KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
As the Aug. 1 trade deal deadline set by President Donald Trump nears, the Philippines is seeking to reduce US tariffs on its exports from 19% to 15%, according to Philippine Ambassador to the US, Jose Manuel Romualdez.
Tariff Adjustments So Far
Originally proposed: 20%
Revised in April: 17%
Current level: 19%
Target: 15%, to match US-Japan trade deal terms
“There is room for more improvement on the tariff,” said Romualdez. “We’re hopeful we can align with the new 15% rate announced for Japan.”
US-Philippines Trade Deal Snapshot
Trump’s latest announcement: 15% tariff on Japan
Philippines to open its market to US goods, but will apply zero tariffs selectively (e.g., automobiles)
Plans to increase imports of soybeans, wheat, and pharmaceuticals from the US
Full trade agreement details are still under negotiation
On Transshipment Concerns
Romualdez emphasized: “There’s no transshipment coming through the Philippines.”
This issue has been a sticking point in other regional trade talks with Indonesia and Vietnam
Reminder: US has imposed 40% tariffs on goods transshipped or containing non-market economy content
Defense & Industrial Collaboration
Both Trump and Marcos discussed building a US-supported ammunition manufacturing base in Subic Bay, the site of a former American naval facility
Analyst Takeaway:
Philippines is navigating complex trade talks with the US amid tightening tariffs globally
A reduction to 15% would help preserve the competitiveness of Philippine exports
The focus on industrial cooperation (ammunition plant) shows a deepening US-Philippines strategic alignment
However, uncertainty remains as final trade terms are yet to be sealed
Bottom Line: Watch for updates ahead of the Aug. 1 deadline, as outcomes could influence regional supply chains, foreign investment flows, and bilateral trade volumes.
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