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Monday, December 31, 2018

Market Daily Report: FBM KLCI lower as Malaysian markets wrap up 2018




KUALA LUMPUR (Dec 31): The FBM KLCI closed 1.49 points or 0.09% lower on the final trading day of the year today after investors took profit and as they evaluated China's weaker purchasing managers' index (PMI) data.

At Bursa Malaysia, the KLCI settled at 1,690.58 at 5pm for a year-to-date gain of 5.91%. Investors took profit today after the KLCI rose to its intraday high at 1,701.10 amid crude oil price gains.

At 5pm, the biggest decliners, in percentage terms, among the KLCI's 30 component stocks were Maxis Bhd and Hong Leong Financial Group Bhd while gainers were led by MISC Bhd and Sime Darby Bhd.

Maxis and Hong Leong Financial shares were down 2% and 1.59% respectively. MISC and Sime Darby Bhd gained 1.82% and 1.69% respectively.

On the KLCI, Inter-Pacific Research Sdn Bhd head of research Pong Teng Siew wrote in a note today: "If corporate earnings continue their disappointing trajectory and turn in flat for the year, our expectation (is) that the KLCI may fall to as low as 1,538 some time in 1H2019. This is still a developing scenario.

"Already, our plot of foreign funds’ net invested sums currently using Feb 2011 as a benchmark, has again swung over into deeply underweight levels. Why we fear fresh lows will be made for the KLCI is these allocations may yet get pared down to even more severely underweight levels during periods when the US economy is mired in a recession and/or a global crisis of some form unfolds."

Today, global investors took cue from China's PMI data and crude oil prices. Reuters reported that China's official PMI fell to 49.4 in December, below the critical 50-point level that separates growth from contraction, according to data released by the National Bureau of Statistics on Monday.

On crude oil markets, it was reported that prices rose about 2 percent on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut. It was reported that hints of progress on a possible US-China trade deal with US President Donald Trump saying he had a "very good call" with Chinese President Xi Jinping helped bolster sentiment for oil.

It was reported that Brent crude futures rose US$1.04, or about 2 percent, to US$54.25 a barrel by 0740 GMT while US West Texas Intermediate crude futures were at US$46.11 a barrel, up 78 cents, or 1.7 percent, from their last close.

Tomorrow (Jan 1, 2019), Malaysian markets will be closed for the New Year holiday. Trading resumes on Wednesday (Jan 2).


Source: The Edge

Wednesday, December 5, 2018

Market Daily Report: Global concerns drag KLCI down 0.4%



KUALA LUMPUR (Dec 5): The FBM KLCI joined other Asian stock indices in tracking losses on Wall Street yesterday amid plunging US Treasury yields and continued uncertainties over the US-China trade dispute.

The benchmark index closed down 6.72 points or 0.4% at 1,688.27. It was mostly dragged by telco stocks, namely Maxis Bhd, Axiata Group Bhd and DiGi.com Bhd.

“The decline was mostly influenced by external factors today,” said Vincent Khoo, head of research at UOB Kay Hian.

Across Bursa Malaysia, 519 declining counters outpaced the 251 stocks that recorded gains.
The most actively traded stocks were Bumi Armada Bhd, Techbond Group Bhd and Hibiscus Petroleum Bhd.

Volume was weak, however, with a total of 1.75 billion shares traded with a total value of  RM1.52 billion.

Across Asia, stocks followed their American counterparts, which were down as the spread between two- and 10-year Treasury yields were at their flattest level in over a decade, according to Reuters.
Trade tensions have also re-emerged as negotiations begin between the US and China to reach an agreement.

“MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.5%. The Shanghai Composite Index slipped 0.6% and Japan's Nikkei dropped 0.5%,” Reuters reported.


Source: The Edge

Tuesday, November 27, 2018

Market Daily Report: KLCI down 1% dragged by Genting counters as Brent dips below US$60




KUALA LUMPUR (Nov 27): The FBM KLCI closed down 17.02 points or 1% at 1,684.97, dragged down mainly by Genting Malaysia Bhd (GENM) and Genting Bhd's share price drop. China-US trade war concerns and Brent crude oil's price fall below US$60 a barrel could have also hit Malaysian market sentiment.

