Latest news with #US-Malaysia
Barnama
6 days ago
- Business
- Barnama
FBM KLCI Ends Slightly Higher At Midday On Cautious Sentiment
KUALA LUMPUR, May 28 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) ended slightly higher at midday as bargain-hunting was offset by cautious sentiment amid persistent global uncertainties. At 12.30 pm, the FBM KLCI increased 0.34 of a point to 1,526.50 from Tuesday's close of 1,526.16. The benchmark index opened 3.98 points higher at 1,530.14, and fluctuated between 1,524.04 and 1,532.80 throughout the morning session. In the broader market, decliners led gainers 418 to 349, with 468 counters unchanged, 1,161 untraded and 50 suspended. Turnover stood at 1.49 billion units worth RM931.68 million. Hong Leong Investment Bank Bhd said it expects the FBM KLCI to remain volatile in the near term as investor sentiment stays cautious amid the earnings peak this week and continued foreign net outflows. 'Concerns over a tariff-driven global slowdown continue to weigh on market confidence, posing risks to Malaysia's economic momentum and corporate earnings,' it said in a note today. That said, downside risks may be mitigated by encouraging remarks from Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz on potential US-Malaysia trade deal prospects and strategic collaboration opportunities with ASEAN, Gulf Cooperation Council and China, it added. The investment bank said key weekly support is established between the 1,500 and 1,519 levels, while resistance is expected to emerge within the 1,550 to 1,570 range.
The Star
6 days ago
- Business
- The Star
FBM KLCI ends slightly higher at midday on cautious sentiment
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) ended slightly higher at midday as bargain-hunting was offset by cautious sentiment amid persistent global uncertainties. At 12.30 pm, the FBM KLCI increased 0.34 of a point to 1,526.50 from Tuesday's close of 1,526.16. The benchmark index opened 3.98 points higher at 1,530.14, and fluctuated between 1,524.04 and 1,532.80 throughout the morning session. In the broader market, decliners led gainers 418 to 349, with 468 counters unchanged, 1,161 untraded and 50 suspended. Turnover stood at 1.49 billion units worth RM931.68 million. Hong Leong Investment Bank Bhd said it expects the FBM KLCI to remain volatile in the near term as investor sentiment stays cautious amid the earnings peak this week and continued foreign net outflows. "Concerns over a tariff-driven global slowdown continue to weigh on market confidence, posing risks to Malaysia's economic momentum and corporate earnings,' it said in a note today. That said, downside risks may be mitigated by encouraging remarks from Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz on potential US-Malaysia trade deal prospects and strategic collaboration opportunities with ASEAN, Gulf Cooperation Council and China, it added. The investment bank said key weekly support is established between the 1,500 and 1,519 levels, while resistance is expected to emerge within the 1,550 to 1,570 range. Among heavyweight counters, Maybank, CIMB and IHH Healthcare were flat at RM9.85, RM6.90 and RM6.90 respectively, while Public Bank fell three sen to RM4.35 and Tenaga Nasional rose 10 sen to RM14.10. As for active stocks, Permaju went down half-a-sen to 1.5 sen, Sapura Energy was flat at four sen, while Velesto , Tanco and Magma added one sen each to 17.5 sen, RM1.02 and 43 sen respectively. On the index board, the FBM Emas Index added 5.64 points to 11,402.70, the FBMT 100 Index was 7.97 points better at 11,168.34, but the FBM ACE Index erased 20.16 points to 4,553.44. The FBM Emas Shariah Index increased 13.46 points to 11,367.58 and the FBM 70 Index gained 33.50 points to 16,256.81. Across the sectors, the Financial Services Index shed 38.18 points to 18,010.50, the Industrial Products and Services Index inched down 0.78 of-a-point to 152.66, the Energy Index added 3.89 points to 702.55, while the Plantation Index fell 75.63 points to 7,301.01. - Bernama
New Straits Times
6 days ago
- Business
- New Straits Times
FBM KLCI ends slightly higher at midday on cautious sentiment
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) ended slightly higher at midday as bargain-hunting was offset by cautious sentiment amid persistent global uncertainties. At 12.30 pm, the FBM KLCI increased 0.34 of a point to 1,526.50 from Tuesday's close of 1,526.16. The benchmark index opened 3.98 points higher at 1,530.14, and fluctuated between 1,524.04 and 1,532.80 throughout the morning session. In the broader market, decliners led gainers 418 to 349, with 468 counters unchanged, 1,161 untraded and 50 suspended. Turnover stood at 1.49 billion units worth RM931.68 million. Hong Leong Investment Bank Bhd said it expects the FBM KLCI to remain volatile in the near term as investor sentiment stays cautious amid the earnings peak this week and continued foreign net outflows. "Concerns over a tariff-driven global slowdown continue to