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 29 (Bernama) -- Bursa Malaysia snapped a three-day winning streak to end in the red on Thursday, as investors took profit amid the negative performance of most regional peers.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 21.69 points or 1.29 per cent to 1,653.55 from Wednesday's close of 1,675.24.
The index opened 2.29 points lower at 1,672.95 and fluctuated between 1,651.73 and 1,684.68 throughout the session.
The broader market was weaker, with decliners outnumbering gainers 851 to 316, with 457 counters unchanged, 894 untraded and 108 others suspended.
Turnover decreased to 3.67 billion units valued at RM3.96 billion from 3.96 billion units valued at RM4.65 billion on Wednesday.
Analysts believe that the pullback in the FBM KLCI today after the recent rally was a healthy development, given the index's position above the 1,636 support level.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the key index briefly surpassed the 1,680 mark during the mid-morning session, indicating a strong upward momentum.
“A positive economic outlook, coupled with sustained buying interest in banking stocks, the ringgit appreciation, and a potential US Federal Reserve pivot, supports the FBM KLCI ongoing recovery.
“The telecommunications sector led the market today, driven by strong second-quarter earnings reports,” he told Bernama.
Mohd Sedek said investors are likely to closely monitor local catalysts and US jobs data (to be released tonight) before making significant moves.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local market was weaker today on profit-taking on banks following the recent strong rally.
“We believe this is a healthy correction as it provides a good opportunity to accumulate stocks at lower level and form a strong foundation for a sustaining uptrend.
Today, financial counters, Hong Leong Financial Group Bhd and Hong Leong Bank Bhd announced their 2024 financial results, whereby both banks posted higher net profit and revenue.
“We anticipate the FBM KLCI to trend within the 1,650-1,670 range towards the weekend,” he said.
Among heavyweights, Maybank slipped 18 sen to RM10.68, Public Bank dropped 10 sen to RM4.70, CIMB dipped 38 sen to RM8.00, Tenaga fell six sen to RM13.94, and IHH eased two sen to RM6.29.
As for the active counters, Cape EMS was half-a-sen lower at 34.5 sen, SP Setia and Sime Darby Property decreased five sen each to RM1.03 and RM1.28 respectively, and Bumi Armada declined three sen to 50.5 sen. Key Alliance was flat at half-a-sen.
On the index board, the FBM Emas Index dipped 170.39 points to 12,300.20, the FBMT 100 Index sank 168.18 points to 12,005.87, and the FBM Emas Shariah Index slipped 109.92 points to 12,123.97.
The FBM 70 Index tumbled 280.82 points to 17,189.87, while the FBM ACE Index decreased by 38.55 points to 5,081.08.
Sector-wise, the Plantation Index shed 6.71 points to 7,287.04, while the Financial Services Index plunged 349.34 points to 19,475.60.
The Industrial Products and Services Index eased by 1.73 points to 180.46, and the Energy Index declined by 11.15 points to 913.46.
The Main Market volume decreased to 2.03 billion units worth RM3.70 billion from 2.48 billion units worth RM4.38 billion on Wednesday.
Warrants turnover increased to 1.08 billion units valued at RM118.58 million from 897.39 million units valued at RM97.25 million previously.
The ACE Market volume declined to 543.66 million shares worth RM139.78 million from 578.98 million shares worth RM176.43 million yesterday.
Consumer products and services counters accounted for 209.62 million shares traded on the Main Market, industrial products and services (427.53 million), construction (186.59 million), technology (285.61 million), SPAC (nil), financial services (188.07 million), property (271.73 million), plantation (38.37 million), REITs (17.07 million), closed/fund (49,600), energy (124.09 million), healthcare (77.11 million), telecommunications and media (64.61 million), transportation and logistics (55.98 million), utilities (92.14 million) and business trusts (531,400).
Source: Bernama
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