MARKET PULSE PM JULY 8, 2025 [WATCH]
Bursa Malaysia ended lower for the second consecutive session, as renewed trade tariff uncertainty continued to dampen investor sentiment.
In contrast, most regional markets finished in positive territory, discounting US tariff risks after President Trump signaled that negotiations with Washington remained on the table.
Back home, the FBM KLCI is expected to trade within the 1,520 to 1,550 range for this week.
The ringgit weakened against the US dollar today, closing at 4.2400.
In the crypto market, Bitcoin climbed to RM458,755.
Ethereum rose to RM10,817, while Solana rose to RM635.
That wraps up today's Market Pulse.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
3 minutes ago
- New Straits Times
Trump weighs using US$2bil in Chips Act funding for critical minerals
WASHINGTON: The Trump administration is considering a plan to reallocate at least US$2 billion from the Chips Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick's influence over the strategic sector, two sources familiar with the matter told Reuters. The proposed move would take from funds already allocated by Congress for semiconductor research and chip factory construction, avoiding a fresh spending request as it seeks to reduce US dependence on China for critical minerals used widely in the electronics and defence industries. Boosting Lutnick's role over critical minerals financing would also help centralise the administration's approach to the sector, a push sought by White House officials after the rollout of the Pentagon investment in rare earths company MP Materials last month sparked questions about the US government's minerals strategy, one source said. The White House did not respond to requests for comment. Pentagon officials were not immediately available to comment. MP Materials declined to comment. The Commerce Department oversees the US$52.70 billion Chips Act, formally known as the Chips and Science Act. The Act, signed into law by then-President Joe Biden in 2022, has provided funding so far for research while also seeking to lure chip production away from Asia and boost American domestic semiconductor production. But since taking office in January, Trump has moved to change the Chips Act – legislation he has called "a horrible, horrible thing" that amounts to a giveaway to companies – largely by renegotiating grants to chipmakers. Repurposing some funds for mining-related projects would align in part with the spirit of the Chips Act as the semiconductor industry requires abundant supplies of germanium, gallium and other critical minerals over which China has tightened its market control, said the sources, who are not permitted to speak publicly about the deliberations. "The administration is creatively trying to find ways to fund the critical minerals sector," said the first source. The plans are under discussion and could change, the sources added. Mining companies themselves could benefit, but also processing and recycling firms. Most of the minerals considered critical by the US government are not processed inside the country. Kent Masters, CEO of North Carolina-based Albemarle, the world's largest producer of lithium for rechargeable batteries, told Reuters last month that the company's stalled plans to build a US lithium refinery are "difficult now without some type of government support or partnership. " It was not immediately clear if the Trump administration aimed to use the funds for grants or equity stakes in mining companies, but Lutnick aims to "get the US$2 billion out the door" as soon as possible, the first source said, adding that the administration aims to find other funds to reallocate in the near future. A former US official said the Biden administration considered using Chips Act grants for rare earths but decided it was uneconomical, required many environmental exemptions and was best left for the Department of Energy to handle. The administration is also looking to use Chips Act-related funding to take equity stakes in Intel and other chipmakers in exchange for cash grants, Reuters reported on Tuesday. Trump moved quickly to expand US critical minerals production since taking office in January by signing executive orders to boost deep-sea mining and domestic projects. On Tuesday he met with the CEOs of Rio Tinto and BHP at the White House despite the ongoing negotiations with European leaders over Russia's invasion of Ukraine, a move aimed at underscoring his support for US mining. The Chips Act deliberations come after the Energy Department last week proposed US$1 billion in spending for some critical minerals projects, with funds tied to the 2021 Bipartisan Infrastructure Law. LUTNICK The White House aims to give Lutnick a greater role over funding decisions for critical minerals by giving him oversight of the decision-making process within the administration, the sources said. The Pentagon's multibillion-dollar investment in MP Materials and its move to extend a price support mechanism – a deal negotiated by Deputy Defence Secretary Steve Feinberg – was seen by White House Chief of Staff Susie Wiles as uncoordinated, as it sparked confusion over whether Washington would guarantee a price floor for all miners and forced the administration to clarify that it does not intend for MP to have a rare earths monopoly, the two sources said. Much of the funding for MP's deal – including Washington's equity stake, loans and purchase agreements – still needs to be allocated by Congress. Two weeks after the Pentagon announced its MP investment, administration officials rushed to meet at the White House with rare earths firms and their customers to underscore broad support for the entire sector, Reuters reported. Lutnick will now help coordinate the administration's funding decisions, taking the lead from the Pentagon and other agencies, the sources said. Lutnick ran brokerage firm Cantor Fitzgerald before he joined Trump's cabinet. Cantor is a large shareholder in Critical Metals Corp, which Reuters reported in June is under consideration for a loan from the US Export-Import Bank.
