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 3): Bursa Malaysia closed lower for the second consecutive day on Wednesday (Aug 3) amid mixed performance in regional peers as investors remained in profit-taking mode, said a dealer.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.48 points to 1,490.57, its intraday high, compared with Tuesday's close of 1,495.05.
The benchmark index opened 6.47 points weaker at 1,488.58 and hit a low of 1,483.01 during the mid-morning session.
Market breadth was negative with 399 losers against 367 gainers, while 451 counters were unchanged, 1,018 untraded, and nine others suspended.
Total turnover decreased to 1.91 billion units worth RM1.35 billion from 2.85 billion units worth RM1.59 billion on Tuesday.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the key regional indices ended higher as investors took opportunity to bargain hunt for stocks following heavy sell-down on Tuesday.
“Back home, we believe the performance of local bourse will remain steady as foreign funds continue to accumulate local equities.
“As such, we anticipate the FBM KLCI to trend higher, within the 1,490-1,510 range for the remainder of the week, with immediate resistance at 1,500 followed by 1,530, and support at 1,460,” he told Bernama.
Analysing the FBM KLCI's historical data, CGS-CIMB Securities Sdn Bhd noted that its performance tended to be negative in August, averaging -0.3% month-on-month returns over the past 10 years.
The stockbroking firm said this month, investors' attention will be on the release of Malaysia’s second quarter (2Q) 2022 gross domestic product on Aug 12 and Malaysia’s July Consumer Price Index on Aug 26.
“The market will also be closely watching the 2Q results season — in particular, how the labour shortage, rising raw material costs, higher minimum wage, and supply chain issues affect corporate earnings.
“Also in focus will be the latest development on 5G deals between telecommunication companies and Digital Nasional Bhd, tourist arrivals figures and progress of the intake of new foreign workers following the lifting of the temporary ban on Indonesian workers to Malaysia on Aug 1,” CGS-CIMB said in a note on Wednesday.
Among heavyweights, both Malayan Banking Bhd and Public Bank Bhd lost five sen each to RM8.83 and RM4.61, respectively, CIMB Group Holdings Bhd fell two sen to RM5.23, while Petronas Chemicals Group Bhd rose five sen to RM8.90, and IHH Healthcare Bhd was flat at RM6.42.
Of the actives, both Borneo Oil Bhd and Zen Tech International Bhd were flat at 2.5 sen and 3.5 sen, respectively, Green Packet Bhd gained one sen to six sen, while PUC Bhd eased half-a-sen to 2.5 sen, and Top Glove Corp Bhd slid one sen to 97 sen.
On the index board, the FBM Emas Index went down 10.28 points to 10,572.22, the FBMT 100 Index shed 12.93 points to 10,323.75, the FBM ACE slipped 6.13 points to 4,790.45, while the FBM Emas Shariah Index increased 15.89 points to 10,713.05, and the FBM 70 rose 57.21 points to 12,651.71.
Sector-wise, the Plantation Index eased 0.04 of-a-point to 7,028.01, the Financial Services Index dipped 81.13 points to 16,570.14, the Industrial Products and Services Index ticked up 0.76 of-a-point to 185.2, and the Energy Index went up 2.15 points to 660.74.
Main Market volume declined to 1.12 billion shares worth RM1.14 billion against 1.82 billion shares worth RM1.34 billion on Tuesday.
Warrants turnover dropped to 282.36 million units valued at RM51.49 million versus 368.32 million units valued at RM58.61 million on Tuesday.
ACE Market volume dwindled to 507.42 million shares worth RM162.16 million from 658.3 million shares worth RM192.17 million previously.
Consumer products and services counters accounted for 122.22 million shares traded on the Main Market, industrial products and services (388.02 million), construction (33.57 million), technology (141.48 million), SPAC (nil), financial services (47.67 million), property (107.95 million), plantation (107.95 million), REITs (7.01 million), closed/fund (3,000), energy (54.28 million), healthcare (67.05 million), telecommunications and media (99.46 million), transportation and logistics (12.46 million), and utilities (14.12 million).
Source: The Edge
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