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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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Chinese Commerce Minister Warns EV Tariffs Will Harm Both Germany and China

China’s Commerce Minister, Wang Wentao, has stated that the European Union's (EU) imposition of tariffs on electric vehicles (EVs) will "seriously interfere" with trade and investment cooperation and negatively impact both China and Germany.

During discussions on Tuesday with German Vice Chancellor and Economic Minister Robert Habeck, Wang expressed hope for a solution aligned with World Trade Organization (WTO) rules to be reached promptly, aiming to avoid escalating economic and trade frictions between China and the EU, according to a statement released by China’s Ministry of Commerce early Wednesday.

The European Commission is reportedly close to proposing final tariffs of up to 35.3% on EVs built in China, in addition to the EU's standard 10% car import duty.

Wang's visit to Europe is focused on addressing the EU’s anti-subsidy case against Chinese-made EVs, ahead of a decision on additional tariffs. He urged Germany to act in its own interests and encourage both the European Commission and China to collaborate towards a resolution.

Habeck affirmed Germany's support for free trade and welcomed Chinese auto and parts companies to invest in Europe. He also indicated that Germany would push the European Commission to find a suitable solution with China and make every effort to avoid trade conflicts, according to the ministry's statement.

Wang also met with Wolfgang Schmidt of the German Chancellery in Berlin, where he reiterated China's stance on resolving the anti-subsidy case through dialogue and consultation. He expressed disappointment that the EU had ignored China's efforts and opted for high countervailing duty rates, rejecting a package solution proposed by Chinese industry representatives.

Wang emphasized that China would continue its efforts to find a resolution through consultations "until the last moment." He called on Germany, as a key EU member, to play an active role in urging the European Commission to show political will and work with China to resolve the issue properly.

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