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.
Stock markets experienced another wild day, marked by new tariff threats and reversals from President Donald Trump. While the day ended with a red market board, investor sentiment remains uncertain amid the constant tariff drama between the U.S. and Canada.
Key Points:
Tariff Threats: Trump sent an all-caps social media post threatening to increase steel tariffs on Canada, but quickly reversed his stance after Ontario announced it would suspend its 25% surcharge on electricity exports to the U.S.
Back-and-Forth: The U.S. has several pending tariff threats against Canada, and Canada has said it will keep its trade retaliation in place until the U.S. removes its own tariffs and agrees to free trade.
Canadian Dollar Volatility: The Canadian dollar reached a weekly low due to the tariff uncertainty but bounced back. Experts warn that the U.S. trade war might lead to a recession, and the Bank of Canada is likely to cut interest rates again in its upcoming meeting.
Other Economic News:
Job Openings Rise: In a positive bit of news, U.S. job openings rose in January, with available positionsreaching 7.74 million, a slight increase from December. The quits rate also rose to 2.1%, its highest since July, indicating that workers are more confident in leaving jobs voluntarily.
Corporate Credit Worries: Despite the job openings data, concerns about corporate credit defaults grew, with credit protection costs reaching their highest levels in nearly seven months. This reflects investor unease due to the ongoing tariff uncertainty and worries about economic growth.
Political Stalemate: The House Republicans blocked a vote on Trump's tariffs, as a decision would have put them in a politically difficult position. A vote against tariffs would have clashed with Trump's base, while supporting them could have led to blame for any economic fallout.
Looking Ahead:
As the tariff war continues to escalate, it remains unclear how the U.S. economy will fare. With global trade disruptions, rising uncertainty, and political gridlock, investors are bracing for more volatility ahead.
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