Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
KUALA LUMPUR (Aug 12): Bursa Malaysia closed higher for the second consecutive day on Friday (Aug 12), with the benchmark index ending above the 1,500-psychological level, thanks to persistent buying support in selected heavyweights, especially banking and plantation counters.
The FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.63 of-a-point to end the week at 1,506.19 compared with Thursday's close of 1,505.56, as gains were limited by mild profit-taking.
The benchmark index, which opened 0.49 of-a-point weaker at 1,505.07 this morning, moved between 1,504.21 and 1,511.80 throughout the trading session.
Market breadth was positive with gainers leading losers 440 to 367,
while 442 counters were unchanged, 1,034 untraded, and 24 others
suspended.
Total turnover decreased to 2.08 billion units worth RM1.63 billion from 2.55 billion units worth RM1.97 billion on Thursday.
Sime Darby Plantation Bhd was the biggest gainer among the 30 index-linked counters, putting on 1.98% or nine sen to RM4.64, while CIMB Group Holdings Bhd was the largest contributor to the gains in the composite index after rising six sen to RM5.43.
Inter-Pacific Asset Management Sdn Bhd executive director and fund manager Datuk Dr Nazri Khan Adam Khan said the market was dominated by foreign buying, mostly in banking stocks as inflation pressure from the US eased.
"Bursa Malaysia is making a comeback with all sectoral indices showing [a] positive trend. The lower liners are also making a comeback and the market breadth is very positive.
“We saw [a] strong jump in foreign buying...and the market was also supported by retail and local institutions,” he told Bernama.
Nazri Khan also said the strong economic growth of 8.9% in the second quarter of 2022 (2Q22) had partly lifted investors’ risk appetite on Friday.
“This is the fastest pace in a year, with a very strong domestic demand. The message to the investors is that we will be able to sustain the recovery.”
Meanwhile, Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI failed to break the 1,510 resistance despite the stronger-than-expected 2Q22 GDP growth due to some profit-taking during the late trading session.
“We reckon the benchmark index to possibly consolidate within the 1,500-1,515 range for next week,” he said, adding immediate resistance is located at 1,510 followed by 1,530, while support is at 1,480.
Among heavyweights, Malayan Banking Bhd gained three sen to RM8.97, Petronas Chemicals Group Bhd perked up two sen to RM8.80, IHH Healthcare Bhd aded one sen to RM6.49, Tenaga Nasional Bhd rose five sen to RM8.63, Hong Leong Bank Bhd increased 10 sen to RM20.88, while Public Bank Bhd was flat at RM4.65.
Of the actives, Top Glove Corp Bhd fell seven sen to 85.5 sen, Hartalega Holdings Bhd fell 28 sen to RM2, Avillion Bhd added two sen to 12 sen, while Metronic Global Bhd was flat at five sen. Dagang NeXchange Bhd, too, was unchanged at 89 sen.
On the index board, the FBMT 100 Index eased 3.62 points to 10,427.61, the FBM Emas Shariah Index shaved off 19.78 points to 10,790.33, the FBM 70 lost 36.56 points to 12,761.39, the FBM ACE erased 12.36 points to 4,936.74, while the FBM Emas Index added 0.14 of-a-point to 10,683.18.
Sector-wise, the Financial Services Index rose 51.59 points to 16,827.61, the Plantation Index expanded 40.56 points to 7,196.81, the Industrial Products and Services Index ticked up 0.02 of-a-point to 184.04, and the Energy Index edged up 4.2 points to 663.12.
The Main Market volume decreased marginally to 1.43 billion shares worth RM1.43 billion from 1.64 billion shares worth RM1.63 billion on Thursday.
Warrants turnover shrank to 246.16 million units valued at RM37.6 million versus 308.49 million units valued at RM56.64 million on Thursday.
The ACE Market volume dwindled to 411.41 million shares worth RM161.72 million from 604.56 million shares worth RM282.21 million previously.
Consumer products and services counters accounted for 223.06 million shares traded on the Main Market, industrial products and services (387.83 million), construction (31.62 million), technology (185.69 million), SPAC (nil), financial services (57.96 million), property (98.68 million), plantation (27.73 million), REITs (3.63 million), closed/fund (14,000), energy (102.7 million), healthcare (225.52 million), telecommunications and media (23.48 million), transportation and logistics (35.16 million), and utilities (22.93 million).
Source: The Edge
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