Saturday, March 3rd, 2018


Corporate America really hates Trump’s metal-tariff proposal (VIDEO)

LOS ANGELES, March 3 — President Donald Trump has proposed tariffs on aluminium and steel that he says will put the country first. But a broad swath of corporate America strongly disagrees, saying the levies will boost prices on everything from…

Hyundai Motor warns tariffs may jeopardise US production (VIDEO)

CHICAGO, March 3 — Hyundai Motor Co warned it may rethink how many vehicles it builds in the US, joining the world’s largest automakers in speaking out against US President Donald Trump’s crackdown on steel and aluminium imports….

Najib witnesses MoU exchanges for developments in Terengganu

KUALA NERUS, March 3 — Prime Minister Datuk Seri Najib Razak and Mentri Besar Datuk Seri Ahmad Razif Abdul Rahman today witnessed the exchanges of a number of memoranda of understanding (MoUs) of firms involved in development projects in the…

Earnings boost for stocks may lose lustre with rising yields

NEW YORK, March 3 — There is little doubt on Wall Street that US corporate profits are on track to rise at a healthy rate this year, with an overall estimate for growth of almost 20 per cent. Less certain, however, is how investors should…

US stresses trade concerns with China after Trump announces tariff plan

WASHINGTON, March 3 — Senior US officials stressed concerns about the US trade deficit with China, market access and unfair treatment of US companies in a second day of talks with Chinese President Xi Jinping’s top economic adviser at the…

Trump sours flagging Nafta talks with steel trade war threats

MEXICO CITY, March 3 — US President Donald Trump’s threats to unleash a trade war over steel crushed hopes of substantial progress in the latest talks to rework Nafta, heightening fears for the trade deal’s future. Trump said on Thursday…

‘Trade wars are good,’ Trump says, defying global concern over tariffs

WASHINGTON, March 3 — US President Donald Trump struck a defiant tone yesterday, saying trade wars were good and easy to win, after his plan to put tariffs on steel and aluminium imports triggered threats of retaliation from trading partners and…

Businesses try to coax Trump from tariffs brink, aides quarrel

WASHINGTON, March 3 — President Donald Trump, after shocking markets with the risk of a global trade war, came under intense pressure yesterday from US business interests and foreign trading partners to moderate his threat to slap tariffs on…

Bursa Malaysia downtrend likely to continue next week

KUALA LUMPUR: Bursa Malaysia is expected to continue its downtrend next week on gloomy investor sentiment as fears of a trade war was triggered by US President Donald Trump's plan to impose steep tariffs on steel and aluminum imports.

Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said Trump's Thursday decision of instituting tariffs of 25% on steel imports and 10% on inbound aluminium shipments had worsened the already cloudy sentiment in the market.

“Therefore, investors believe the move would have a spillover effect on emerging markets like Malaysia and turn away from the equity market.

“Trump's announcement had sparked trade war worries that might involve countries like China, as well as European countries, and they are the major export destinations for Malaysia,” he told Bernama.

Nazri Khan expects the wary sentiment would extend until next week, causing the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) to lower at around 1,850 points from Friday's close of 1,856.07.

For the week just-ended, Bursa Malaysia was traded mostly mixed to lower, despite touching a three-week high of 1,871.46 on Tuesday due to the encouraging corporate earning results.

Moving in tandem with its regional peers, the local bourse was mostly affected by the new US Federal Reserve Chair's hawkish remarks on the US monetary policy as fears emerged over the faster pace of interest rate hike.

China's sluggish manufacturing data in February and Trump's tariff hike remarks also played a vital role in influencing the market barometer movement.

On a Friday-to-Friday basis, the FBM KLCI finished 5.43 points easier at 1,856.07.

The FBM Emas Index lost 139.83 points to 13,173.95, the FBMT100 Index depreciated 112.65 points to 12,892.74 and the FBM Emas Syariah Index dropped 229.04 points to 13,372.35.

The FBM 70 dipped 394.07 points to 15,978.48 and the FBM Ace slumped 295.31 points to 6,154.67.

On a sectoral basis, the Industrial Index decreased 36.68 points to 3,215.45, while the Plantation Index gained 18.50 points to 8,079.99 and the Finance Index surged 226.29 points to 18,228.07.

Weekly turnover went up to 14.37 billion units worth RM14.20 billion from 12.80 billion units worth RM11.26 billion.

Main market volume rose to 9.22 billion shares valued at RM13.30 billion from 7.81 billion shares valued at RM10.31 billion.

Warrant turnover fell to 2.44 billion units worth RM439.50 million versus 2.96 billion units worth RM526.96 million last week.

The ACE market advanced to 2.67 billion shares valued at RM441.25 million against 2.0 billion shares worth RM403.30 million.

Gold futures contracts on Bursa Malaysia Derivatives are likely to remain uncertain next week, tracking the US Commodity Exchange's (COMEX) gold market, said a dealer.

Phillip Futures Sdn Bhd Dealer Tee Guy Eon said gold prices were expected to continue to be pressured by the expectation of the US Federal Reserve interest rate hike anytime soon.

“The precious metal is vulnerable towards interest rates, as it could increase the opportunity cost of holding non-interest-bearing gold,” he told Bernama.

For the week just ended, the overall local gold price traded slightly higher, lifted by positive sentiment following the uptrend on the COMEX gold futures as the US dollar eased on worries over US President Donald Trump's plan to impose heavy tariffs on imported steel and aluminium.

On a Friday-to-Friday basis, March 2018 and April 2018 decreased 33 ticks each to RM166.20 a gramme and RM166.95 a gramme, respectively, while May 2018 eased eight ticks to RM167.70 a gramme and June 2018 declined 17 ticks to RM167.70 a gramme.

Weekly turnover rose to 20 lots worth RM334,400 from last week's 14 lots worth RM236,260, while open interest fell to 70 contracts from 73 contracts. — Bernama


Ringgit to move around 3.95 level against US dollar next week

KUALA LUMPUR, March 3 — The ringgit is expected to move around the 3.95 level against the US dollar next week, a dealer said. Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the local…