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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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US Supreme Court Tightens Obstruction Criteria in Trump, Jan. 6 Cases Summary:

  • Ruling: Supreme Court issues 6-3 decision, penned by Chief Justice Roberts.
  • Legal Bar Raised: New requirements for proving obstruction charges.
  • Focus: Necessity to show impairment of documents or records.

The U.S. Supreme Court on Friday significantly raised the bar for prosecutors pursuing obstruction charges against former President Donald Trump and defendants linked to the January 6 Capitol riots.

Narrowed Interpretation

In a 6-3 decision, Chief Justice John Roberts articulated that prosecutors must now prove that a defendant "impaired the availability or integrity" of documents or records related to an official proceeding. This ruling overturns a lower court decision, which had allowed broader charges against Joseph Fischer, a former police officer, and sends the case back for reconsideration.

Key Takeaways:

  • Stringent Criteria: Prosecutors must demonstrate document or record tampering.
  • Potential Trump Advantage: Trump’s obstruction-related charges may face higher hurdles.
  • Scope of Statute: Roberts dismissed broader interpretations that could criminalize a wide range of actions.

Dissenting Opinion

Justice Amy Coney Barrett, joined by Justices Sonia Sotomayor and Elena Kagan, dissented, arguing that the statute was designed to be comprehensive. This ruling presents a potential boon for Trump, the leading Republican contender against President Joe Biden in the upcoming election. Trump faces two obstruction-related charges among others, under the Sarbanes-Oxley Act.

Government Reaction

Attorney General Merrick Garland expressed disappointment, underscoring the ruling’s impact on efforts to hold January 6 perpetrators accountable. The Justice Department estimates that approximately 250 out of 1,400 charged individuals could be affected by this ruling.

Broader Implications

George Washington University Law School professor Randall Eliason pointed out that while the decision sets a higher bar, it doesn’t eliminate the possibility of charges for submitting false evidence, such as those involving fake electors.

Historical Context

On January 6, 2021, supporters of Trump stormed the Capitol, resulting in extensive violence and disruption. Fischer, who was among the charged, faced multiple counts. This Supreme Court ruling could reshape the legal landscape for these prosecutions.

Trump’s Legal Battles

Trump, who maintains not guilty pleas, also faces separate legal challenges in New York and Georgia. The Supreme Court is poised to rule on Trump’s immunity bid in the federal election subversion case on Monday.

Political Ramifications

Biden’s campaign reiterated the necessity of holding the January 6 instigators accountable, stating, “Donald Trump will always put himself over our democracy.” The ruling intensifies the political climate ahead of the November 5 election.

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