weigh on market confidence, posing risks to Malaysia's economic momentum and corporate earnings," it said in a note today. That said, downside risks may be mitigated by encouraging remarks from Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz on potential US-Malaysia trade deal prospects and strategic collaboration opportunities with ASEAN, Gulf Cooperation Council and China, it added. The investment bank said key weekly support is established between the 1,500 and 1,519 levels, while resistance is expected to emerge within the 1,550 to 1,570 range. Among heavyweight counters, Maybank, CIMB and IHH Healthcare were flat at RM9.85, RM6.90 and RM6.90 respectively, while Public Bank fell three sen to RM4.35 and Tenaga Nasional rose 10 sen to RM14.10. As for active stocks, Permaju went down half-a-sen to 1.5 sen, Sapura Energy was flat at four sen, while Velesto, Tanco and Magma added one sen each to 17.5 sen, RM1.02 and 43 sen respectively. On the index board, the FBM Emas Index added 5.64 points to 11,402.70, the FBMT 100 Index was 7.97 points better at 11,168.34, but the FBM ACE Index erased 20.16 points to 4,553.44. The FBM Emas Shariah Index increased 13.46 points to 11,367.58 and the FBM 70 Index gained 33.50 points to 16,256.81. Across the sectors, the Financial Services Index shed 38.18 points to 18,010.50, the Industrial Products and Services Index inched down 0.78 of-a-point to 152.66, the Energy Index added 3.89 points to 702.55, while the Plantation Index fell 75.63 points to 7,301.01.
Straits Times
22-05-2025
- Business
- Straits Times
Malaysia backtracks on Huawei AI amid US-China chip war
- Malaysia has abruptly distanced itself from an earlier announcement of a China-backed artificial intelligence (AI) project, amid heightened scrutiny over geopolitical sensitivities and ongoing trade talks with the United States. The reversal exposes Malaysia's precarious balancing act as it navigates fierce US-China rivalry over semiconductors – a sector accounting for 40 per cent of its exports. Prime Minister Anwar Ibrahim called the announcement on the AI project by a junior minister on May 19 as 'premature', and insisted that Malaysia remains 'fiercely independent' in choosing technologies. 'To clarify, (the project is) still in the midst of this negotiation. Because it is the private sector, I don't think it's for the government to announce, but as a policy we made it very clear. We are fiercely independent. We want what is best for our country,' he told a media briefing on May 21. He added: 'For a country like Malaysia, I'm not taking into account the skirmishes and the tensions between countries, particularly China or the EU or the U S. We choose what is best for our country.' Deputy Communications Minister Teo Nie Ching announced on May 19 that Malaysia would develop a first-of-its-kind AI system powered by Huawei Technologies chips, with plans to deploy 3,000 Huawei Ascend chips as the backbone of a national AI initiative by 2026. Only a day later , her office was quoted by Bloomberg as saying it had retracted her remarks that were made at the launch of the 'Strategic Artificial Intelligence Infrastructure', without explanation. A Huawei representative was reported to have said that the company hasn't sold Ascend chips in Malaysia and that the government has not bought any. The Ministry of Investment, Trade and Industry (MITI) on May 21 also issued a statement repudiating Ms Teo's remarks, saying that the project was private-sector driven and not officially endorsed by the government. The about-turn comes as Washington pressures Kuala Lumpur to crack down on suspected smuggling of Nvidia chips to China, amid ongoing US-Malaysia trade talks, and with Beijing courting South-east Asia for AI tie-ups. Malaysia's cautious response appears to reflect its ongoing efforts to maintain strategic balance amid the intensifying US-China tech rivalry. 'MITI would also like to reiterate that Malaysia remains committed to full compliance with all applicable export control laws, national security directives and emerging guidance from global regulatory authorities, especially those that uphold the highest standards of transparency, accountability, neutrality and security, premised upon the principles of multilateralism with the World Trade Organisation at its core,' the ministry said in the May 21 statement. The proposed project – which includes deploying an AI language model by Chinese startup DeepSeek – drew the attention of the White House, which has been monitoring developments closely to counter Beijing's growing influence in global AI markets. 