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Market Daily Report: Bursa Malaysia Ends Lower Amid Broad-based Selling

KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
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Trump Proposes US$5 Million 'Gold Card' as New Path to U.S. Citizenship

Gold Card to Replace EB-5 Visa Program

  • Trump announced plans to replace the EB-5 investor visa program with a new "Gold Card" priced at US$5 million as a route to U.S. citizenship.
  • The EB-5 program currently grants green cards to foreign investors who create or preserve U.S. jobs.
  • The new Gold Card would offer green card privileges and a direct path to U.S. citizenship.

Trump’s Justification for the Change

  • Trump called the EB-5 program "full of nonsense, make-believe, and fraud", arguing it was a cheap way to obtain U.S. residency.
  • Commerce Secretary Howard Lutnick said the new plan would ensure only wealthy investors gain U.S. entry.

Potential Eligibility & Controversy

  • When asked if Russian oligarchs could qualify, Trump responded, "Yeah, possibly. I know some Russian oligarchs that are very nice people."
  • Critics may question whether the policy favors ultra-wealthy elites over job-creating investors.

What’s Next?

  • Trump said full details of the Gold Card program will be released in two weeks.

Summary:

  • Trump proposes replacing the EB-5 visa with a US$5 million "Gold Card" that grants green card privileges and a path to citizenship.
  • Move aims to attract ultra-wealthy investors while eliminating alleged fraud in the EB-5 program.
  • Russian oligarchs and other foreign elites may be eligible, raising potential controversy.
  • More details to be announced in two weeks.
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