Genting Bhd owns a 49.45% stake in GENM. theedgemarkets.com, quoting GENM, reported today that Fox Entertainment Group LLC, Twentieth Century Fox Film Corp, FoxNext LLC (collectively referred to as FOX) issued a notice, in which FOX terminated a Memorandum of Agreement (MoA) with GENM and claimed some US$46.2 million (about RM193.6 million) in accelerated payments.
It was reported that GENM has pursued cause of action against FOX for breach of contract, and breach of the implied covenant of good faith and fair dealing, among others.

At 5pm, GENM closed down 60 sen or 16.67% at RM3 while Genting Bhd fell 52 sen or 7.54% to RM6.38. GENM was the top decliner, in percentage terms, among the 30 KLCI stocks followed by Genting Bhd.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that it is unclear at this point whether foreign funds were selling both GENM and Genting Bhd shares.
“If they are the ones selling, that would go against the trend as foreign funds have been buying mostly in the last week. Overall, market sentiment has been quite fragile and investors have been looking for any excuse to sell, and they got one today,” said Pong.

Across Bursa Malaysia today, 2.18 billion shares valued at RM2.61 billion were traded. Besides GENM and Genting Bhd, top decliners across the bourse included KLCI component stock Petronas Dagangan Bhd.

Leading gainers included Dutch Lady Milk Industries Bhd and TIME dotCom Bhd.
Globally, Malaysian shares could have also taken cue from cautious Asian market sentiment and lower crude oil prices. Reuters reported that most Southeast Asian stock markets fell on Tuesday after US President Donald Trump said he expects to move ahead with raising tariffs on Chinese imports, damaging expectations of a thaw in trade tensions.

On crude oil markets, it was reported that oil slipped on Tuesday, pulled down by record Saudi Arabian production even as OPEC's top producer pushes for supply cuts ahead of the group's meeting in Austria next week.

It was reported that Brent crude oil futures briefly dipped below US$60 per barrel before rising back to US$60.33 at 0520 GMT, down 15 cents, or 0.3 percent, from their last close while US West Texas Intermediate crude futures were at US$51.33 per barrel, down 30 cents, or 0.6 percent.



Source: The Edge

Thursday, November 22, 2018

Market Daily Report: FBM KLCI flat as investors remain cautious




KUALA LUMPUR (Nov 22): The FBM KLCI rose 0.25 point or 0.01% to close at 1,695.62 after volatile trade amid concerns on rising US interest rates besides global trade tension and economic growth.

At 5pm, the KLCI closed at 1,695.62 after rising to its intraday high at 1,701.74 and falling to its intraday low at 1,689.03.

CIMB Research analyst Nick Foo Mun Pang said CIMB expects the KLCI to see sideways movement in the near term, until there is greater clarity on the market’s direction. “The index will see a range bound move until a clear breakout either up or down takes place,” Foo wrote in a note today.
Across Bursa Malaysia today, 1.75 billion shares worth RM1.44 billion were exchanged. Top gainer was Fraser & Neave Holdings Bhd while leading decliner was Pos Malaysia Bhd.

Rising US interest rates, besides global trade tension and economic growth concerns dictated Asian share trades. Reuters reported that Asian shares seesawed in cautious trading on Thursday with China extending losses as investors worried about slowing global growth in the face of rising US interest rates and trade tensions.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan were last up 0.2 percent, recouping earlier losses. The index has managed to hold up so far in November after three straight monthly declines, but is on track for its worst annual performance since 2011.

In the US today (Nov 22), markets will be closed for the Thanksgiving holiday. In Malaysia tomorrow (Nov 23), the Statistics Department is scheduled to announce the country's inflation numbers.


Source: The Edge

Wednesday, November 21, 2018

Market Daily Report: FBM KLCI falls 0.9% as economic growth concerns hit global equities



KUALA LUMPUR (Nov 21): The FBM KLCI fell 15.34 points or 0.9% today to close at 1,695.37 after US equities dropped overnight on Tuesday with crude oil prices amid world economic growth concerns.

Reuters reported that US stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, and retailers including Target and Kohl's sank after weak earnings and forecasts, fueling worries about economic growth.


Today, it was reported that Asian stocks slipped as intensifying concerns about global economic growth gripped financial markets, sending Wall Street shares tumbling and driving the safe haven dollar up from a two-week low.

In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told  theedgemarkets.com: “The KLCI was dragged down by the poor performance seen overnight in US markets, which reflects the globally weak sentiment on equities."

