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MARKET PULSE PM MAY 21, 2025 [WATCH]
KUALA LUMPUR: News on stock, crypto and ringgit moves.
Bursa Malaysia extended its decline for a fourth consecutive session, underscoring a deepening risk-off sentiment across Malaysia's equity market.
The technology sector led losses with a nearly three per cent drop, as renewed US-China chip trade tensions weighed on sentiment.
Meanwhile, the ringgit strengthened against the greenback, trading at 4.2730.
In the cryptocurrency market, Bitcoin declined to RM454,025.
Ethereum and Solana followed suit, falling to RM10,800 and RM716, respectively.
That wraps up today's Market Pulse.
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The Star
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- The Star
Bursa up as investors welcome trade framework
At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. KUALA LUMPUR: Bursa Malaysia ended higher yesterday, with investors adopting a cautiously optimistic stance following the announcement of a United States-China trade framework agreement, which includes provisions on technology trade. At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. The benchmark index opened 3.91 points higher at 1,520.86 yesterday morning, which was its day's low, and subsequently moved to a high of 1,530.85 in the early session. On the broader market, gainers thumped decliners 545 to 375, while 528 counters were unchanged, 921 untraded and 11 suspended. Turnover soared to 3.27 billion units worth RM2.59bil compared with yesterday's 2.72 billion units worth RM2.09bil. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan told Bernama that the development in the US-China trade negotiations marks a constructive step toward de-escalation, although it falls short of a material breakthrough. Domestically, the market found additional support from encouraging macroeconomic data, with figures released yesterday by the Statistics Department showing that the sales value of the manufacturing sector rose by 4.8% year-on-year in April 2025, reaching RM160.6bil. — Bernama
The Star
2 hours ago
- The Star
Deal ‘is done', says Trump, as China and US trade truce gets back on track after London talks
BEIJING: China and the United States agreed to revive a fragile trade truce after two days of talks in London, further defusing tensions between the two geopolitical rivals. US President Donald Trump said on Wednesday (June 11) that the deal with China 'is done' and that the relationship was 'excellent'. Hours earlier, Chinese Vice-Premier He Lifeng, who led the negotiating delegation in London, called on the US to 'stay true to your words', and 'demonstrate good faith in keeping promises'. The agreement, which concluded close to midnight on June 10 in London, followed a roller coaster of rising and easing tensions over non-tariff measures, after both sides agreed in May in Geneva to a 90-day truce that sharply lowered tariffs on each other's goods. The main sticking points since May were Beijing's restrictions on rare earth exports to the US and Washington's curbs on the export of chip design technology to China. In a Truth Social post, Trump said full magnets, along with any necessary rare earth minerals, will be supplied upfront by China. In return, the US will provide to China 'what was agreed to', including allowing Chinese students to attend colleges and universities in the US, which he noted 'has always been good with me!'. Separately, US Commerce Secretary Howard Lutnick told reporters that the 'framework' reached in London puts 'meat on the bones' of the Geneva agreement, adding that it will still need approval from both leaders. He said Chinese restrictions on rare earth minerals and magnets and some of the recent US export restrictions would be removed 'in a balanced way' but did not provide details. China's Vice-Commerce Minister Li Chenggang told reporters after the talks that both countries had agreed on a framework to implement the consensus that Chinese President Xi Jinping and Trump had reached after a June 5 phone call, as well as May's trade truce. He described the talks as in-depth, professional, rational and frank. 'The progress achieved at the London talks is beneficial to enhancing trust between the two countries, advancing the healthy and stable development of China-US economic ties, as well as provide positive energy to the global economic development,' Li said. Analysts saw the latest talks as positive. Professor Wu Xinbo, director of the Centre for American Studies at Shanghai's Fudan University, said he expects the US to roll back the non-tariff measures threatened or imposed on China after the Geneva talks, such as revoking visas of Chinese students studying in the US. 