KUALA LUMPUR: Bursa Malaysia remained underwater at midday, lagging behind key Asian markets that took heart there was time left to negotiate a better tariff rate with the Trump administration.
At 12.30pm, the FBM KLCI was down 7.59 points to 1,529.95 as investors sold down shares following a surprise increase in the tariff rate following months of negotiations.
The retreat on the market was broad-based with the declining issues beating advancers at a ratio of 1.75-to-1.
Volume was 2.01 billion shares changing hands for RM1.09bil.
Asian markets reversed earlier losses as US President Donald Trump said the tariff rates were "not 100% firm" ahead of the Aug 1 implementation date.
Japan's Nikkei turne dhigher, rising 0.17% to 39,655 while South Korea's Kospi gained 1.42% to 3,102.
Chinese mainland markets also improved - the Shanghai composite index climbed 1.07% to 2,095 while the blue-chip CSI300 added 0.74% to 3,994.
Hong Kong's Hang Seng gained 0.78% to 24,073.
On Bursa Malaysia, the price slump was led by Press Metal
down 16 sen to Rm5.13, CIMB dropping 10 sen to RM6.65, MISC falling seven sen to RM7.55 and Telekom shedding 15 sen to RM6.65.
Nestle rose 84 sen to RM77.94 as investors shifted their portfolios to consumer stocks.