At 5pm, worst-hit among the 30 KLCI stocks, in percentage terms, was Axiata Group Bhd followed by Malaysia Airports Holdings Bhd. Axiata shares fell 2.56% to close at RM3.42 while Malaysia Airports dropped 2.26% to RM7.80.

Across Bursa Malaysia, 2.05 billion shares worth RM1.94 billion were traded.

Top decliners included Malaysian Pacific Industries Bhd and Fraser & Neave Holdings Bhd.

Leading gainers included British American Tobacco (M) Bhd and Batu Kawan Bhd.


Source: The Edge

Monday, November 19, 2018

Market Daily Report: FBM KLCI up as banking, plantation stocks gain



KUALA LUMPUR (Nov 19): The FBM KLCI gained 4.33 points or 0.25% with major Asian equity markets and as Malaysian banking and plantation shares rose. The ringgit strengthened.

At 5pm, the KLCI closed at 1,710.71 points, supported by gains in banking stocks like Public Bank Bhd and CIMB Group Holdings Bhd. Gains in plantation stocks like Sime Darby Plantation Bhd and PPB Group Bhd also supported the KLCI's rise.

“The index movement was influenced mostly by banks such as CIMB, Public Bank, and Malayan Banking Bhd as well as plantation stocks like Sime Darby Plantation and PPB as palm oil futures recovered," MIDF Amanah Investment Bank Bhd research head Mohd Redza Abdul Rahman told theedgemarkets.com.

Reuters reported that Malaysian palm oil futures rose more than 1.6 percent on Monday as market stabilised after being oversold last week. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange rose 1.62 percent to RM2,004 per tonne at the midday break.

On currency markets, Mohd Redza told theedgemarkets.com the stronger ringgit against the US dollar also supported the KLCI's gain. At the time of writing, the ringgit strengthened to 4.1892 against the greenback.

The KLCI rose with major Asian equity indices. Japan’s Nikkei 225 increased 0.65%, South Korea’s Kospi gained 0.39% while Hong Kong's Hang Seng rose 0.72%. Elsewhere, Singapore’s Straits Times Index fell 0.6%.

Reuters reported that share markets turned mixed in Asia on Monday amid conflicting signals on the prospects for a truce in the Sino-US trade dispute, while the Federal Reserve's newly-found concerns over the global economy constrained the dollar.

Tomorrow, Malaysian markets will be closed for a holiday in conjunction with Prophet Muhammad's birthday, according to Bursa Malaysia's website. Trading resumes on Wednesday.



Source: The Edge

Friday, November 16, 2018

Market Daily Report: KLCI up 0.72% as expectations on slowing trade tensions persist



KUALA LUMPUR (Nov 16): The FBM KLCI rose 0.72% for a third consecutive day of gains amid continued expectations of slowing trade tensions between the US and China ahead of the G20 meeting later this month.

The benchmark index trailed overnight gains at Wall Street to open higher today, and stayed flat in the green before closing up 12.17 points at 1,706.38.

Reuters reported that Asian shares had started firm after reports the US might pause on further China tariffs gave Wall Street a fillip, but a near 17% plunge in Nvidia's stock tempered the mood.

Across Bursa Malaysia, gainers led decliners by 450 counters against 345, whereas 390 counters traded unchanged. Some 1.85 billion shares worth RM1.89 billion exchanged hands.

An analyst at AmInvest Research attributed the market-wide gain to "short-term optimism based on global market movements and news on international trade".

"People are expecting [US president Donald] Trump and [China president] Xi Jinping to iron [out] some of the trade concerns in the G20 Summit in Argentina," said the analyst.

"China is a heavyweight for Asian shares, whereas the development over at Brexit is more isolated towards the EU," the analyst added.

Elsewhere in Asia, Hong Kong's Hang Seng Index rose 0.31%, South Korea's Kospi gained 0.21% and the Shanghai Stock Exchange Composite jumped 0.41%.

In Malaysia, gainers were led by KLCI component stock Nestle (M) Bhd, Apex Healthcare Bhd and Fraser & Neave Holdings Bhd. British American Tobacco (M) Bhd led decliners, followed by Panasonic Manufacturing Malaysia Bhd and KESM Industries Bhd.



Source: The Edge

Thursday, November 15, 2018

Market Daily Report: FBM KLCI up as China-US trade war de-escalation hope spurs Asian equities rise

KUALA LUMPUR (Nov 15): The FBM KLCI closed up 5.8 points or 0.34% at 1,694.21 as anticipation of China-US trade war de-escalation spurred Asian stock markets' rise.

