<div class=newsTextDataWrapInner>This article first appeared in The Edge Financial Daily on August 6, 2019 - August 12, 2019</div><div class=newsTextDataWrapInner>KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) said yesterday it has no intention of acquiring any stake in India’s Bina oil refinery although India is an important market for the Malaysian national oil company.</div>

<div class=newsTextDataWrapInner>“Petronas refers to the report by Reuters published last Monday titled ‘Petronas, Japan’s JXTG may buy stake in India’s Bina oil refinery’.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>“While India remains a key market for Petronas, we have no intention of acquiring any stake in the said refinery,” Petronas said in a brief statement yesterday.</div>

<div class=newsTextDataWrapInner>Last Monday Reuters, quoted a source close to the matter, reported that Petronas and a consortium led by Japan’s JXTG Holdings Inc were among the companies interested in buying a stake in India’s Bina oil refinery.</div>

<div class=newsTextDataWrapInner>It was reported that the Bina plant in central India, capable of processing 156,000 barrels per day of crude oil, is operated by Bharat Oman Refineries Ltd, a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL).</div>

<div class=newsTextDataWrapInner>“There are a new set of companies who have approached BPCL for a stake in its Bina refinery,” the source was quoted as saying.</div>

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) said yesterday it has no intention of acquiring any stake in India’s Bina oil refinery although India is an important market for the Malaysian national oil company.

“Petronas refers to the report by Reuters published last Monday titled ‘Pe...

Petronas says no intention of buying India’s Bina oil refinery stake

US President Donald Trump said he would pause higher reciprocal tariffs on dozens of non-retaliating countries for 90 days, while raising duties on China to 125%.

Trump pauses higher duties on most nations, hikes China tariffs to 125%

Asean, which has faced a series of global uncertainties, has emerged from a quiet corner of the global economy to become central to it, said Prime Minister Datuk Seri Anwar Ibrahim.

From currency shocks to global contagion, Asean has seen it all, the prime minister said in his keynote address at the gala dinner in conjunction with Malaysia’s Asean chairmanship of the Finance Track here on Wednesday.

Asean emerges as a central player in global economy after overcoming series of adversities — Anwar

Spanish Prime Minister Pedro Sanchez’s trip to see President Xi Jinping will offer a chance to swap notes on a common problem: how to respond to an increasingly unreliable US.

Sanchez, who is due in Beijing on Friday, will be the first European leader to visit China since President Donald Trump slapped tariffs on most of the world. With agreements due to be signed in areas including pharmaceuticals, agricultural and medical products, Sanchez can argue that Spain is the go-to partner for China in Europe at a time of growing economic uncertainty.

Spain pushing for EU pivot to China to counter Trump tariffs

Spain will pursue closer trade ties with China in the interests of its citizens and of the EU, its agriculture minister Luis Planas said on Wednesday, rejecting a US warning that moving closer to the Asian country would be "cutting your own throat".

Spain defends closer trade ties with China after US warns against 'cutting own throat'

Agriculture Secretary Brooke Rollins said the administration is considering plans to offer assistance to farmers amid worries that the US-China trade war will have a disastrous effect on American agricultural producers.

US weighs farmer bailout as China retaliation threatens exports

CK Hutchison Holdings Ltd rejected accusations it failed to pay about 1.2 billion balboas (US$1.2 billion or RM5.4 billion) to the Panamanian state over the concession contract to run the two key ports in the Central American country.

CK Hutchison rejects accusations over Panama Ports payments

KUALA LUMPUR (April 9): Here is a brief recap of some corporate announcements that made news on Wednesday;

AMMB Holdings Bhd's (KL:AMBANK) group chief financial officer Shafiq Abdul Jabbar is stepping down “to pursue other professional opportunities”. Industry sources say Shafiq ...

AMMB, KIP REIT, Khee San, Sapura Energy, Jati Tinggi, AWC, Hibiscus Petroleum, HHRG

China on Wednesday issued a risk alert for Chinese tourists travelling to the US, according to a statement from the culture and tourism ministry.

China issues risk alert for tourists travelling to US

The angry mutterings at the Permian Basin Petroleum Association’s “Spring Swing” golf tournament this week weren’t all about missed putts or lost balls. The Texas oilmen on the fairways had a more serious concern: The president they helped elect was tanking oil prices.

Texas wildcatters impatient with Trump as oil prices tank

When the 24% reciprocal tariff US President Trump imposed on Malaysia on April 9 takes effect, Malaysia would face the biggest economic threat since we transitioned from an agricultural and commodity exporting country to a manufacturing exporting country in the 1980s. The reciprocal tariff would bulldoze all the economic prosperity that Malaysia has generated since then, rendering us a hollowed industrial ecosystem with a high unemployment rate.

