KUALA LUMPUR (May 6): The FBM KLCI lost 0.69% at the midday break today after the calm in global markets was shattered following US President Donald Trump's threat to boost tariffs on China.

At 12.30pm, the FBM KLCI fell 11.34 points to 1,625.96.

Losers thumped gainers by 561 to 70, while 491 counters traded unchanged. Volume was 1.62 billion shares valued at RM828.52 million.

The top losers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Tasek Corp Bhd, Fraser & Neave Holdings Bhd, Pentamaster Corp Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd and Hengyuan Refining Company Bhd.

The actives included Ekovest Bhd, Dynaciate Group Bhd, Priceworth International Bhd, Bumi Armada Bhd, Tiger Synergy Bhd and Iskandar Waterfront City Bhd.

The gainers included Aeon Credit Service (M) Bhd, British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Unisem (M) Bhd, IHH Healthcare Bhd, Spritzer Bhd, APM Automotive Holdings Bhd and Maxis Bhd.

In the end, all it took was two tweets from Trump to shatter historic the calm in global markets, according to Bloomberg.

After weeks of warnings from many on Wall Street that price swings across global markets were too subdued, the US president's threat to boost tariffs on China sent volatility soaring Monday. US stock-index futures slid about 2% and the Shanghai Composite Index fell as much as 5.7%, the most since October 2018. May futures on the Cboe Volatility Index, or VIX, jumped 15%, it said.

Affin Hwang Capital Research said the FBM KLCI Index ended last week on a positive note, up 5.06 points or 0.31% on Friday. The index closed at 1,637.3.

"Last week recap: The index started on a muted note, stalling at the EMA20d (20-day exponential moving average). Prices attempted to push above the EMA but [were] quickly snuffed out by the presence of sellers, pressing prices lower. The index basically congested sideways throughout the week," it said.

The research house said technical indicators suggest market overall shows weakness and remains lethargic.