Barnama
19 minutes ago
- Barnama
Bursa Malaysia Opens Higher, CI Adds 4.8 Pts
WORLD KUALA LUMPUR, Aug 22 (Bernama) -- Buying in selected heavyweights lifted Bursa Malaysia at the open on Friday, extending the previous day's gains, while sentiment stayed cautious over the global economic outlook, a dealer said. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.80 points to 1,597.67 from 1,592.87 at Thursday's close. The benchmark index had opened 0.93 of-a-point firmer at 1,593.80. Market breadth was positive, with 194 gainers outpacing 127 decliners, while 272 counters were unchanged, 2,001 untraded and 12 suspended. Turnover stood at 184.96 million shares worth RM94.62 million. Malacca Securities Sdn Bhd said in a note that despite the selldown on Wall Street, the local market could stay supported, led by the Utilities sector. 'Wall Street extended its losing streak as weakness in retail and tech weighed on sentiment. Walmart tumbled on mixed earnings, while artificial intelligence (AI) optimism was dented by a Massachusetts Institute of Technology report highlighting poor returns on investment in AI. 'Meanwhile, jobless claims came in higher than expected, suggesting a slowing labour market. Investors will turn to Jerome Powell's upcoming speech at Jackson Hole for clues on the path of interest rates,' it said. Among the heavyweights, Maybank and Tenaga Nasional rose 6.0 sen each to RM9.84 and RM13.70, respectively. Public Bank added 2.0 sen to RM4.47, CIMB gained 1.0 sen to RM7.46, while IHH Healthcare was flat at RM6.81. In actively traded stocks, Widad eased half-a-sen to 1.5 sen, Ivory Properties slipped 1.5 sen to half-a-sen, while SFP Tech and Reneuco added half-a-sen each to 16 sen and 3.5 sen, respectively.
The Star
33 minutes ago
- The Star
FBM KLCI pushes higher despite caution over Fed chair speech
KUALA LUMPUR: The FBM KLCI edged cautiously higher at Friday's open although the risk appetite is expected to remain low ahead of the weekend where the US' top central banker is expected to give his remarks on interest rate policy. The benchmark index rose 0.93 points to 1,593.8, as investors picked up shares amid the ongoing corporate results period. However, analysts are expecting traders to remain cautious as they await US monetary policy cues from Federal Reserve chair Jerome Powell's upcoming speech at the ongoing Jackson Hole symposium. According to Rakuten Trade, the accumulation of stocks from local institutions was apparent with buying interest mainly focused on the laggards. "We are indeed heartened by the solid support from the local funds thus far, rendering them taking the lead within the local bourse. "For today, we expect the index to hover between the 1,590-1,600 range, hopefully and beyond," said the research firm in a note. Maxis was an early leader on the FBM KLCI, rising five sen to RM3.51 following the previous day's positive results announcement. Other notable gainers included Sunway up six sen to RM4.81, Tenaga Nasional rising six sen to RM13.70 and PPB climbing 17 sen to RM8.87. Maybank jumped nine sen to RM9.87 while AMBank gained six sen to RM5.56 Of actives, Widad dropped 0.5 sen to 1.5 sen, Ivory Properties slid 1.5 sen to 0.5 sen and SFP Technology gained 0.5 sen to 16 sen. Trading ideas: Binastra, EPB, Citaglobal, Ivory, Zetrix, Enproserve, MN, NCT, Duopharma, Gas Malaysia, Maxis, MPI, Press Metal, Sime Property, SunCon, UEM Sunrise, YTL