How Malaysia’s manufacturing industries can survive Trump’s reciprocal tariff

AMMB Holdings Bhd's (KL:AMBANK) group chief financial officer Shafiq Abdul Jabbar is stepping down “to pursue other professional opportunities”,&nbsp;the banking group said in a bourse filing on Wednesday.

AMMB CFO to step down, said to be joining Maybank

Permodalan Nasional Bhd (PNB) is looking to exit its positions in legacy investments, allowing it to strengthen other asset classes, including fixed income, said its deputy president and group chief executive officer Datuk Rick Ramli.

PNB looking to quit legacy investments to strengthen portfolio

China retaliated against new tariffs imposed by US President Donald Trump by announcing it would raise duties on US goods, roiling markets and deepening a trade war between the world’s largest economies.

China raises tariffs on US goods to 84% as trade rift worsens

The drugs and firearms trial involving Datuk Seri Anwar Ibrahim’s former research officer Muhammad Yusoff Rawther took a turn at the High Court on Wednesday, following questions over how the front passenger door of his Nissan Teana could be opened, after he had previously failed to do so using the car’s remote control.

Questions arise as to how front passenger door to Yusoff Rawther's car could be opened

(April 9):&nbsp;The owners of Edotco Group Sdn Bhd&nbsp;are seeking a financial adviser to help with a sale that could value the Malaysian telecommunication tower company at about US$3 billion (RM13.49 billion) including debt, people familiar with the matter said.

Axiata said to seek adviser for Edotco sale — Bloomberg

Treasury Secretary Scott Bessent said he envisions reaching trade agreements with US allies that would then lay the ground for a collective approach toward Beijing to address what he described as China’s unbalanced trade structure.

Bessent sees a deal with allies, then group approach on China

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Wednesday.

FBM KLCI hits 20-month low, down 2.98% to 1,400.59 on April 9, 2025

Sapura Energy Bhd (KL:SAPNRG) said on Wednesday that it had secured a contract worth RM40 million for maintenance, construction and modification services for offshore facilities in Peninsular Malaysia.

Sapura Energy secures RM40 mil offshore facilities operations and maintenance contract

KUALA LUMPUR (April 9): The FBM KLCI extended its losing streak on Wednesday, plunging past the 1,400 level amid broad-based sell-offs across global markets, as US President Donald Trump's reciprocal tariffs came into force at 12:01pm local time.

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The benchmark index, which opened 6.55 points or 0.5% lower at 1,437.01, skidded to as low as 1,386.63 in the afternoon — its weakest level since June 2023, before regaining some losses to close at 1,400.59 — still down 42.97 points or 2.98%.

Among the top laggards on the 30-stock FBM KLCI were CIMB Group Holdings Bhd (KL:CIMB), which fell 4.94%; Press Metal Aluminium Holdings Bhd (KL:METAL), which dropped 4.92%; and Gamuda Bhd, which declined 4.77%.

The FBM Mid 70 Index — which tracks the next 70 largest companies listed on Bursa by market capitalisation after FBM KLCI constituents — dropped 2.71%. The FBM ACE Index, which tracks ACE Market listees, slid 3.89%. The broader FBM Emas Index shed 2.88%.

SumiSaujana Group Bhd (KL:SUMI), which made its ACE Market debut on Wednesday, was caught in the whirlwind, plunging 25% or six sen to close at 18 sen, compared to its initial public offer price of 24 sen per share.

All the sectoral indices on Bursa were in the red, with the top five largest losers being the Energy Index (down 4.94%), followed by the Financial Services Index (3.92%), the Industrial Products and Services Index (3.66%),&nbsp; the Technology Index (3.65%) and the Construction Index (3.41%).

Throughout Bursa, 919 decliners outnumbered 224 gainers, while 320 counters remained unchanged. Trading volume rose to 3.77 billion shares worth RM3.79 billion from 3.32 billion shares valued at RM2.83 billion on Tuesday.

This is still lower than Monday's panic-driven trading volume of 5.35 billion shares, valued at RM4.67 billion, when Malaysian stocks lost RM93.15 billion amid a steep sell-off that saw the FBM KLCI dropping by as much as 5.65%, its largest single-day drop since the global financial crisis in 2008.

Sentiment for the Malaysian stock market remains fragile, with additional downside risks ahead if the ongoing tariff dispute persists, recession fears grow, or commodity prices — crucial to the nation’s economy — further decline, according to Fortress Capital founder and CEO Datuk Thomas Yong.

