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Market Daily Report: Bursa Malaysia Rebounds To Reclaim 1,700 Level At Close

KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17.  The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session.  Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
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Global Economy Braces for Trump-Era Uncertainty as Policies Loom

As Donald Trump prepares to enter the White House, global central banks and markets are grappling with the uncertainty of his policies. From tariffs and tax cuts to immigration curbs, Trump's proposals are already reshaping projections for growth, inflation, and interest rates across the world.

Key Highlights

Federal Reserve Urges Caution Amid Economic Uncertainty

  • The Federal Reserve cut rates on Wednesday but scaled back projections for future cuts due to stubborn inflation and uncertainty around Trump’s policies.
  • Fed Chair Jerome Powell noted officials have begun factoring in conditional economic effects of potential Trump policies, including tariffs and fiscal changes.
  • Key Projection: Growth is expected to be higher in 2025, but so is inflation, leading to just one rate cut priced in for 2025.

Global Central Banks React

  • Bank of England: Held its interest rate at 4.75%, citing uncertainty over global economic policies.
    • Governor Andrew Bailey stated, "We can’t commit to when or by how much we will cut rates."
  • Bank of Japan: Maintained ultra-low interest rates, with Governor Kazuo Ueda highlighting potential negative impacts of Trump’s trade policies on Japan’s export-driven economy.
  • Norway’s Central Bank: Held rates at a 16-year high of 4.50%, flagging concerns over a potential US-China trade war.
  • Sweden’s Central Bank: Cut rates to 2.50% but signaled caution about further cuts in early 2025.

European and Canadian Policy Shifts

  • European Central Bank (ECB): Lowered rates last week, emphasizing downside risks to growth, including potential trade tensions with the US.
  • Canada: Finance Minister Chrystia Freeland resigned, citing disagreements with Prime Minister Justin Trudeau on handling Trump’s threats of 25% tariffs on Canadian imports.

Bitcoin and Crypto Markets Impacted

  • Trump's idea of creating a strategic bitcoin reserve faced a blow when Powell clarified the Fed has no legal authority to hold bitcoin and no plans to seek such authority.
  • Market Reaction: Bitcoin dropped 5%, its largest decline in three months, alongside a broad slide in crypto-related assets.

Implications for Global Growth

  • Many central banks are slowing or halting rate cuts as they brace for Trump-era trade and fiscal policies.
  • The possibility of new tariffs and trade wars is expected to dampen global growth and disrupt financial markets.
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