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Thursday, April 19, 2018

Market Daily Report: KLCI up 15.86 points to close at all-time high amid commodity gains

KUALA LUMPUR (April 19): The FBM KLCI jumped at the 11th-hour for a 15.86-point or 0.8% rise to close at its record high amid an uptrend in aluminium and crude oil prices. At 5pm, the KLCI closed at 1,895.18.

The KLCI, at current levels, is not far from its record intraday high at 1,896.23 seen in July 2014.
Today, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told the that market optimism was driven by higher aluminium and crude oil prices.

“The stronger commodity prices are putting the synchronised global growth story back into spotlight especially for countries like Malaysia. With oil prices hovering near the US$75 per barrel level, it’s good for the country’s economy as we are still a net oil exporter,” Lau said.

Reuters reported that oil prices rose on Thursday to their highest since late 2014 as US crude inventories declined, moving closer to five-year averages, and after sources told Reuters top exporter Saudi Arabia is seeking to push oil prices higher. Brent crude oil futures rallied as high as US$74.44 a barrel, the strongest since Nov 27, 2014, the day that OPEC decided to pump as much as it could to defend market share, sending the price to a low of US$27 just over a year later.

Today, it was also reported that aluminium prices surged as much as 5 percent to their highest level in almost seven years on Thursday amid enduring concerns over strained global supply following US sanctions on major Russian producer Rusal, with similar worries also spurring nickel. Three-month aluminium on the London Metal Exchange climbed as high as US$2,664.50 a tonne, its loftiest since August 2011, and was trading at US$2,626.50 by 0521 GMT, up 3.5 percent.

At Bursa Malaysia today, the KLCI's top gainer in percentage terms was Press Metal Aluminium Holdings Bhd. after the stock rose 3.98% to RM5.23. Petronas Dagangan Bhd was the KLCI's third-largest advancer after the stock climbed 3.13% to RM27.70.

Source: The Edge

Wednesday, April 18, 2018

Market Daily Report: FBM KLCI down as GE14 sentiment curbs Bursa trading volume

KUALA LUMPUR (April 18): The FBM KLCI fell 1.17 points or 0.1% on profit taking after the index climbed yesterday to close at its highest in about four years. At 5pm today, the KLCI settled at 1,879.32 after rising to its intraday high at 1,884.84.

Yesterday, the KLCI rose 1.73 points to close at 1,880.49. Today, TA Securities Holdings Bhd wrote in a note: "Even as the index may attempt to climb higher due to sustained buying support on key heavyweights, lower liners and small caps should stall on profit-taking pending local catalysts. A convincing push above 1,880 on positive market breadth is needed to aim for the record high of 1,896.23 from July 2014, which will act as a significant hurdle."

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told today that volume across Bursa Malaysia remained thin as investors were still cautious ahead of Malaysia's 14th general election (GE14). Polling day falls on May 9.

Today, 2.34 billion shares were traded across Bursa Malaysia for RM1.97 billion. Pong said: “The market is trying to position itself for a rally, but most investors are still holding back.”

Leading gainers included Far East Holdings Bhd and Hong Leong Bank Bhd while top decliners included KESM Industries Bhd and Petron Malaysia Bhd.

The most-actively traded stock was Sapura Energy Bhd with some 224 million shares transacted. Sapura Energy fell four sen to 73 sen.

Source: The Edge