KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
During a televised debate on Tuesday, U.S. Vice President Kamala Harris sharply criticized former President Donald Trump, accusing him of failing to protect American interests against China and condemning his praise for Chinese President Xi Jinping during the COVID-19 pandemic. Harris argued that Trump's actions, including the sale of American technology to China, compromised U.S. security and economic standing.
Key Takeaways:
Accusations of Compromising National Security: Harris accused Trump of “selling out” the U.S. by allowing the sale of American chips to China, which she claims helped modernize China’s military. She emphasized the need for U.S. policy on China to ensure that America wins the 21st-century competition, criticizing Trump’s admiration for Xi, whom President Biden has called a "dictator."
Trade Tensions and Economic Policy: China has been a focal point in the ongoing U.S. election, with both parties proposing tough stances. Trump has vowed to impose a 60% tariff on Chinese goods, while the Biden administration has announced a 100% levy on Chinese-made electric cars. Harris criticized Trump’s tariff policies, suggesting they harm American consumers, especially in light of the Federal Reserve’s efforts to control inflation.
Debate Highlights Broader U.S.-China Policy Differences: As "China Week" unfolds in the U.S. House, with legislation tightening economic ties with Beijing, the debate underscored the contrasting approaches of the candidates. Harris is expected to continue Biden’s strategy of managing U.S.-China relations through diplomacy while restricting China's access to advanced technologies on national security grounds. Meanwhile, Trump defended his record on China, claiming his policies generated significant revenue and vowing further action against Chinese firms circumventing U.S. tariffs.
The debate highlighted the central role of China in U.S. foreign policy discussions, with both sides aiming to define their approach to managing the complex bilateral relationship.
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