In China, Hong Kong’s Hang Seng gained 1.75% while the Shanghai Stock Exchange Composite climbed 1.36%. Elsewhere across Asia, South Korea’s Kospi rose 0.97%.



Reuters reported that Asian stocks rose on Thursday, cheered by a bounce in Chinese equities on signs China and the US may be taking steps to de-escalate their bitter trade dispute, while oil prices resumed their retreat on fears of oversupply. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.7%.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com the KLCI appeared to have bottomed out as most of the negative news flow, such as the ringgit's weakening against the US dollar as well as the decline in crude oil prices, have been factored in by investors.

“I think the index (KLCI) has more or less bottomed out. Most of the bad news have been factored in and next year’s Budget has been announced, which has provided some clarity. There’s not much else that could drive the market down at this point.

“The next factor that could move the market would be the announcement of corporate earnings for the third quarter of the year,” he said.

Across Bursa Malaysia today, 1.99 billion shares worth RM1.88 billion were traded.
Top gainers included Ajinomoto (M) Bhd and British American Tobacco (M) Bhd. Leading decliners included Fraser & Neave Holdings Bhd and PPB Group Bhd.



Source: The Edge

Wednesday, November 14, 2018

Market DailyReport: KLCI sees 11th hour gain as oil prices weigh on sentiments

KUALA LUMPUR (Nov 14): The FBM KLCI made an eleventh hour gain to close at an intra-day high after being in the negative zone for most of the day, weighed down by weak crude oil prices, which impacted market sentiment.


At 5pm, the benchmark index closed at 1,688.41 points, up 0.84 points or 0.05% after slipping to a low of 1,678.82 today.

CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that apart from weak crude oil prices, investors anticipate third quarter corporate earnings to be tepid.

"It is widely expected that third quarter earnings are not going to be exciting. Also in the near term, investors are cautious that global growth is slowing down due to global trade protectionism. 
 
"Technically, the KLCI movement is showing a lower low and lower high formation, a pattern that indicates the KLCI would likely be in the downtrend. Even if there is bargain hunting in the near term, the index rebound will be capped because overall sentiment remains weak," he said.

Brent crude prices remained soft today, trading at around US$65 per barrel after a steep drop from US$70.12 yesterday.

Reuters reported that oil prices extended a steep slide on Wednesday on the back of worries about weakening world demand and oversupply, while global shares sagged as pressures in the energy sector heightened anxiety about a slow-down in the global economy.

Japan's Nikkei gained 0.16% today, while the Hong Kong's Hang Seng Index dropped 0.54%, and South Korea's Kospi fell 0.15%.

On Bursa Securities, total trading volume amounted to 2.21 billion shares worth RM1.92 billion. There were 314 gainers versus 564 losers, and 295 counters unchanged.

AirAsia Group Bhd was a notable gainer today, while losers included YNH Property Bhd, UMW Holdings Bhd and FGV Holdings Bhd.

Hibiscus Petroleum Bhd was the most actively traded counter, with 112.40 million shares changing hands.


Source: The Edge

Tuesday, November 13, 2018

Market Daily Report: FBM KLCI extends loss, ringgit weakest in a year against US dollar



KUALA LUMPUR (Nov 13): The FBM KLCI fell 8.57 points or 0.51% to close at 1,687.57 in tandem with certain Asian equity indices following US stocks' overnight tumble.

At 5pm today, the KLCI extended losses after the index closed down 11.95 points or 0.7% yesterday. Among Asian equity indices today, Japan’s Nikkei 225 fell 2.06% while South Korea’s Kospi decreased 0.44%.

In Malaysia today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com: “The KLCI joined the regional indices to close lower today and extended losses for three consecutive days, mainly due to the spillover effect from the weakness in the US stock market."

“(On the) Domestic front, the KLCI was also hit by the weakening ringgit against the US dollar, coupled with lower crude oil and crude palm oil prices,” Leong said. 
 
Bloomberg reported that the ringgit fell to the weakest in a year after the dollar rallied and crude prices failed to find a floor. It was reported that the ringgit depreciated to 4.1965 against the US dollar today.

At 4.1965, the ringgit was traded at its weakest level against the US dollar since Nov 13, 2017, Bloomberg reported.

