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 23): Bursa Malaysia pared most of its earlier losses to close off its intraday low on Tuesday (Aug 23), falling 0.3%, after some buying activity emerged for oil and gas and telecommunications stocks during the final hour of trading, a trader said.
At 5pm, the FBM KLCI had declined 4.80 points to end at 1,482.57, compared with Monday’s closing at 1,487.37.
The benchmark index opened 2.45 points easier at 1,484.92 in the morning at its intraday high, and hit a low of 1,477.54 during the mid-morning session.
On the broader market, decliners beat gainers 467 to 407, while 416
counters were unchanged, 1,028 untraded, and seven others suspended.
Total turnover declined to 2.03 billion units worth RM1.55 billion, from 2.18 billion units worth RM1.56 billion on Monday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said despite the cautious market undertone, bargain hunting is expected to prevail given the cheap valuations of local stocks, continuous inflow from foreign investors and improving corporate earnings for the second quarter of 2022.
“As such, we expect the benchmark index to trend slightly higher within the 1,480 to 1,500 range for the remainder of the week, with immediate support at 1,460 and resistance at 1,500,” he told Bernama.
Meanwhile, key regional markets were lower following negative cues from Wall Street overnight amid speculation about another interest rate hike by the US Federal Reserve.
Japan’s Nikkei 225 fell 1.19% to 28,452.75, South Korea’s Kospi was down 1.1% at 2,435.34, and Hong Kong’s Hang Seng Index dipped 0.78% to 19,503.25.
Among the heavyweights, Public Bank Bhd earned one sen to RM4.60, Malayan Banking Bhd (Maybank) slipped four sen to RM8.83, Petronas Chemicals Group Bhd shed 14 sen to RM8.56, and IHH Healthcare Bhd was one sen lower at RM6.34.
Of the actives, oil and gas related counters Borneo Oil Bhd was flat at 2.5 sen, Hibiscus Petroleum Bhd added 7.5 sen at 97.5 sen, and Sapura Energy Bhd was half a sen better at 4.5 sen.
Among the top gainers, Hengyuan Refining Company Bhd jumped RM1.29 to RM5.59, Petron Malaysia Refining & Marketing Bhd soared RM1.02 to RM5.86, and Dialog Group Bhd rose nine sen to RM2.35.
On the index board, the FBM ACE Index climbed 36.80 points to 4,891.80, the FBMT 100 Index fell 25.87 points to 10,277.53, the FBM Emas Shariah Index shed 19.05 points to 10,648.62, and the FBM 70 eased 1.97 points to 12,631.87, while the FBM Emas Index slid 23.39 points to 10,532.96.
Sector-wise, the Financial Services Index decreased 76.54 points to 16,538.59, the Plantation Index dipped 111.78 points to 7,059.85, and the Industrial Products and Services Index erased 1.25 points to 180.42, while the Energy Index rose 47.48 points to 712.88.
The Main Market volume slipped to 1.33 billion shares worth RM1.32 billion, from 1.34 billion shares worth RM1.22 billion on Monday.
The warrant turnover improved to 367.06 million units valued at RM59.58 million, from 329.54 million units valued at RM53.58 million on Monday.
The ACE Market volume dwindled to 321.66 million shares worth RM166.68 million, from 514.66 million shares worth RM288 million previously.
Consumer products and services counters accounted for 151.74 million shares traded on the Main Market, followed by industrial products and services (400.08 million), construction (40.96 million), technology (164.57 million), special purpose acquisition companies (nil), financial services (45.13 million), property (72.4 million), plantation (22.5 million), real estate investment trusts (5.48 million), closed/funds (500), energy (270.04 million), healthcare (103.55 million), telecommunications and media (19.3 million), transportation and logistics (27.69 million), and utilities (13.55 million).
Source: The Edge
Comments
Post a Comment