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Thursday, June 29, 2017

Market Daily Report: FBM KLCI ends flat despite a rebound on Wall Street

KUALA LUMPUR (June 29): The FBM KLCI ended the trading day almost flat, up only 0.13 points to close at 1,771.36 points, although the regional markets had been lifted by the rebound in the United States.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told “Yesterday night, the US market rebounded; ignoring the warning from US Federal Reserve chair Janel Yellen’s that stock valuations are rich in the US.”

“Our side (KLCI) took after the good sentiment from the US,” he added.
Wong noticed that the small- and mid-cap stocks had rebounded but not the big cap counters. Hence, the KLCI ended flattish.

Across the board, some 1.4 billion shares worth RM1.56 billion were traded. There were 490 gainers and 292 decliners.

Over in the US, Dow Jones Industrial Average gained 143.95 points to 21,454.61 on Wednesday — less 75 points from its record high of 21,528.99 points. Meanwhile, S&P 500 was up 21.31 points to 2,440.69 points, which is whisker away from its all time high of 2,453.46 points.
Elsewhere in Asia, Hong Kong’s Hang Seng Index was up 1.1% and South Korea’s Kospi rose 0.55%.

Reuters reported that Japan's Nikkei share average neared two-year highs on Thursday after Wall Street rebounded, with tech shares such as Advantest Corp and Shin-Etsu Chemical outperforming the overall market.

The Nikkei gained 0.45%to 20,220.30, moving closer to 20,318.11 hit last week, the highest level since August 2015, Reuters said.

Tech shares, which stumbled the previous day, rebounded after the Nasdaq overnight posted its best session since Nov 7, Reuters added.

Source: The Edge

Wednesday, June 21, 2017

Market Daily Report: FBM KLCI down on Tenaga as crude oil drop hits Malaysian shares

KUALA LUMPUR (June 21): The FBM KLCI fell 5.14 points or 0.3% on Tenaga Nasional Bhd share losses and as lower crude oil prices hit Bursa Malaysia oil and gas-related shares.

At 5pm, the KLCI closed at 1,775.57 points. Tenaga shares fell 14 sen to RM14.18 to become Bursa Malaysia's 7th largest decliner.

Tenaga shares fell after the state-controlled utility said the Employees Provident Fund and Permodalan Nasional Bhd cut their respective stakes in Tenaga.

On the broader market, analysts said investors could be taking profit across Bursa Malaysia ahead of the Hari Raya Aidilfitri holidays starting this Sunday (June 25).

Malaysian markets will be closed this Monday and Tuesday (June 26 and 27) for Hari Raya Aidilfitri.
Today, Jupiter Securities Sdn Bhd analyst Benny Lee told “Because of the long weekend for Malaysia, investors might be taking profit, so we might see a downtrend but the market should pick up after Hari Raya.”

Across Bursa Malaysia, 1.69 billion shares valued at RM2.41 billion were transacted. There were 284 gainers and 574 decliners.

Top active counter Hibiscus Petroleum Bhd fell 2.5 sen to 39 sen with 34.2 million shares transacted. Hibiscus could have taken the cue from lower crude oil prices.

Reuters reported that a renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by US index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.

It was reported that Brent eased 10 cents to US$45.92 a barrel, while US crude futures lost 6 cents to US$43.45.

Source: The Edge