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MORNING CALL: 10/06/21

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

PUTRAJAYA (April 9): The federal government, through the National Disaster Managment Agency (Nadma), has allocated RM14.7 million in disaster relief funds to the Selangor government for 2025.

Federal govt channels RM14.7m to Selangor for disaster assistance this year

Cuckoo International (MAL) Bhd said on Wednesday it is delaying its Bursa Malaysia listing by two months due to the current global market volatility.

Cuckoo International delays Bursa listing to June amid market rout

Asean+3 ministers will endorse the operationalisation of the Rapid Financing Facility, aimed at helping financially distressed member countries to cushion against exogenous shocks or financial problems caused by external factors.

Asean+3 to operationalise Rapid Financing Facility to help financially distressed members, says BNM deputy governor

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.

 

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%),  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.

 

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.

 

More to come

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

KUALA LUMPUR (April 9): WTEC Group Bhd, a foam and fabric products maker preparing to list on the ACE Market of Bursa Malaysia, expects at least 10% revenue growth in 2026, after acquiring a new factory by the third quarter of 2025.

WTEC Group aims for 10% revenue growth in 2026 with IPO-funded factory acquisition

Engineering company AWC Bhd (KL:AWC) has secured a 10-year concession worth RM18.4 million to build and operate an automated waste collection system at the newly operational Terminal Bersepadu Gombak (TBG).

AWC to build and operate automated waste system at new transportation hub

(April 9): The owners of Edotco Group Sdn Bhd 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

PUTRAJAYA (April 9): The KLIA Ekspres and KLIA Transit train services, which were disrupted due to vandalism involving a series of cable thefts earlier on Wednesday, have resumed normal operations as of 4pm, said Express Rail Link Sdn Bhd (ERL).

KLIA Ekspres, KLIA Transit trains resume normal services after earlier disruptions

WCT Holdings Bhd (KL:WCT) said its shareholders have approved the proposal to list the Paradigm Real Estate Investment Trust (Paradigm REIT) on the Bursa Malaysia Main Market at Wednesday’s extraordinary general meeting (EGM).

WCT gets shareholders’ nod for Paradigm REIT listing 

SumiSaujana Group Bhd (KL:SUMI) plunged on its first day on the ACE Market below its listing price amid broader market sell-off reeling from Trump tariffs.

SumiSaujana slumps on ACE Market, on course to be worst IPO debut in five years

KUALA LUMPUR (April 9): Malaysian palm oil producers could steal the spotlight in the US, grabbing market share from Indonesia with their more competitive pricing, with the imposition of reciprocal tariff from April 9.

Malaysian palm oil producers could capture US market share from Indonesia with better pricing — CGS International

Global markets were pummelled on Wednesday as President Donald Trump's eye-watering 104% tariffs on China took effect, and a savage sell-off in US bonds sparked fears that foreign funds were fleeing US assets.

US bonds, dollar battered as 'sell America' trade heats up

KUALA LUMPUR (April 9): A lawyer is challenging the constitutionality of the Judicial Appointments Commission (JAC) and its power to appoint judges, arguing that the Judicial Appointments Commission Act 2009 is unconstitutional. &nbsp;

Lawyer launches constitutional challenge against Judicial Appointments Commission's judge appointment power 

Cuckoo International (MAL) Bhd said on Wednesday it is delaying its Bursa Malaysia listing by two months due to the current global market volatility.

Malaysian stocks were broadly lower on Wednesday, tracking sharp losses in Asian markets and Wall Street reeling from US President Donald Trump’s reciprocal tariffs which came into force at 12.01pm local time.

Malaysian stocks broadly lower as Trump’s reciprocal tariffs come into force

Reach Ten Holdings Bhd is pushing ahead with its initial public offering (IPO) — the first Main Market&nbsp;listing for a Sarawak-based company in 15 years — against a worldwide market downturn.

Reach Ten pushes ahead with Main Market IPO, first Sarawak firm listing in 15 years

The escalating trade war between the US and China saw President Donald Trump raise tariffs even further on small parcels that were until now exempt from taxes.

US slaps higher taxes on small parcels in tit-for-tat trade war

US President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods, as the European Union prepared retaliatory measures, escalating a global trade war.

Trump tariffs kick in, China and Europe hit back

The High Court on Wednesday recorded a consent judgement between 1Malaysia Development Bhd (1MDB), SRC International Sdn Bhd, along with several other companies, and Shabnam Naraindas Daswani, where the Singaporean national was sued along with Datin Seri Rosmah Mansor.

1MDB withdraws suit against Singaporean Shabnam in US$346m Rosmah luxury goods case

KIP Real Estate Investment Trust (KL:KIPREIT) is acquiring four retail properties worth RM118 million in Kuala Selangor&nbsp;and Kuantan, Pahang, marking a strategic suburban expansion.

KIP REIT to acquire RM118m worth of suburban retail assets, boosting portfolio to RM1.5b

Amid a sea of red, glove stocks on Bursa Malaysia have emerged as bright green spots for investors grasping for hope in markets roiled by Trump tariffs.

Glove stocks shine on Bursa amid sea of red roiled by US tariffs

Europe will probably be able to produce only a small portion of rare earths it needs for electric vehicles and wind turbines by 2030, mainly due to cheap competition from dominant producer China, a consultant said on Tuesday.

Europe seen struggling to compete with China on rare earths

Wild swings lashed Wall Street for a fourth straight session as back-and-forth trade threats between the US and China knocked down stocks, erasing an earlier rally that was the biggest since 2022. The S&amp;P 500 fell 1.6%, leaving it on the brink of a bear market.

US stocks take another roller coaster ride on US-China threats

(April 9):&nbsp;Malaysia’s sovereign wealth fund Khazanah Nasional Bhd&nbsp;said the uncertainty stemming from US President Donald Trump’s sweeping global tariffs is making it difficult to exit private assets, as it reviews its portfolio.

Khazanah MD says US tariffs uncertainty makes it hard to exit private assets

HOUSTON (April 8): LNG Canada has started to cool down its liquefied natural gas (LNG) plant in Kitimat, British Columbia, considered a final step before it begins to produce the superchilled gas, two people told Reuters.

Petronas’ JV in Canada starts cooldown of plant in final step before producing LNG

Emphasising a people-first approach,&nbsp;Lim Seong Hai Capital Bhd (KL:LSH) non-executive chairman Tan Sri Lim&nbsp;Keng&nbsp;Cheng said his vision for the Kuala Lumpur Tower is grounded in compassion and continuity, particularly in safeguarding the livelihoods of all existing staff.

LSH Capital chairman refutes KL Tower staff replacement rumours

KUALA LUMPUR (April 9): WTEC Group Bhd on Wednesday launched its initial public offering (IPO) on the ACE Market of Bursa Malaysia, braving a global stock market rout triggered by the looming Trump tariffs.

WTEC Group braves global market rout, launches ACE Market IPO to raise up to RM33m

Malaysia’s central bank is looking beyond monetary policy to weather the fallout from US President Donald Trump’s duties, arguing that the country is entering the tariff disputes from a position of strength.

Bank Negara to look beyond key rate amid tariffs — governor

Gold prices firmed on Wednesday as traders sought the safe-haven asset after US President Donald Trump's "reciprocal" tariffs came into effect, while a weaker dollar and the rising prospect of US rate cuts lent support.