Bursa Malaysia ends firmer, buoyed by positive US-China developments
KUALA LUMPUR: Bursa Malaysia closed on a stronger note Wednesday, lifted by positive sentiment stemming from recent US-China developments, with YTL-linked stocks attracting notable buying interest.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.45 per cent, gaining 6.89 points to settle at 1,523.84, up from Tuesday's close of 1,516.95.
Market breadth was positive, with 546 gainers outpacing 375 losers, while 528 counters remained unchanged.
According to Malacca Securities Sdn Bhd, the broader market saw a rebound in the construction sector following a round of healthy profit-taking, led by gains in Gamuda Bhd and IJM Corporation Bhd.
In contrast, the consumer products and services sector recorded the largest decline.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said investor sentiment was further buoyed by an improvement in trading activity.
"Market volume rebounded to a more normalised level, surpassing the 3 billion shares mark after languishing around 2.7 billion shares for the past five consecutive trading days.
"Financials, utilities, and data centre-related counters led the gainers, reflecting renewed confidence in sectors anchored by domestic demand and long-term structural trends," he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Japan party leaders face off over no-confidence motion; Opposition hesitant amid tariff negotiations with United States
Prime Minister Shigeru Ishiba, (right), and Constitutional Democratic Party leader Yoshihiko Noda participate in the party leader debate at the Diet in Tokyo on Wednesday (June 11, 2025). - Photo: The Yomiuri Shimbun TOKYO: A tense standoff took place during a debate between party leaders in the Diet on Wednesday (June 11) as the ruling Liberal Democratic Party and the main opposition party grappled with a potential no-confidence motion against the Cabinet of Prime Minister Shigeru Ishiba. Ishiba, who also serves as LDP president, and Yoshihiko Noda, president of the Constitutional Democratic Party of Japan, waged a war of nerves at the final party leader debate of the current Diet session. Noda took a confrontational stance, despite appearing inclined to forgo the no-confidence motion, but he lacked vigor. This highlighted his struggle to keep the CDPJ at an appropriate distance from the government and the ruling bloc. Arguments lacked depth During the debate, Noda emphasised measures to combat rising prices. He asserted that the approach taken by Ishiba Cabinet's tended to 'understand the issues but either postpones [taking steps] or does nothing.' However, Noda noticeably lacked depth in the pursuit of individual issues. He pressed for the consumption tax rate on food to be reduced to 0%, which is one of the CDPJ's campaign pledges for the House of Councillors election. However, Ishiba rejected a possible tax cut, saying: 'Mr. Noda understands the significance of the consumption tax better than anyone. I respect him as a politician.' Noda questioned Ishiba about the Japan-US tariff negotiations, asking, 'Is there a prospect of reaching an agreement on main points?' Ishiba remained unruffled and responded: 'We are making progress one step at a time. Ultimately, [US] President [Donald Trump] will make the decision.' Noda wavering Noda failed to fully commit to a confrontational stance, as he hesitated about submitting a no-confidence motion. The CDPJ has submitted no-confidence motions in ordinary Diet sessions every year since 2018, except in 2020, when priority was given to Covid-19 countermeasures. Under a minority government, the opposition can pass such a motion if it is united. Normally, this would be a once-in-a-lifetime opportunity for the opposition to bring about a change of government. Noda had hinted at submitting a motion but began to waver, questioning whether such a political decision was appropriate amid ongoing tariff negotiations with the United States, which is considered a national crisis. If Japan-US tariff negotiations continue even after their bilateral summit meeting — scheduled on the sideline of the Group of Seven summit from Sunday to Tuesday — the CDPJ could face public criticism if a political vacuum emerges from the passage of a no-confidence motion. Furthermore, if the tariff negotiations are successful, that would also make it difficult for the party to submit such a motion. On the other hand, there are simmering voices within the CDPJ to demonstrate a more aggressive and confrontational stance by submitting the motion. Noda had even told aides before the party leader debate that he was genuinely struggling with the decision of whether to submit the motion. Avoiding dissolution If a no-confidence motion is submitted, some within the government and the LDP believe the House of Representatives should be dissolved without a vote on the motion. But junior coalition partner Komeito opposes holding simultaneous elections for both houses. Nevertheless, if a no-confidence motion passes, Ishiba would have no choice but to either dissolve the lower house or see his Cabinet resign en masse. Many within the ruling party believe there would be no option but dissolution if it passed. The prime minister wants to avoid the political vacuum caused by dissolution, and intends to courteously respond to talks between the ruling and opposition party leaders on tariff negotiations around the time of the G7 Summit. Ishiba is trying to save face for Noda while hoping the CDPJ will not submit the motion. - The Yomiuri Shimbun
The Sun
4 hours ago
- The Sun
Asean's ambition of being world's fourth biggest economy by 2030 well within reach: Tengku Zafrul
