Malaysian Shares End Marginally in Red as Sell-off Continues Amid US Tariff Jitters

MT Newswires Live04-08

Malaysian shares remain marginally in red on Tuesday, as market sentiment remained gloomy after Washington imposed reciprocal taxes on several countries, including Malaysia.

US President Donald Trump has imposed a 24% trade tariff on Malaysia, beginning Wednesday.

The benchmark FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, lost 0.24 points to end 0.02% lower at 1,443.56. The day range was between 1,440.89 and 1,454.58.

In economic news, Bank Negara's international reserves stood at $117.5 billion as at March 28, down from $118 billion as at March 14. The reserves position is sufficient to finance 4.9 months of imports of goods and services, and is 0.9 times the total short-term external debt

In corporate news, shares of Chin Well Holdings (KLSE:CHINWEL) jumped over 8% after it said the 24% reciprocal tariff on Malaysia and the 46% reciprocal tariff on Vietnam will not apply to its manufactured fastener and wire products imported into the US.

Shares of Tek Seng Holdings (KLSE:TEKSENG) rose over 2% after it proposed expanding its current businesses to include a property investment business.

Meanwhile, HHRG(KLSE:HHRG) suspended its chief executive officer, Fong Chee Khuen, on Monday for two weeks, pending the outcome of an internal investigation.

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