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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Meloni Seeks Better Terms for Italian Firms in China

Italian Prime Minister Giorgia Meloni visited China to enhance cooperation and reset trade ties with the world's second-largest economy after Italy's departure from the Belt and Road Initiative.

Meloni, on her first visit to China as prime minister, emphasized Italy's desire to rebalance its economic relationship with Beijing. She highlighted that Italian investment in China is about three times that of Chinese investment in Italy and expressed a goal to remove barriers for Italian products accessing the Chinese market.

Key Takeaways:

  • Trade Rebalance: Meloni aims to rebalance trade ties, seeking better access for Italian products in China.
  • Strategic Importance: Italy holds strategic importance to China and could act as a moderating voice within the EU regarding tariffs on Chinese electric vehicles (EVs).
  • EU Tariffs: EU members, including Italy, will vote in October on imposing tariffs on Chinese EVs.
  • Historical Context: Italy was the only G7 nation to join China's Belt and Road Initiative in 2019 but exited last year under US pressure, signaling a continued desire to develop trade ties with China.
  • Industrial Cooperation: Discussions included topics such as electric mobility, but no specific talks on Chinese automakers opening factories in Italy.

Meloni also discussed Italy's role in EU-China relations with President Xi Jinping, expressing hopes for more balanced trade relations and emphasizing Italy's unique position within Europe regarding Chinese investments.

Quotes:

  • "We clearly want to work to remove obstacles for our products to access the Chinese market," Meloni said.
  • "The issue of electric mobility is one of the topics included in our memorandum of industrial cooperation."

Additional Context:

  • Italy's exit from the Belt and Road Initiative did not diminish its desire to develop trade relations with China.
  • Meloni's visit underscores Italy's strategic role in fostering balanced trade and investment relations with China within the broader context of EU-China relations.
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