Latest news with #ZufazlinBaharuddin
Barnama
3 days ago
- Business
- Barnama
Ringgit Expected To Trade In Cautious Mode Next Week Amid US Tariff Uncertainty
By Zufazlin Baharuddin KUALA LUMPUR, May 31 (Bernama) -- The ringgit is likely to be traded cautiously against the US dollar next week amid ongoing uncertainties surrounding US tariff policy developments, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid. This follows renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US Court of International Trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the ruling, which has briefly restored the tariffs while the appeal process runs its course. Besides that, he said attention will also turn to the upcoming US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for June 16-17. 'Key US economic indicators, particularly labour market data and inflation figures, will be closely watched. 'Important data releases such as nonfarm payrolls, the unemployment rate, and the Institute for Supply Management manufacturing index will serve as critical guidance for investors and traders,' he told Bernama, adding that current data suggests a moderating growth outlook. Hence, Mohd Afzanizam said the FOMC is likely to maintain its interest rate stance, given that tariff-related policies could pose future inflationary risks. Given these developments, he opined that the USD/MYR is expected to remain within the RM4.22–RM4.24 range in the coming week.
Barnama
26-05-2025
- Business
- Barnama
ADB, World Bank To Unveil ASEAN Power Grid Financing Plan At 47th ASEAN Summit In October
By Zufazlin Baharuddin KUALA LUMPUR, May 26 (Bernama) -- The Asian Development Bank (ADB) and the World Bank will jointly launch the ASEAN Power Grid (APG) Finance Facility Framework at the ASEAN Summit with Dialogue Partners in late October, a major step towards accelerating regional energy integration. ASEAN Deputy Secretary-General for ASEAN Economic Community (AEC) Satvinder Singh said the facility is to support the development and deployment of cross-border energy infrastructure under the APG initiative. 'There is going to be a major announcement on their APG Finance Facility Framework, probably in October when the major summit takes place,' he said, referring to the 47th ASEAN Summit scheduled in October. 'In that framework, they are going to be addressing the ability to come in, in terms of more funding on the table for member states to deploy,' he told reporters during the pre-event briefing on the AEC Strategic Plan 2026-2030 on Friday. In addition to financing, Satvinder said the framework will also offer capacity-building support, including grants, free feasibility studies, and financing facilities. It will also feature improved loan terms such as moratoriums for deserving projects and protection against political uncertainties aiming to accelerate cross-border electricity projects under the APG, many of which have struggled to progress due to financing and investment risks. 'So, I think this is positive momentum that you are going to hear about in this year's chairmanship under Malaysia,' he said. Satvinder also highlighted that the scope of the APG has significantly expanded beyond the original 18 land-based connector projects.
Barnama
30-04-2025
- Business
- Barnama
Bursa Malaysia Roars Back, CI Jumps 1.63 Pct On Bargain Hunting, Foreign Funds
By Zufazlin Baharuddin KUALA LUMPUR, April 30 (Bernama) -- Bursa Malaysia bounced back from yesterday's losses to close on a firmer footing today, with the key index gaining 1.63 per cent, buoyed by bargain hunting, renewed foreign fund inflows, and signs of easing trade-related anxieties. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 24.66 points to 1,540.22 from yesterday's close of 1,515.56. The market bellwether opened 2.51 points higher at 1,518.07, marking its intraday low, and climbed to its intraday high at closing. On the broader market, market breadth was positive with 454 gainers outpacing 347 decliners, while 475 counters were unchanged, 1,143 untraded, and 96 suspended. Turnover slid to 2.56 billion units valued at RM2.25 billion against yesterday's 3.04 billion units valued at RM1.81 billion. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the local market displayed resilience, underpinned by the influx of foreign capital and shifting sentiment. 'Notably, US President Donald Trump's tariff 2025 announcement, which initially drove the composite index to a 20-month low of 1,400.59 on April 9, ultimately proved to be a boon in disguise. 'A sectoral symphony unfolded post-tariff, with export-oriented and consumer discretionary stocks harmonising to drive gains. This dynamic emerged as investors rotated into undervalued segments of the market, positioning ahead of potential trade normalisation,' he told Bernama.
Barnama
29-04-2025
- Business
- Barnama
Bursa Malaysia Retreats At Midday On Continuous Profit-taking
By Zufazlin Baharuddin KUALA LUMPUR, April 29 (Bernama) -- Bursa Malaysia retreated at midday today, following a mixed performance earlier at midmorning as continuous profit-taking activities persisted despite mostly positive regional market trends. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.33 points to 1,519.26 from yesterday's close of 1,521.59. The index had opened 0.61 of-a-point lower at 1,520.98, and moved between 1,518.68 and 1,524.50 during the morning trading session. On the broader market, decliners led gainers 411 to 336, while 449 counters were unchanged, 1,244 untraded and 117 suspended. Turnover stood at 2.18 billion shares worth RM893.3 million. Rakuten Trade Sdn Bhd's equity research vice-president Thong Pak Leng said the market movements were likely taking a pause after several days of uptrend. Yesterday, the local bourse closed at an intra-day high, marking its fourth consecutive session of gains. 'This is a healthy correction for the index to digest and it also provides a base for the index to form a new uptrend,' he told Bernama. Among the heavyweights, Public Bank shed one sen to RM4.44, IHH Healthcare slid three sen to RM6.86, while Maybank, Tenaga Nasional and CIMB were all flat at RM9.99, RM13.60 and RM6.99 respectively.
Barnama
25-04-2025
- Business
- Barnama
Tariff Cuts Possible After Malaysia, US Begin Talks
REGION - CENTRAL > NEWS By Zufazlin Baharuddin KUALA LUMPUR, April 25 (Bernama) -- Zero or reduced reciprocal tariffs for Malaysia could emerge as one of the key positive outcomes from the discussions by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz with the United States Trade Representative (USTR), Jamieson Greer, yesterday. Economist Professor Dr Geoffrey Williams said the recent 90-day pause presents a window of opportunity for Malaysia to negotiate better trade terms, potentially boosting the country's global trade competitiveness. bootstrap slideshow 'The executive order signed by US President Donald Trump on Liberation Day explicitly allows for negotiations that could lead to the reduction or removal of the reciprocal tariffs, and this is what the US has been promising and promoting. 'If the outcome is successful and a commitment to reduce or remove both tariffs and non-tariff barriers is achieved, then the reciprocal tariffs can be lifted or reduced,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid also sees the possibility of securing an exemption or lower tariff following the talks, as Malaysia continues its diplomatic efforts on the matter. 'Given that the current reciprocal tariff is 24 per cent, while Malaysia's average tariff based on World Trade Organisation (WTO) data is 5.6 per cent, we might reach a compromise in between – or potentially receive exemptions,' he said. He noted that Malaysia remains committed to fair bilateral trade with the US and is keen to see the trade balance between the two countries move towards a more favourable trajectory. On April 2, 2025, the US President announced a series of reciprocal tariffs affecting multiple countries, including a 24 per cent tariff on Malaysian goods, which is currently on pause.
