KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15. The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session. On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended. Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.
Japan's Trade Minister Yoji Muto met with U.S. officials on Monday, urging them not to impose trade tariffs on Japanese goods. However, despite discussions, Muto failed to secure any assurances that Japan would be exempt from the 25% steel and aluminum tariffs set to take effect on March 12, 2025.
Key Points from the Meeting:
No Tariff Exemption: Muto emphasized Japan’s close economic ties with the U.S. and its substantial investments in the American economy. Despite this, there was no guarantee that Japan would be spared from the tariffs on steel and aluminum or automobile tariffs.
Ongoing Consultations: Muto stated that the two countries agreed to continue discussions at the working leveland will hold further talks with the U.S. government to resolve the matter.
Economic Partnership Highlighted: In an attempt to persuade the U.S., Japan emphasized its role as a key economic partner, citing its investments in the U.S. economy and its contribution to creating millions of American jobs.
Other Discussions: During the meetings, Muto and his U.S. counterparts also discussed Japan’s purchase of more U.S. LNG, a gas pipeline project in Alaska, and Nippon Steel's bid to buy U.S. Steel.
The tariff dispute comes amidst rising geopolitical tensions and protectionist measures, as President Trump’s tariffs are set to target various sectors of the global economy, including Japan's steel and aluminum imports.
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