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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

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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