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.
Singapore's Deputy Prime Minister, Gan Kim Yong, has issued a stark warning about the potential ripple effects of escalating tariffs, particularly those imposed by the U.S. under President Donald Trump, on global economic growth. His comments reflect growing concerns across Asia, a region highly reliant on trade.
Key Highlights:
Tariff Concerns: Gan expressed anxiety over the U.S. tariffs on its three largest trading partners — China, Canada, and Mexico — and the prospect of further tariff measures. He cautioned that these actions could lead to a cascade of retaliatory tariffs, significantly disrupting global supply chains and hindering trade and investment flows.
Global Economic Impact: According to Gan, the rise in tariffs and the ongoing trade wars could severely slow down global economic growth, even for countries that are not directly affected by these tariffs. The ripple effects are expected to be felt worldwide, affecting not just trade-reliant nations like Singapore, but the global market as a whole.
Singapore's Vulnerability: As one of Asia’s wealthiest economies with a strong export base in electronics and pharmaceuticals, Singapore has benefited greatly from its strategic port. However, like many other trade-dependent nations, it is closely monitoring U.S. actions and their impact on the wider region.
Tariff Updates: A 25% U.S. tariff on steel and aluminum imports is set to go into effect on Wednesday, with other countries also taking measures against China’s steel exports, following Washington's lead.
Looking Ahead:
As the tariff dispute continues to evolve, Singapore and other nations in Asia are watching closely, fearing the long-term economic consequences of ongoing trade tensions and retaliatory actions.
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