KUALA LUMPUR, June 12 (Bernama) -- Selected blue-chip counters trading at attractive valuations helped Bursa Malaysia close higher on Friday, despite cautious market sentiment driven by developments in West Asia, volatility in crude oil prices and uncertainty over the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.10 points or 0.24 per cent to 1,683.63 compared with Thursday's close of 1,679.53. The key index opened 5.34 points stronger at 1,684.87 earlier today and moved between 1,679.72 and 1,685.39 throughout the session. Market breadth was negative, with losers leading gainers 533 to 479, while 561 counters were unchanged, 1,130 untraded and 33 suspended. Turnover fell to 2.79 billion units worth RM2.31 billion from 3.32 billion units worth RM2.88 billion yesterday.
The US and European Union (EU) have sealed a hard-fought trade agreement imposing a 15% tariff on most EU exports, including automobiles, just days before higher levies were set to hit on Aug 1.
Key Details:
The deal prevents a looming trade war that threatened US$1.7 trillion in cross-border commerce.
Tariffs cover cars, pharmaceuticals, and semiconductors; steel and aluminium remain under a 50% duty.
The EU pledged to purchase US$750B in US energy products, invest US$600B in the US, and buy “vast amounts” of military equipment.
The 15% rate is half of the threatened 30%, but still higher than the EU’s initial zero-tariff hopes.
Market Reaction:
S&P 500 futures: +0.4%
Euro: Strengthened vs. USD
European stock futures: +0.9%
Why It Matters:
Averts a major hit to global supply chains and investor sentiment.
Seen as a political win for Trump, who called it “the biggest of all the deals.”
EU leaders described it as “sustainable,” though German industry groups warned it “sends a fatal signal” for transatlantic trade.
Next Steps:
Tariffs take effect Aug 1.
Section 232 probes on pharmaceuticals and aerospace still pending.
US continues talks with China, South Korea, Switzerland, and Taiwan ahead of the deadline.
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