Crude oil prices fell. Reuters reported that oil prices fell by around 1 percent on Tuesday, with Brent crude slipping below US$70 per barrel and US West Texas Intermediate (WTI) below US$60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. The fall also came as the US-dollar hovered near 16-month highs on Tuesday, making oil imports more expensive for any country using other currencies at home.

It was reported that WTI crude oil futures were at US$59.22 per barrel at 0740 GMT, down 70 cents, or 1.2 percent from their last settlement while international benchmark Brent crude oil futures were at US$69.41 per barrel, down 71 cents, or 1 percent, from their last close.



Source: The Edge

Monday, November 12, 2018

Market Daily Report: FBM KLCI down 11.95 points as ringgit, oil weigh on Malaysia fiscal outlook



KUALA LUMPUR (Nov 12): The FBM KLCI closed down 11.95 points or 0.7% at its intraday low. Analysts said investors were concerned over the impact of crude oil prices on Malaysian government finances as they evaluated the depreciating ringgit against a strengthening US dollar.

At 5pm, the KLCI closed at 1,696.14. Across Bursa Malaysia, 1.63 billion shares worth RM1.32 billion were traded. In currency markets, the ringgit weakened to 4.1880 against the US dollar at the time of writing after trading between 4.1797 and 4.1890 today.

“Our Budget 2019 [allocation] is based on an average crude oil price of US$70 per barrel. But now that crude oil prices have fallen to the US$70 range, if it continues to tank below US$70, we are at risk of not meeting the Budget deficit of 3.4% of gross domestic product,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com.

Reuters reported that front-month Brent crude futures, a benchmark for global oil prices, were at US$71.59 per barrel at 0749 GMT while US West Texas Intermediate crude futures were transacted at US$61.15 per barrel. 
 
At current levels, it was reported that oil prices have fallen about 20% since early October.
Across Bursa Malaysia today, top decliners included KLCI-linked stocks Hong Leong Financial Group Bhd and Petronas Dagangan Bhd.

Top gainers included Malaysian Pacific Industries Bhd and Dufu Technology Corp Bhd.



Source: The Edge

Friday, November 9, 2018

Market Daily Report: Market remains cautious amid lingering concern on US interest rate hike




KUALA LUMPUR (Nov 9): Taking cue from the weak regional sentiment, the FBM KLCI dropped 13.33 points or 0.77% at the closing bell today, to end the week at 1,708.09 points.

The fall is smaller relative to other markets in the region. Across Asia, Japan's Nikkei 225 dropped 1.05%, South Korea's Kospi fell 0.31% while Hong Kong’s Hang Seng was down 2.39%.

The US Federal Reserve held interest rates steady on Thursday but investors did not breathe a sigh of relief simply because of the lingering concern another rate hike is possible as the American economy continues to show healthy growth, according to analysts.

The US Federal Reserve has raised interest rates three times this year and is widely expected to do so again next month, Reuters reported.

Reuters reported that Asian stocks pulled back from a one-month high on Friday as the US Federal Reserve looked set to deliver another interest rate hike next month, paring gains made earlier this week after US midterm elections triggered a global equities rally.

On Bursa Malaysia, some 1.65 billion shares, worth RM1.81 billion, changed hands. Share prices were mostly lower, with losers leading gainers by 567 to 244, while 339 counters remained unchanged.

On a weekly basis, the benchmark index was down by 5.78 points or 0.34%.

“We are seeing a renewed volatility on the FBM KLCI alongside the weakness of the regional stock markets due to the fresh concern over the potential interest hike in US after the US Federal Reserve announced a hawkish tone on the interest rate direction,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com.

He added that the weak China’s producer price index in October, which only expanded about 3.3%, its weakest reading since March this year, had also caused the negative sentiment.

Among the KLCI components, Leong said 24 out of the 30 component stocks were weighing down on the index, which is led by the decline in MISC Bhd that snapped its seven consecutive trading days' winning streak.

Shares of MISC dipped 52 sen or 7.5% at RM6.45 today, valuing it at RM28.79 billion.



Source: The Edge

Thursday, November 8, 2018

Market Daily Report: KLCI posts second day of gains, led by telecom stocks



KUALA LUMPUR (Nov 8): Malaysian stocks closed higher for second straight day today as foreign investors continued to buy into market.

The benchmark FBM KLCI ended 6.54 points or 0.38% higher at 1,721.42 points, led by telecommunication stocks. The gain also mirror the moves globally after Wall Street's overnight rally.

