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 (March 3): Bursa Malaysia ended mixed on Friday (March 3) as the market is stuck in a consolidation mode with investor sentiment remaining cautious on lack of buying catalysts domestically, amid concerns over a rate hike by the US Federal Reserve.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 1.94 points to 1,453.55 from Thursday’s closing of 1,455.49.
The index opened 2.29 points higher at 1,457.78 and hovered in a tight range of 1,452.62 to 1,457.78.
Market breadth was positive with advancers outpacing decliners 520 to
338, while 429 counters were unchanged, 937 untraded, and 12 others
suspended.
Turnover rose to 2.69 billion units worth RM1.89 billion from Thursday's 2.50 billion units worth RM1.77 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the upbeat key regional indices were sparked by another bullish survey showing a sharp recovery in China services, but this provided little boost to local sentiment as fears of a US rate hike continues to dominate.
"We expect sentiment to continue to remain cautious and reckon the increasing external volatility to be a major setback, while at the same time face some selling pressure from foreign funds," he told Bernama.
China’s services sector saw a jump in activity, according to the Caixin/S&P Global services purchasing manager’s index, with a reading of 55 in February from 52.9 in January.
Meanwhile, Japanese markets ended sharply higher as the country's inflation eased in February from the previous month.
At home, heavyweights CelcomDigi Bhd rose four sen to RM4.34, IOI Corp Bhd added five sen to RM3.87, while AMMB Holdings Bhd rose eight sen to RM3.97, and Hong Leong Bank Bhd gained eight sen to RM20.58.
Malayan Banking Bhd (Maybank) eased four sen to RM8.71 and Sime Darby Plantation Bhd declined four sen to RM4.26, while Telekom Malaysia Bhd was nine sen lower at RM4.93.
Among the active stocks, Boustead Holdings Bhd soared 20 sen to 85.5 sen, Velesto Energy Bhd rose 1.5 sen to 21.5 sen, Bumi Armada Bhd was 3.5 sen higher at 69.5 sen, and Pharmaniaga Bhd gained 2.5 sen to 27.5 sen.
On the index board, the FBM Emas Index ticked up 5.45 points to 10,588.43, the FBM Emas Shariah Index gained 1.56 points to 10,814.04, the FBM 70 Index garnered 44.18 points to 13,446.61, the FBM ACE Index perked up 47.63 points to 5,426.73, while the FBMT 100 Index declined 2.6 points to 10,269.76.
Sector-wise, the Financial Services Index climbed 17.06 points to 16,163.73, the Plantation Index advanced 20.86 points to 6,831, the Energy Index rose 13.77 points to 871.73, and the Industrial Products and Services Index inched up 0.62 of-a-point to 177.65.
The Main Market volume expanded to 1.95 billion shares worth RM1.64 billion from Thursday's 1.58 billion shares worth RM1.47 billion.
Warrants turnover dwindled to 254.87 million units worth RM48.60 million from 300.63 million units worth RM54.89 million on Thursday.
The ACE Market volume shrank to 479.55 million shares worth RM201.85 million from 618.74 million shares worth RM244.65 million previously.
Consumer products and services counters accounted for 208.15 million shares traded on the Main Market, industrial products and services (628.67 million), construction (54.43 million), technology (202.85 million), SPAC (nil), financial services (55.24 million), property (118.82 million), plantation (37.50 million), REITs (4.7 million), closed/fund (28,400), energy (358.54 million), healthcare (162.64 million), telecommunications and media (36.62 million), transportation and logistics (24.47 million), and utilities (58.72 million).
Source: The Edge
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