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Tuesday, January 23, 2018

Market Daily Report: FBM KLCI up at intraday high after US deal to end shutdown

KUALA LUMPUR (Jan 23): The FBM KLCI gained 4.89 points or 0.3% as Asian shares rose to record closing highs after US policy makers reached a deal to end the government shutdown.

At Bursa Malaysia, the KLCI closed at its intraday high of 1,838.04 points. AmInvestment Bank Bhd research analyst Lim Sae Wai told that "market sentiment is still bullish-biased."

Across Asia, Japan's Nikkei 225 rose 1.29% while Hong Kong's Hang Seng climbed 1.66%. Reuters reported that Asian stocks advanced on Tuesday after US senators struck a deal to end a government shutdown in a boost to Wall Street, while the dollar turned higher against the yen after Bank Of Japan's chief reiterated his support for quantitative easing.
In-page MRec

It was reported that Japan's Nikkei share average on Tuesday ended at its highest in more than 26 years, with real estate and precision machinery stocks leading the gains. Hong Kong stocks hit another fresh record on Tuesday, aided by continuous inflows of mainland money, and strength in IT and financial stocks.

Across Bursa Malaysia, trading volume was 3.91 billion shares worth RM3.02 billion. Top gainer was British American Tobacco (M) Bhd (BAT) followed by Top Glove Corp Bhd.

BAT rose 78 sen to RM32.78 while Top Glove added 64 sen to RM9.79.

Source: The Edge

Monday, January 22, 2018

Market Daily Report: FBM KLCI gains with Asian shares despite US shutdown

KUALA LUMPUR (Jan 22): The FBM KLCI gained 4.32 points or 0.2% after the index erased losses in tandem with Asian shares. Reuters reported that Asian shares remained resilient despite the pullback in US shares after the the US government was forced to shut down as investors saw limited economic fallout from the standoff in the US capital.

"After all, people know this is just a political show. Neither Republicans nor Democrats can afford to keep dragging their feet for long ahead of mid-term elections this year," Masashi Murata, senior currency strategist at Brown Brothers Harriman was quoted as saying in Tokyo.

At Bursa Malaysia, the KLCI closed at 1,833.15 points at 5pm after falling to its intraday low of 1,825.86 points.

Across Asia, Japan’s Nikkei 225 rose 0.03% while Hong Kong’s Hang Seng climbed 0.43% after both indices erased intraday losses.
In-page MRec

In Malaysia, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told that he believed the continuation of the stock market rally "has legs to run" until the country's 14th general election, which must be held by August 2018.

Today, Lau also noted that foreign fund flows into Malaysian shares are still strong although the level seemed to have gradually decreased in recent weeks. "Year-to-date, foreign investors are still net buyers," he said.

Across Bursa Malaysia today, trading volume was 4.62 billion shares worth RM2.87 billion. The most-active stock was Sumatec Resources Bhd which saw some 566 million shares traded. Sumatec shares rose one sen to 11.5 sen.

Source: The Edge