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, Aug 23 (Bernama) -- Bursa Malaysia ended the week on a lower note in cautious trading amid a lack of buying catalysts in anticipation of a keynote address by the US Federal Reserve (Fed) chairman Jerome Powell tonight, according to analysts.
At the close, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 5.92 points or 0.36 per cent to 1,635.74 from yesterday’s close of 1,641.66.
The benchmark index opened 1.67 points higher at 1,643.33 and moved between 1,633.31 to 1,644.44 throughout the trading session.
On the broader market, losers outpaced gainers 888 to 255, with 427 counters unchanged, 938 untraded, and eight others suspended.
Turnover slipped to 3.53 billion units valued at RM2.80 billion from 3.72 billion units worth RM3.08 billion on Thursday.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan the FBM KLCI closed lower today, primarily influenced by investor anticipation of the Fed chair's highly anticipated speech at the Jackson Hole Symposium at 10 pm (Malaysian time) tonight.
“The annual event is a crucial platform for the central bank to outline its economic outlook and policy intentions.
“While no significant policy shifts are expected immediately following the speech, the market remains focused on the Fed’s guidance, especially given the CME FedWatch tool's indication of a 75.5 per cent probability of a 25-basis point rate cut in September,” he told Bernama.
Back home, Mohd Sedek said that the FBM KLCI's performance was led by the plantation counters with the Plantation Index notching up gains, lifted by strong earnings for the second quarter of 2024 and the readiness of Malaysian producers to comply with the European Union Deforestation Regulation compared to other countries.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed marginally lower due to a lack of buying catalysts.
“The key regional indices trended slightly higher as the dollar weakened, spurred by speculation over how substantial the anticipated interest rate cut might be next month.
“Domestically, the benchmark index remains in consolidation mode as global caution leaves investors hesitant to make significant moves,” he said.
Among the heavyweights, IHH Healthcare rose 1.0 sen to RM6.33, Tenaga Nasional declined 14.0 sen to RM13.72, Public Bank fell 6.0 sen to RM4.53, while Maybank and CIMB Group were unchanged at RM10.44 and RM7.89 respectively.
Among the actives, ACE Market debutant EPB Group rose 6.0 sen to 62 sen, Elridge Energy edged up half-a-sen to 40.5 sen, Cape EMS declined 2.0 sen to 38 sen and MY E.G. Services fell 5.0 sen to 89 sen.
Meanwhile, Bursa Malaysia has suspended the intraday short-selling (IDSS) for Genetec Technology and Notion VTEC for the rest of the day due to breaches of the price limit.
At the closing, Genetec’s share price tumbled 16.19 per cent to RM1.19 while Notion VTEC’s shares plunged 16.78 per cent to RM1.14.
On the index board, the FBM Emas Index decreased 92.43 points to 12,333.81, the FBMT 100 Index fell 78.87 points to 12,013.44, the FBM Emas Shariah Index dropped 113.38 points to 12,262.05, the FBM 70 Index fell 247.68 points to 17,714.43, and the FBM ACE Index lostl 58.45 points to 5,215.69.
Sector-wise, the Energy Index increased 0.88 of-a-point to 921.53 and the Plantation Index rose 0.92 points to 7,200.17, while the Financial Services Index declined 86.67 points to 19,020.65, and the Industrial Products and Services Index slipped 1.78 points to 181.60.
Source: Bernama
Comments
Post a Comment