According to Inter-Pacific Securities research head Pong Teng Siew, foreign buying helped propped up the local stock market, as well as gains in Maxis Bhd, DiGi.com Bhd and Axiata Group Bhd.

He believes that foreign funds are starting to trickle back into the market as valuations of some bluechips are again turning attractive, adding that the strengthening of the ringgit against the US dollar helped to stabilise sentiments. At the time of writing, the ringgit was trading at 4.1595 to the greenback.

Additionally, Pong said the recovery in oil prices has helped the market. Brent crude futures rose 0.42% to US$72.37 per barrel at the time of writing.

Shares of Maxis closed 11 sen or 2.04% higher at RM5.51 for a market capitalisation of RM43.07 billion, while DiGi closed up six sen or 1.35% at RM4.50, valuing it at RM34.99 billion.
Axiata, on the other hand, closed two sen or 0.56% higher at RM3.62, bringing its market capitalisation of RM32.84 billion.

Trading volume decreased to 2.28 billion shares worth RM2.29 billion compared with yesterday's 2.32 billion shares worth RM2.5 billion. Gainers led losers by 475 to 357, while 361 counters remained unchanged.

Reuters reported that Asian stocks scaled a one-month peak on Thursday, after investors drove a Wall Street rally on relief the US midterm elections delivered no major political surprises, while the dollar bounced and pulled away from two-and-a-half-week low.

Across Asia, Japan's Nikkei 225 grew 1.82%, South Korea's Kospi rose 0.67% while Hong Kong’s Hang Seng was up 0.31%.



Source: The Edge

Wednesday, November 7, 2018

Market Daily Report: FBM KLCI outperforms regional peers as MAHB rallies




KUALA LUMPUR (Nov 7): The FBM KLCI closed in the positive territory today after gaining traction in the final trading hour, before closing up 6.08 points, thanks to gains made by Malaysia Airports Holdings Bhd (MAHB).

"The index hovered mostly in positive territory today, underpinned mainly by gains by MAHB after it had recovered most of the previous session's sell down following the government's announcement of a proposed first airport REIT," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com when contacted.

MAHB rose 7.23% or 55 sen to close at RM8.16, after 5.55 million shares were done. The counter declined on Monday after the government said it intends to set up the world's first "airport real estate investment trust (REIT)" when tabling the recent Budget 2019 last Friday.

At 5pm, the FBM KLCI settled at 1,714.88 points, with 2.32 billion shares traded for a value of RM2.5 billion. Gainers led losers at 386 versus 353, with 448 unchanged.

Regionally, the index also outperformed other indexes said Leong, which had been impacted by the US midterm elections.

Reuters wrote that Japan's Nikkei ended lower in volatile trade as investors assessed the policy impact of the US polls, in which Democrats wrestled control of the House of Representatives from the Republicans.

It said Nikkei's share average fell 0.3% to 22,085.8 points, after traversing positive and negative territories.

The Shanghai Stock Exchange Composite Index similarly fell 0.68% to 2,641.34 points; the Hong Kong Hang Seng Index gained 0.1% to 26,147.69 points.

Looking ahead, Leong said market movement will be impacted by the release of corporate earnings in the coming two to three weeks.



Source: The Edge

Monday, November 5, 2018

Market Daily Report: KLCI closes lower ahead of Diwali, dragged by gaming stocks



KUALA LUMPUR (Nov 5): Malaysian stocks closed slightly lower today, dragged down by gaming stocks amid lingering worries over the impact of a hike in casino duties – the first in the last 20 years.
The negative performance was also in tandem with regional peers as optimism over a potential US-China trade deal receded.

Investors booked profits as caution set in ahead of Diwali, with the FBM KLCI settling 5.07 points or 0.3% lower at 1,708.80 points.

Shares of Genting Malaysia Bhd (GENM) plunged 20.48% or 93 sen in one day to close at RM3.61 as investors reacted to last Friday's Budget 2019 announcement that casino duties will be raised to 35% from 25% and an increase in the flat rate casino licence fee to RM150 million from RM120 million per year. A total of 379.04 million shares changed hands, making GENM the most active stock on Bursa Malaysia today. Its market capitalisation fell to RM20.41 billion from RM25.67 billion last Friday.

Shares of its parent Genting Bhd also dropped 46 sen or 6.39% to close at RM6.74, with 36.45 million shares done. Its market value was at RM25.8 billion.