Oil prices have skidded over the past week. At the time of writing on Wednesday, Brent Crude was at US$60.18 per barrel — the lowest since February 2021, down over 4%. Malaysia's Budget 2025 assumes a global oil price forecast of US$75-80 per barrel.

“Historically, markets can stabilise after such steep drops if clarity emerges, but that seems unlikely for now, with mixed signals from the Trump administration and China vowing not to back off from further trade retaliation,” Yong told The Edge.

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Maybank Investment Bank, in a note, advised caution, noting that most sectors are still in a downtrend as attention shifts to the upcoming US consumer price index data.

Still relatively shielded

Malacca Securities' Loui Low, meanwhile, told The Edge that further downside risks are limited, as investors have priced in Trump's latest actions. Should there be no further retaliatory measures, the market could recover, Low said.

He suggested focusing on domestic sectors like construction, renewables, utilities, real estate investment trusts and consumer stocks. For export-oriented plays, he highlighted the glove sector due to the relatively favourable tariff Malaysian manufacturers face, compared to the much steeper Chinese ones.

Malaysian goods face a 24% tariff in the US, while China's goods have been slapped with an 84% levy after the Trump administration imposed an additional 50% duty on Chinese products in response to China's retaliatory 34% duties on US goods.

Rakuten Trade's Kenny Yee said the Malaysian market is relatively shielded from global risks, with lower volatility. He recommended focusing on blue chips, particularly in the banking sector.

CIMB Securities, meanwhile, listed Bursa Malaysia Bhd (KL:BURSA), CTOS Digital Bhd (KL:CTOS) and MyEG Services Bhd (KL:MYEG) as companies that remain unaffected by the US tariffs.

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More to come

FBM KLCI tumbles past 1,400 as Trump's tariffs kick in

KUALA LUMPUR (April 9): Here is a brief recap of some corporate announcements that made news on Wednesday;

AMMB Holdings Bhd's (KL:AMBANK) group chief financial officer Shafiq Abdul Jabbar is stepping down “to pursue other professional opportunities”. Industry sources say Shafiq ...

Asean has received overwhelming support from the US-Asean Business Council (US-ABC) to convey key messages to Washington that its tariffs can severely impact businesses in Southeast Asia with the fallout inevitably jeopardising American trade and investments in the region.&nbsp;

US business council urged to tell Washington tariffs can jeopardise US business ops in Asean, says Amir Hamzah

The government will detail the follow-up actions on the tariffs imposed by the United States (US) on Malaysia at the National Geo-economic Action Centre (NGCC) meeting next Monday.

Putrajaya to detail US tariff response next Monday, says Fahmi

US Treasuries, the bedrock of the global financial system, were hit by fresh selling pressure on Wednesday in a sign that investors were dumping their safest assets as turmoil unleashed by US tariffs prompts forced selling and a dash for cash.

The 10-year Treasury yield has risen 36 basis points (bps) to 4.35% this week alone as prices fall sharply. If sustained, that would mark the biggest weekly jump since 2013.

Global bond rout starting to sound market alarm bells

When the 24% reciprocal tariff US President Trump imposed on Malaysia on April 9 takes effect, Malaysia would face the biggest economic threat since we transitioned from an agricultural and commodity exporting country to a manufacturing exporting country in the 1980s. The reciprocal tariff would bulldoze all the economic prosperity that Malaysia has generated since then, rendering us a hollowed industrial ecosystem with a high unemployment rate.

Gas Malaysia Bhd (KL:GASMSIA), part of the MMC Group, announced that its Serdang City Gate station has resumed operations, improving gas supply stability in the Klang Valley and reducing the number of affected customers to 275.

Gas Malaysia says gas supply in Klang Valley is improving, with affected customers reduced to 275

Hibiscus Petroleum Bhd on Wednesday announced that its PM3 Commercial Arrangement Area (CAA) production sharing contract (PSC) offshore northeast Malaysia has been extended for 20 years.

Hibiscus’ PM3 CAA production sharing contract gets 20 year-extension

US President Donald Trump said he would pause higher reciprocal tariffs on dozens of non-retaliating countries for 90 days, while raising duties on China to 125%.&nbsp;

Wall Street's main indexes inched higher on Wednesday as investors lapped up cheaper technology stocks in a choppy session that remained centered on tariff moves as China retaliated with more levies on US goods.

Tech shares lift Wall Street amid escalating US-China tariff war

President Donald Trump urged Americans to remain calm and continue investing on Wednesday as his sweeping reciprocal tariffs hit, in an indication the White House was closely monitoring market reaction to the levies.

Trump says ‘be cool’ after tariffs, adds ‘great time to buy’ 

Perdana Petroleum Bhd (KL:PERDANA) has secured two contracts for the charter of anchor handling tug and supply vessels.