'As I've been warning, the full Chinese stack is here,' President Donald Trump's top AI adviser, David Sacks, posted on X on May 20. The Trump administration rescinded Biden-era global semiconductor curbs, which restricted chip sales to Malaysia, 'just in time,' he wrote. The following day , Mr Sacks ' post on X said: 'UPDATE: the Malaysian government has walked back the announcement. This is after the Deputy Minister of Communications stated, in prepared remarks, that Huawei Ascend chips would 'form the backbone' of the country's national AI effort.' Malaysia remains in discussions with the US on trade matters, including potential tariff adjustments, underscoring its sensitivity to geopolitical implications. While the South-east Asian country is unenviably caught between two rival superpowers, Datuk Seri Anwar sought to downplay the tug-of-war situation . 'This so-called tech rivalry between the United States and China sometimes has been overly exaggerated,' he told reporters at the briefing. Malaysia should clearly demonstrate that it complies with US trade requirements, said Malaysia Semiconductor Industry Association's president Wong Siew Hai. 'It is to our benefit to make sure that we are a country that can be trusted to do business with,' Datuk Seri Wong told The Straits Times. Dr Oh Ei Sun, a senior fellow at the Singapore Institute of International Affairs, said: 'Neutrality is nowadays no longer a viable option as both sides are clearly trying to impose their mutually exclusive choices on other countries such as Malaysia.' 'Malaysia would have to study the high-tech business and technological trends carefully and make its strategic choice accordingly, praying that at the end of the day, it would be the beneficial choice,' he told ST. US concern over AI chips being smuggled into China via other Asian transit points was sparked in January when Washington announced new curbs on their export and began probing whether countries like Singapore were being used as transit points to circumvent these restrictions. The semiconductor industry is an important part of Malaysia's economy, with electrical and electronic products making up 40 per cent of exports. The US government earlier this year pressured Malaysian authorities to crack down on the movement of prized Nvidia AI chips that enter the country, amid suspicions that many of these were ending up in China. Hazlin Hassan is Malaysia correspondent at The Straits Times. Join ST's Telegram channel and get the latest breaking news delivered to you.
The Sun
21-05-2025
- Business
- The Sun
LIMA '25 showcases strong US presence, highlights defence ties with Malaysia
KUALA LUMPUR: The Langkawi International Maritime and Aerospace Exhibition 2025 (LIMA '25) is underway with strong participation from the United States (US), reaffirming its robust defence and economic engagement with Malaysia. US Ambassador to Malaysia Edgard D. Kagan said the presence of American defence and aerospace firms at LIMA '25 further reflects the breadth of US-Malaysia ties beyond the military domain. 'From our aircraft and warships to our companies and innovators, the American presence at LIMA '25 demonstrates our robust military and commercial engagement across the region. 'We are proud to stand with Malaysia as partners, friends, and defenders of a free and open Indo-Pacific,' he said in a statement, published on the official website of the US Embassy in Malaysia. More than 400 US military personnel are taking part in the biennial exhibition through static displays, aerial demonstrations, and professional exchanges aimed at strengthening regional security and cooperation. US military units on display include one US Air Force C-130J Hercules from the 36th Airlift Squadron, 374th Airlift Wing, the US Navy's guided-missile destroyer USS Lenah Sutcliffe Higbee (DDG 123), two F/A-18E Super Hornets from Strike Fighter Squadron 137, and one MH-60R from Helicopter Maritime Strike Squadron 49. The US Navy's Carrier Air Wing 17, attached to the Nimitz Carrier Strike Group, is also involved in aerial demonstrations with two F/A-18s. Vice Admiral Fred Kacher, Commander of the US 7th Fleet, described Malaysia as a key partner in the Indo-Pacific, citing the countries' continued cooperation through joint naval activities. 'Malaysia continues to be a key partner for us in the Indo-Pacific. 'We conduct numerous exercises and exchanges at sea and ashore between our navies every year to advance our close cooperation and maritime domain awareness that makes both our navies better,' he said. Rear Admiral Fred Goldhammer, commander of Carrier Strike Group 11, said the reception from Malaysian partners has been exceptional, underscoring the shared commitment to regional stability. 'Our participation in this dynamic showcase of multinational strength is a testament to our ability to operate cohesively across a challenging and evolving maritime landscape. 'Their commitment to regional security and cooperation mirrors our own, and we are honoured to operate alongside them,' he said. Held from May 20 to 24, LIMA '25 is organised by the Malaysian Defence Ministry and brings together regional and international military, industry, and government leaders to showcase advancements in the maritime and aerospace sectors. This year's edition marks the largest maritime and aerospace exhibition in Southeast Asia since LIMA was first held in 1991.
