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Market Daily Report: Bursa Malaysia Ends Higher Amid Strong Interest In Utility, Tech Stocks

KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96.  The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
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Malaysia Closely Monitoring BRICS Tariff Threat, Says MITI Minister

Malaysia is keeping a close watch on the potential fallout from Donald Trump's threat to impose 100% tariffs on BRICS nations, according to Tengku Datuk Seri Zafrul Abdul Aziz, Minister of Investment, Trade and Industry.

Key Points

  1. Malaysia’s Position:

    • Malaysia is a BRICS partner, not a member.
    • The government will monitor developments closely to assess any potential impact on non-member countries.

  2. Support for Multilateral Trade:

    • Tengku Zafrul emphasized Malaysia’s commitment to multilateral trade platforms, including the CPTPP.
    • He noted that such frameworks are crucial for boosting economic growth, improving living standards, and maintaining stability.

  3. CPTPP and the UK’s Accession:

    • Malaysia welcomed the United Kingdom’s accession to the CPTPP, marking a step toward greater global trade cooperation.
    • The UK will officially become a CPTPP member on Dec 15, 2024.

  4. Broader Context:

    • Trump’s tariff threat stems from concerns over BRICS nations potentially replacing the US dollar in trade.
    • Acting British High Commissioner David Wallace highlighted the UK’s commitment to free trade through its CPTPP membership, contrasting with tariff increases being considered elsewhere.

Outlook

While Malaysia maintains a pro-trade stance, the government’s vigilance on the BRICS tariff issue reflects its commitment to safeguarding national interests amid potential global trade disruptions. The country’s focus on multilateral cooperation remains central to its economic strategy.

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