Bursa Malaysia extends losing streak, tracking Wall Street decline
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 13.90 points, or 0.91 per cent, to close at 1,511.50, down from Tuesday's finish of 1,525.40.
Market sentiment remained weak, with 722 declining counters outpacing 334 gainers, while 438 stocks were unchanged.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said telecommunications stocks were the top performers among FBM KLCI components, whereas consumer discretionary counters were the most affected by the sell-off.
He added that despite recent domestic interest rate cuts, all sector indices on Bursa Malaysia ended in negative territory, signalling a cautious outlook across the broader market.
"Adding to the subdued tone, Indonesia's successful negotiation of a 19 per cent tariff rate with the United States further dampened sentiment, as Malaysia awaits clarity on its own tariff status, currently set at 25 per cent.
"This development highlights Malaysia's diminishing competitive edge in regional trade, particularly against Vietnam and Indonesia," he added.
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