Eurozone finance ministers expressed concerns that the U.S. government’s embrace of cryptocurrencies could pose risks to Europe's monetary sovereignty and financial stability . Their worries come after President Trump signed an executive order to create a strategic reserve of cryptocurrencies using tokens already owned by the U.S. government, signaling a shift in policy from the previous administration. Key Takeaways: Policy Shift in the U.S. : The U.S. administration’s new stance on cryptocurrencies , especially dollar-denominated stablecoins , has sparked concerns in Europe. Trump’s move to embrace cryptocurrencies as part of the U.S. financial system contrasts with past U.S. policies, raising alarms about the impact on European financial stability. Impact on Europe’s Monetary Sovereignty : Paschal Donohoe , Chairman of the Eurogroup, highlighted that such developments in the U.S. could directly affect ...
KUALA LUMPUR (Feb 16): Bursa Malaysia has extended its upward trajectory to close higher, rising above the 1,600 threshold due to continuous buying support in selected heavyweights, coupled with improving sentiment, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.59 points to 1,603.2 compared with 1,599.61 at Tuesday's close.
The market benchmark, which opened 7.04 points higher at 1,606.65, moved in a volatile mode between 1,597.35 and 1,613.71 throughout the session.
The overall market breadth was mixed with gainers and losers matched at 464 counters, while 431 counters were unchanged, 869 untraded and 10 others suspended.
Total turnover declined to 3.38 billion units worth RM2.86 billion from 3.57 billion units worth RM2.98 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of Equity Research Thong Pak Leng said as the barometer index has broken the 1,600 psychological resistance, the next target is seen at the 1,620 level.
"We believe the market undertone would remain steady due to improving investor sentiment, and reckon the index would stay positive going forward, although we do not discount the possibility of intermittent correction due to the overbought situation.
"As such, we anticipate the FBM KLCI to trend within the 1,595 to 1,610 range for the remainder of the week, with immediate resistance at 1,620 and support at 1,570," he told Bernama.
Bursa heavyweights Press Metal Aluminium Holdings Bhd added 16 sen to RM7, Malayan Banking Bhd gained seven sen to RM8.69, Telekom Malaysia Bhd improved 13 sen to RM5.48, and IOI Corp Bhd rose seven sen to RM4.34.
As for the actives, Dagang NeXchange Bhd advanced 14 sen to RM1.27, SMTrack Bhd inched up 1.5 sen to 22.5 sen, while Ta Win Holdings Bhd and KNM Group Bhd both stayed flat at 16 sen and 18.5 sen, respectively.
On the index board, FBM 70 improved 62.01 points to 13,757.37, FBM Emas Index bagged 30.65 points to 11,441.94, FBMT 100 Index advanced 30.45 points to 11,128.2, and FBM Emas Shariah Index firmed 24.46 points to 12,170.1, while FBM ACE gave up 9.39 points to 6,276.06.
Sector-wise, the Financial Services Index perked up 43.95 points to 16,497.38, the Industrial Products and Services Index was 0.99 of-a-point better at 212.8, and the Plantation Index put on 15.62 points to 7,672.04.
The Main Market volume narrowed to 2.22 billion shares worth RM2.56 billion versus 2.43 billion shares worth RM2.68 billion on Tuesday.
Warrants turnover swelled to 403.48 million units worth RM49.87 million from 401.45 million units worth RM46.14 million previously.
The ACE Market volume increased marginally to 745.02 million shares valued at RM250.63 million against 743.33 million shares valued at RM251.02 million on Tuesday.
Consumer products and services counters accounted for 398.38 million shares traded on the Main Market, industrial products and services (617.76 million), construction (57.02 million), technology (450.14 million), SPAC (nil), financial services (74.97 million), property (145.76 million), plantation (72.54 million), REITs (7.19 million), closed/fund (12,000), energy (266.53 million), healthcare (43.21 million), telecommunications and media (20.74 million), transportation and logistics (38.05 million), and utilities (27.44 million).
Source: The Edge
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