Malaysia Airports Holdings Bhd (MAHB) also took a big hit, as an airport real estate investment trust (REIT) proposed by the government in Budget 2019  is expected to put a squeeze in the airport operator's margins in the medium to long term. The stock fell 64 sen or 7.76% to settle at RM7.61 today, with 7.45 million shares traded, valuing the stock at RM12.63 billion.

According to Rakuten Trade Sdn Bhd vice-president Vincent Lau, the downtrend and lower sentiment in the region is due to the US mid-term election.

Reuters reported that Asian stocks skidded on Monday as fears of faster rate hikes in the US and uncertainty around the Sino-US trade war deterred investment in riskier assets, while sterling briefly jumped to a two-week high on hopes of an orderly Brexit.

Markets are expected to be skittish ahead of US congressional midterm elections on Tuesday.
Lau told theedgemarkets.com that the KLCI was also dragged down by GENM, Genting and MAHB.
“Apart from these few negatives, the overall Budget 2019 measures was actually okay,” he noted.
JF Apex Securities Bhd said trading volume fell to 2.23 billion shares worth RM3.29 billion compared with Friday’s 3.16 billion shares worth RM2.53 billion.  Market breadth was negative with 344 gainers and 537 losers, while 315 counters remained unchanged.

Across in Asia, Japan's Nikkei 225 dropped 1.55%, South Korea's Kospi fell 0.91% while Hong Kong’s Hang Seng was down 2.08%


Source: The Edge

Friday, November 2, 2018

Market Daily Report: KLCI up as US-China dispute ebbs; Genting falls



KUALA LUMPUR (Nov 2): The FBM KLCI gained 6.95 points or 0.41% to close at 1,713.87 after Asian shares ended higher and as Malaysia unveiled its Budget 2019.

Asian equities rose on news the US is taking steps to resolve a damaging trade war with China.
Reuters reported that Asian shares rocketed to three-week highs on Friday while the dollar softened on a report that US President Donald Trump is taking steps to resolve a damaging trade war with China that has cast a pall over the global economy and financial markets recently.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan jumped 2.7 percent to hit its highest level since Oct 10. It is up 6.4 percent on the week, on course to mark its best weekly performance in three years.

Among Asian stock indices today, Japan’s Nikkei 225 gained 2.56%, Hong Kong’s Hang Seng gained 4.21% while South Korea’s Kospi rose 3.53%.

In Malaysia, JF Apex Securities Bhd said the positive performance in global markets including US stocks' overnight rise, had supported gains in the Malaysian market today. “With the overnight bullish performance in the US and Europe, the KLCI is expected to resume its rebound with resistance at 1,750 points,” JF Apex said in a note earlier today.

Across Bursa Malaysia today, 3.16 billion shares were traded for RM2.53 billion. Top gainer was British American Tobacco (M) Bhd while Genting Bhd led decliners.

Genting shares closed down 20 sen at RM7.20 after Finance Minister Lim Guan Eng said during Malaysia's Budget 2019 tabling today that the country will raise the annual casino licence fee from RM120 million to RM150 million. Lim also said casino tax will be increased to 35% of gross income.



Source: The Edge

Thursday, November 1, 2018

Market Daily Report: FBM KLCI down ahead of Budget 2019



KUALA LUMPUR (Nov 1): The FBM KLCI fell 2.35 points or 0.14% to close at 1,706.92 points today as risk-averse investors held back ahead of Malaysia's Budget 2019 announcement tomorrow.

Today, Areca Capital Sdn Bhd CEO Danny Wong told theedgemarkets.com that Malaysian stock market sentiment is uncertain currently ahead of the Budget announcement. Globally, there is also lingering uncertainty due to the US-China trade dispute, Wong said.

“Investors are holding back ahead of Budget 2019, which makes this week crucial for the local market," Wong said.

Across Bursa Malaysia today, 2.18 billion shares worth RM1.66 billion were traded.
Top decliners included Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd and Ajinomoto (M) Bhd while gainers were led by British American Tobacco (M) Bhd.

Asian stock markets ended mixed. In China, Hong Kong’s Hang Seng gained 1.75% while the Shanghai Stock Exchange Composite rose 0.13%. Elsewhere across Asia, Japan’s Nikkei 225 and South Korea’s Kospi declined 1.06% and 0.26% respectively.

Reuters reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent, adding to modest gains the previous day, though this came after a brutal October month.

