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KUALA LUMPUR: The US's announcement of the revised tariff rate for Malaysia - higher than before trade negotiations had begun - came as a negative surprise to investors on Tuesday.
The benchmark FBM KLCI extended its fall by 7.85 points to 1,529.69.
In the first batch of letters sent out to trade partners, the Trump administration raised the tariff rate on Malaysian goods entering the US by one percentage point - from an initial 24% in April when the "reciprocal tariffs" were first announced - to 25%.
Jitters over the tariff rates had already begun yesterday, facilitating the sharp retreat on the local bourse, as Trump warned that countries associated with BRICS may see an additional 10% imposed on their exports.
According to TA Securities, there remains some silver lining in the 25% trade levy as it remains relatively lower to that of most of its Asean peers, including Laos, Myanmar, Cambodia, Thailand and Indonesia.
"Importantly, Malaysia still has a window to negotiate until Aug 1, before the new rates take effect," said the research firm.
However, it affirmed the development is likely to weigh on investor sentiment.
On the local bourse, MPI dropped 80 sen to RM21.48, DKSH shed 18 sen to RM4.81 and United Plantation slid 18 sne to RM21.62.
Top actives were NexG flat at 42 sen, Top Glove sliding 0.4 sen to 68.5 sen and Supermax rising four sne to 63 sen.
Disclaimer
The information provided in this report is of a general nature and has been prepared for information purposes only. It is not intended to constitute research or as advice for any investor. The information in this report is not and should not be construed or considered as an offer, recommendation or solicitation for investments. Investors are advised to make their own independent evaluation of the information contained in this report, consider their own individual investment objectives, financial situation and particular needs and should seek appropriate personalised financial advice from a qualified professional to suit individual circumstances and risk profile. The information contained in this report is prepared from data believed to be correct and reliable at the time of issuance of this report. While every effort is made to ensure the information is up-to-date and correct, Bond and Sukuk Information Platform Sdn Bhd (“the Company”) does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information contained in this report and accordingly, neither the Company nor any of its affiliates nor its related persons shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.
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