KUALA LUMPUR: Malaysia could still benefit under either Donald Trump or Kamala Harris' policies due to trade diversion and China plus one (+1) reshoring, but a Trump presidency could pose greater volatility for global trade, said CIMB Securities.

Commenting on the upcoming United States (US) presidential elections featuring both candidates, it said Harris' more targeted approach on China would offer continuity and relative stability for global trade, but higher emphasis on environmental standards could cost some industries and offer opportunities for green technology sectors.

"Electrical and electronics products (E&E) sector would likely be the biggest beneficiary in the near term, regardless of a Trump or Harris victory, but would benefit more under Harris due to relative stability and ongoing China+1 investments followed by machinery and appliances. 

"Rubber gloves may benefit from higher medical demand under Harris," said CIMB Securities in its Equities Research note today. 

It said the oil and gas sector may get hit by increased US energy production and higher tariffs under Trump while Harris' focus on carbon emissions could reduce global demand, but open up opportunities in green technology.

It added that the plantation sector could gain under Trump on increased Chinese demand amid retaliatory trade measures, but may face pressure to implement stricter environmental regulations under Harris.