" that the party firmly supports increasing the defence budget and its "doors are open" to the US government and the ruling DPP for consultations. "Supporting an increased budget does not mean serving as a rubber stamp, nor does it preclude making adjustments or engaging in negotiations regarding the special budget proposals put forth by the DPP administration," he added. The much smaller TPP said it has "always had smooth communication with the US side and has continued to engage in in-depth dialogue on issues such as national defence and regional security." Reuters reported in February that Taiwan was exploring a multi-billion dollar arms purchase from the US, hoping to win support from the new Trump administration. New weapons packages are expected to focus on missiles, munitions and drones, cost-effective means to help improve Taiwan's chances of rebuffing any military action by China's much larger forces. For years, China has been steadily ramping up its military pressure to assert its sovereignty claims over the island that is home to critical chip manufacturing vital to the global economy. Separately, one of the US officials said the Trump administration would not object to a transit this year through US territory by Lai, whom Beijing labels a "separatist." Past visits to the United States by Taiwanese officials have triggered angry objections by China, which sees such trips as inappropriate given that the United States has diplomatic relations with Beijing, not Taipei. Taiwan's presidential office spokesperson Lii said there are currently "no plans for a presidential transit through the United States at the moment." - Reuters
The Sun
28 minutes ago
- The Sun
Ex-Goldman banker gets 2 years for role in 1MDB scandal
NEW YORK: Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB. Malaysian and U.S. authorities estimated $4.5 billion was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian Prime Minister Najib Razak, Goldman executives and others. Leissner, a former Southeast Asia chairman for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. Leissner's conduct was "brazen and audacious," judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said. "First and foremost, I offer my sincere apology to the people of Malaysia," Leissner, 55, told the hearing, his voice breaking as he read a statement. "I deeply regret my actions." Goldman helped sell $6.5 billion of bonds for 1MDB, which former Malaysian Prime Minister Najib set up with the help of Low to promote economic development. Some of the funds were diverted to offshore bank accounts and shell companies linked to Malaysian financier Jho Low, who is now a fugitive. Leissner became a U.S. government witness in the case after his arrest in 2018. He was allowed to remain free after he agreed to help the government in the investigation and testified against former banking colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. The former head of investment banking for Goldman in Malaysia was convicted in Brooklyn and sentenced to 10 years in prison, but transported to Malaysia in 2023 to assist probes there. Leissner met with the government on dozens of occasions, reviewing countless documents and communications he received related to the 1MDB scheme and other matters, according to a filing by prosecutors. "We respect the court's decision today and Mr. Leissner is prepared to serve his sentence and continue his future life of good works and care for his family," said his lawyer Henry Mazurek, a partner at Meister Seelig & Fein PLLC. Prosecutors requested the court impose a sentence below the applicable guidelines range due to Leissner's cooperation in the probe. ONLY CRIMINAL CASE AGAINST GOLDMAN Leissner told the court that he had lost his freedom, family and financial independence in the wake of the scandal. The former executive said his health also suffered, and that he took pills and lost the will to live. Goldman said in a letter to the court on May 21 that Leissner deceived his colleagues for years, culminating in the only criminal case filed against Goldman in its 156-year history. Goldman in 2020 paid a record $2.9 billion fine in the United States and arranged for its Malaysian unit to plead guilty in U.S. court. It also clawed back $174 million in executive compensation. Malaysia's former prime minister Najib was found guilty in 2020 of criminal breach of trust and abuse of power for illegally receiving funds misappropriated from a unit of state investor 1Malaysia Development Berhad. Malaysia's top court in 2022 upheld a guilty verdict against Najib, sentencing him to 12 years in prison. The sentence was later halved by a pardons board chaired by Malaysia's former king. The former premier is currently in prison and is pursuing a legal bid to compel authorities to entitle him to serve the remainder of his sentence at home.
![MARKET PULSE AM MAY 30, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ20250206EZ_%25282%2529_%25285%2529_%25281%2529_1748574024.jpg&w=3840&q=100)
![MARKET PULSE AM MAY 30, 2025 [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
30 minutes ago
- New Straits Times
MARKET PULSE AM MAY 30, 2025 [WATCH]
KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Bursa Malaysia opened higher today, taking its cue from Wall Street's strong overnight performance. However, market uncertainties are expected to persist following Trump's success in reinstating the tariff through an appeals court ruling. The index is expected to trend within the 1,510 to 1,525 range for today. In the crypto market, Bitcoin fell to RM448,180 as Fed minutes flag US inflation risks. Ethereum was trading lower at RM10,998, and Solana was down at RM693. That's it for Market Pulse.
