Shares on Bursa Malaysia ended in the red today, with the key index 1.88 percent lower, as fears of a full-blown trade war haunts the market.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) ended 34.84 points lower at 1,815.94 from Tuesday’s 1,850.35.

After opening 4.01 points easier at 1,846.77, the key index moved between 1,811.56 and 1,851.74 throughout the day.

Market breadth was extremely negative with 1,105 losers against 111 gainers, while 227 counters were unchanged, 428 untraded and 20 others suspended.

Volume rose to 3.27 billion units valued at RM2.78 billion from 1.89 billion units valued at RM1.89 billion yesterday.

Maybank Investment Bank Bhd Chartist for Research Nik Ihsan Raja Abdullah said the FBM KLCI’s performance was due to concerns of a full-blown trade war, after China raised tariffs by up to 25 percent on selective US food products, as a counter-measure following the tariffs imposed by the United States on imports of aluminium and steel.

“This downward performance is also seen in regional bourses as traders everywhere tend to look for safe haven such as gold and yen in times of geopolitical tension.

“We see the next support level at 1,812, which is a level we last saw on Feb 9 this year,” he told Bernama.

Meanwhile, a dealer said traders were especially nervous with the implication of the trade war on Malaysia’s highly open economy, given that exports accounted for 71 percent of the country’s gross domestic product.

Among heavyweights, Maybank declined 18 sen to RM10.34, Public Bank fell six sen to RM23.90 and Tenaga added six sen to RM15.70.

Of the actively-traded stocks, Sapura Energy lost 3.5 sen to 51 sen, PUC eased three sen to 24 sen and Nexgram was half-a-sen weaker at five sen.

The FBM Emas Index lost 319.81 points to 12,612.37, the FBMT 100 Index fell 285.46 points to 12,459.58 and the FBM Emas Shariah Index was 344.59 points weaker at 13,733.92.

The FBM 70 was 501.34 points lower at 14,917.23 and the FBM Ace declined 373.05 points to 4,883.83.

Sector-wise, the Finance Index declined 441.76 points to 17,711.31, the Plantation Index lost 95.95 points to 7,901.36 and the Industrial Index declined 28.88 points to 3,191.32.

Main market volume rose to 1.93 billion units valued at RM2.48 billion from 1.20 billion units valued at RM1.77 billion yesterday.

Volume on the ACE market increased to 642.18 million shares worth RM99.38 million from 341.23 million shares worth RM57.79 million.

Warrants' volume rose to 696.82 million units valued at RM200.57 million from 341.85 million units valued at RM62.91 million.

Consumer products accounted for 89.66 million shares traded on the Main market, industrial products (524.29 million), construction (126.13 million), trade and services (768.83 million), technology (92.23 million), infrastructure (9.45 million), SPAC (57.44 million), finance (80.38 million), hotels (1.25 million), properties (139.56 million), plantations (32.97 million), mining (261,100), REITs (10.78 million), and closed/fund (4,000).

- Bernama