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, June 5 (Bernama) -- Bursa Malaysia closed lower, but the key index remained above the 1,600 psychological level. The decline was primarily due to profit-taking activities, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was lower by 6.87 points, or 0.43 per cent, to 1,608.53 from yesterday's close of 1,615.40 .
The benchmark index, which opened 0.59 of-a-point lower at 1,614.81, fluctuated between 1,608.53 and 1,622.65 throughout the trading session.
On the broader market, decliners surpass gainers 599 to 547, with 487 counters unchanged, 712 untraded and nine others suspended.
Turnover declined to 4.28 billion units worth RM3.40 billion from yesterday's 4.46 billion units worth RM3.94 billion.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI closed lower following a market surge yesterday.
"The decline was primarily due to profit-taking activities as investors’ concern about potential stagflation in the United States increased after the Job Openings and Labour Turnover Survey (JOLTS) reported weaker-than-expected results.
"However, we believe concerns about US stagflation are merely market noise as they are not supported by other robust economic data. Warnings about the possibility of stagflation in the US have periodically surfaced in 2021, 2022, and 2023," he told Bernama.
Domestically, he said the strong Purchasing Managers' Index (PMI) data for May, indicating the first expansion since August 2022, suggest that outbound shipments of manufactured goods are expected to grow more rapidly in the second half of 2024.
"The manufacturing sector is poised for positive growth in 2024, supported by favourable global semiconductor market projections.
"Exports of electrical and electronic (E&E) products, which constitute over 40 per cent of Malaysia’s total exports, are expected to benefit significantly,” he added.
Among the heavyweights, Maybank dropped 8.0 sen to RM9.98, CIMB Group slipped 10.0 sen to RM6.89, Public Bank fell 2.0 sen to RM4.13, and IHH Healthcare edged down 1.0 sen to RM6.18.
Tenaga Nasional surged by 28.0 sen to RM13.26.
Among the actives, MY E.G. Services fell 1.0 sen to RM1.09 and SNS Network Technology slip half-a-sen to 65 sen, but Dagang Nexchange increased 2.0 sen to 48 sen, Datasonic Group climbed 1.5 sen to 52 sen, and JCY International rose 2.0 sen to 61.5 sen.
On the index board, the FBM Emas Index dropped 38.51 points to 12,239.98, the FBMT 100 Index fell 40.16 points to 11,843.81, and the FBM Emas Shariah Index declined 16.23 points to 12,487.42, while the FBM 70 Index lost 17.26 points to 17,538.14. Conversely, the FBM ACE Index rose 43.57 points to 5,467.61.
Sector-wise, the Financial Services Index decreased 132.71 points to 17,591.17, the Industrial Products and Services Index slipped 0.32 of-a-points to 196.57, while the Energy Index dropped 14.53 points to 952.32. The Plantation Index fell 41.88 points to 7,137.12 and the Telecommunications and Media Index climbed 7.63 points to 612.99.
The Main Market volume was flat at 2.57 billion units worth RM2.98 billion compared to RM3.50 billion on Tuesday.
Warrant turnover declined to 912.07 million units valued at RM110.10 million from 922.85 billion units valued at RM105.78 million.
The ACE Market volume dropped to 802.28 million shares worth RM311.10 million from 955.62 million shares worth RM332.94 million previously.
Consumer products and services counters accounted for 394.85 million shares traded on the Main Market, industrial products and services (464.91 million), construction (262.60 million), technology (562.05 million), SPAC (nil), financial services (89.02 million), property (295.93 million), plantation (20.72 million), REITs (17.69 million), closed/fund (22,900), energy (158.14 million), healthcare (95.73 million), telecommunications and media (56.92 million), transportation and logistics (80.33 million), utilities (65.89 million), and business trusts (1.11 million).
Source: Bernama
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