'As for the Chinese side, it may accelerate the process of rare earth exports to help resolve the urgent needs of the Americans,' he said. The May agreement was derailed on June 1 when the US accused China of 'slow-rolling' licences for exports of rare earths, which are critical in the production of cars, chips and other products. China dominates the world's rare earth supply chain, accounting for nearly 70 per cent of the global mining output and processing about 90 per cent of the total supply – a trump card Beijing has cultivated for decades. However, economist Bert Hofman noted that China's delay in rare earth export licences was partly due to 'bureaucratic inertia'. 'The process was cumbersome and brought issues for industries around the world, not just for the US. So it was not specifically targeted at US companies,' he said. Washington, meanwhile, activated its own levers on China. On May 29, it announced the revocation of visas for Chinese students and issued export control guidelines for AI chips, as well as effectively halting sales of chip design software to China. Chinese tech firms that design chips rely on such foreign software, known as electronic design automation. China's Ministry of Commerce on June 2 criticised these measures as discriminatory and accused the US of violating the consensus of the Geneva talks. Just as all the signs pointed to the breakdown of the truce, the June 5 call between Xi and Trump was widely seen as having reset fraught relations. This was followed on June 7 by China's Ministry of Commerce's announcement that it had approved a number of applications for rare earth exports, and will continue to strengthen the approval process for such applications. Even as the London talks were ongoing, Beijing strategically underscored its resilience. In a front-page interview on the official People's Daily on June 10, Huawei founder Ren Zhengfei discussed China's technology and research capabilities, particularly in chips. The Chinese telecommunications equipment giant has emerged as a national champion for areas such as AI chips called the Ascend processors, which Washington has recently warned other countries against using. Asked how he feels about Huawei being under a blockade, Ren said: 'Don't think about the difficulties – just do it, one step at a time.' - The Straits Times/ANN
The Star
4 hours ago
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Roundup: Zimbabwe pledges favorable environment to attract more Chinese investment
HARARE, June 11 (Xinhua) -- Zimbabwe on Wednesday reaffirmed its commitment to enhancing the country's business environment to attract more Chinese investment. A roundtable discussion on strengthening Zimbabwe-China business cooperation in the Zimbabwean capital of Harare gathered representatives from various government agencies, including the Zimbabwe Republic Police (ZRP), the Department of Immigration Zimbabwe, and the Zimbabwe Investment and Development Agency (ZIDA). Felisters Chikandiwa, chief facilitator at ZIDA, highlighted China's strategic importance to Zimbabwe's economy, noting that China has been one of Zimbabwe's leading investment source markets over the past few years. "From our investment figures, we have seen that there has been quite a high level of investment activities from the Chinese business community in Zimbabwe. We value the investment that the Chinese community is bringing into Zimbabwe," Chikandiwa said. She further pointed out that Chinese investors have shown a strong interest in Zimbabwe's mining, manufacturing, construction, energy, and transport sectors, among others. Abigail Moyo, chief staff officer responsible for crime in the ZRP, said, "We value cooperation between the Zimbabwean police and Chinese investors. We encourage continued communication and cooperation to ensure the safety and security of Chinese investors and their assets." Munetsi Madakufamba, executive director of the Southern African Research and Documentation Centre (SARDC), a think tank based in Harare and one of the event organizers, highlighted the need to strengthen partnerships and promote mutual understanding between Zimbabwean authorities and Chinese enterprises. "We aim to create a conducive business environment that supports sustainable development and mutual benefit," he said, adding that Zimbabwe has immense potential for growth and development, and Chinese businesses can play a pivotal role in supporting Zimbabwe's growth. Noting that Chinese investment in Zimbabwe has been impactful and transformative, Madakufamba said China has indeed become a major player in Zimbabwe's economic landscape. "What sets Chinese investments apart, if compared with those from other source countries, is the speed of implementation, size, impact, and transformative nature," he noted. According to Madakufamba, Zimbabwe and China should work together to create a more favorable investment climate that attracts more Chinese investment and promotes sustainable development in Zimbabwe.