KUALA LUMPUR: Asean's ambition to become the world's fourth-largest economy by 2030 is well within reach, provided the region sustains an annual gross domestic product (GDP) growth rate between 4% and 5%. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the region's robust growth prospects at the official launch of the Asean Economic Community (AEC) Strategic Plan today. 'Our economists have thoroughly analysed the growth projections for all Asean economies under current conditions, and we are confident that the targets are indeed achievable,' he said. Tengku Zafrul noted that the Asean Secretariat projects regional GDP growth at 4.7% for 2025, as presented at the latest Asean Economic Ministers' Meeting. 'But things are very dynamic. It depends on the global economic situation. The IMF (International Monetary Fund) will also produce their forecast of global growth,' he said, stressing the need for vigilance amid shifting external factors. Tengku Zafrul emphasised the AEC Strategic Plan's role in keeping Asean's policies current and responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward,' he said. The plan has been carefully crafted to implement the economic aspects of the Asean Community Vision 2045, leveraging the region's vast opportunities and potential. A key pillar of the plan is the establishment of a forward-looking digital economic framework, which is expected to double Asean's digital economy to US$2 trillion (RM4.5 trillion) by 2030. The focus on digital transformation, alongside sustained economic integration and resilience, positions Asean to not only achieve its growth targets but also to strengthen its global influence. On the domestic front, Tengku Zafrul sees positive signals from foreign investors in Malaysia, with no indication of existing investors withdrawing their commitments despite ongoing global uncertainties. 'So far, no existing investors have expressed any intention to exit Malaysia. They remain committed to their investments, and no cancellations have been announced.' However, he observed that new investors are adopting a more cautious, 'wait and see' approach, influenced by heightened geopolitical tensions – particularly between the United States and China – and broader global volatility. Looking ahead, Tengku Zafrul said his trade negotiations in Washington on June 18 will focus on reducing tariffs on Malaysian exports. 'The negotiations are essentially to address the current tariff structure, where the US has imposed a 24% tariff on Malaysia. Our first goal is to bring that down.' The second objective is to identify key sectors where Malaysia believes tariffs should be reduced even below the 10% floor, targeting industries important to both Malaysian exporters and the US economy. In April, the US government announced new tariff measures affecting more than 60 countries, including Malaysia. The implementation of these tariffs has been paused for 90 days to allow room for negotiations.
New Straits Times
4 hours ago
- New Straits Times
BlackRock aims to grow revenue to US$35bil and more by 2030
NEW YORK: BlackRock said on Thursday it was aiming to grow its revenue to US$35 billion and more by 2030, as the asset management giant expands its foothold in private markets. The New York-based firm, which reported revenue of US$20 billion for 2024, will hold an investor day on Thursday that is expected to provide insight into the firm's strategic priorities and its growing focus on private markets. The world's largest asset manager, overseeing US$11.58 trillion as of the end of the first quarter, last year expanded its presence in private markets through a series of acquisitions that BlackRock's boss Larry Fink said were transformational for the New York-based firm. BlackRock spent about US$25 billion in 2024 on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners. It also struck a US$3.2 billion deal to acquire UK data provider Preqin. That acquisition officially closed in March this year. BlackRock is also aiming to double its market cap to US$280 billion and targeting US$400 billion of cumulative fundraising in private markets by 2030, it said in an investor presentation on Thursday. "I think investors are going to want more granular details and more colour on BlackRock's strategy to increase exposure to alternative assets," said Cathy Seifert, an analyst at CFRA Research who covers BlackRock. Private assets generate significantly higher fees than exchange-traded funds (ETFs), a core part of BlackRock's business through its iShares franchise. BlackRock is aiming for its private markets and technology businesses to make up 30 per cent or more of the firm's total revenue by 2030, up from 15 per cent in 2024. In his 2025 annual chairman's letter to shareholders, BlackRock's chairman and CEO Fink said protectionism had returned with force as a result of a wealth divide that could be countered by offering more investors access to high-return private markets such as infrastructure and private credit. Ben Budish, an analyst at Barclays, said he expected updates from the company on potentially creating indexes based on private markets after the acquisition of private markets data provider Preqin. "Looking at what BlackRock did with iShares and ETFs, is there a way to do that with private markets? … I'm sure there's more details to come on that," he said. Private credit, where non-bank institutions lend to companies, has experienced significant growth in recent years due to stricter regulations that have increased the cost for traditional banks to fund higher-risk loans. But broader market volatility caused by US President Donald Trump's aggressive stance on tariffs has led to slower dealmaking in private markets in general, raising some concerns there may be a mismatch between money available for private lending and not enough places to invest it. Investors may also look for any signs regarding succession at the firm. Fink, 72, has led BlackRock since co-founding it in 1988. A recent wave of senior executive departures has reignited speculation about his eventual successor, even as Fink has signalled no immediate plan to step down. "The firm would do itself a favour by highlighting the depth and breadth of their management bench, particularly since the company's business model is expanding and potentially becoming more complex," said Seifert.