It was reported that the index had fallen 10.2 percent in October, its worst monthly performance since August 2015, as factors ranging from Sino-US trade tensions to worries about global economic growth, higher US interest rates and company earnings spurred volatility in global markets.



Source: The Edge

Wednesday, October 31, 2018

Market Daily Report: FBM KLCI rises on bargain hunting



KUALA LUMPUR (Oct 31): The FBM KLCI rose with Asian shares today, driven by bargain hunting.

At 5pm, the KLCI rose 23.33 points or 1.38% to close at 1,709.27 points. Gainers led losers by 611 to 176, while 430 counters traded unchanged.

Top gainers included Ajinomoto (Malaysia) Bhd, Dutch Lady Milk Industries Bhd and Tenaga Nasional Bhd.

"The Malaysian stock market is oversold and I expect the market shall continue to recover some losses as bargain hunters will continue to pick up [those] at cheaper valuations," Malacca Securities head of research Victor Wan told theedgemarkets.com.

"Key level of resistance to look at is 1,720. Conversely, support levels can be identified at 1,680 and 1,700," Wan added.

Across Asia, Japan's Nikkei rose 2.16%, while Hong Kong's Hang Seng rose 1.6% and South Korea's Kospi climbed 0.74%.

Reuters reported that Asian stocks clawed up from 20-month lows on Wednesday amid pledges by China to support its markets, but investor confidence was brittle after equity markets bled trillions of dollars this month.

Factors ranging from Sino-US trade tensions to worries about global economic growth, higher US interest rates and company earnings have spurred volatility in financial markets in the past few weeks, the newswire added.



Source: The Edge

Tuesday, October 30, 2018

Market Daily Report: KLCI up 0.13% in continued cautious trading



KUALA LUMPUR (Oct 30): The FBM KLCI closed up 2.21 points or 0.13% at 1,685.94 points today, as investor sentiment remained cautious and uncertain on domestic and global factors.

“It may have just been a technical rebound as the underlying tone is still volatile,” said Kenny Yee, head of research at Rakuten Trade Sdn Bhd.

Yee told theedgemarkets.com that Wall Street stock movements are still likely to lead the way for local investors, while they keep a lookout for Budget 2019 to be announced on Friday.

Market breadth was slightly positive with 390 counters outpacing 316 decliners. A total of 1.94 billion shares were traded for RM1.58 million.

Gainers were led by Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd and Airasia Group Bhd, while top decliners were Nestle (Malaysia) Bhd, Ajinomoto (Malaysia) Bhd and United Plantations Bhd.

Most actively-traded counters were Datasonic Group Bhd, Seacera Group Bhd and Sapura Energy Bhd.

Across Asia, shares were choppy as investors remained cautious on Sino-US trade war developments, Reuters reported.

Japan’s Nikkei erased early losses to climb 1.5%, while MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.9%, after swinging in and out of negative territory, the newswire said.



Source: The Edge

Monday, October 29, 2018

Market Daily Report: FBM KLCI closes slightly higher on IHH’s late surge



KUALA LUMPUR (Oct 29): The FBM KLCI managed to close in positive territory today after six straight days of decline, thanks mainly due to buying at the 11th hour in IHH Healthcare Bhd.
The key index closed 0.67 points or 0.04% higher at 1,683.73.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said there were still uncertainties in the market due to external issues like the US-China trade war and the mid-term elections in the US, and also domestic matters.

“Looking at the current [global] market, it’s still uncertain and volatile as the direction is still not clear,” Wong told theedgemarkets.com, stressing that there is a need for a clearer resolution on the trade war.

“Basically, investors are waiting for the D-day on Nov 2 or Nov 5,” said Wong, adding that IHH, DiGi.Com Bhd and Sime Darby Bhd contributed to the lift of the KLCI today.

Top gainer IHH closed 26 sen or 5.42% higher at RM5.06, while losers were led by Malayan Banking Bhd which fell 17 sen or 1.8% to RM9.27.

Total turnover on Bursa Malaysia was 1.85 billion shares worth RM1.43 billion. Losers led gainers by 588 to 223, while 349 counters remained unchanged.

Elsewhere in Asia, Japan's Nikkei 225 dropped 0.16%, South Korea's Kospi fell 1.53% while Hong Kong’s Hang Seng was up 0.38%.

Reuters reported worries about China’s slowing economy spread across Asian markets today with US stock futures turning down and Chinese shares in the red as concerns about US corporate earnings and global growth continued to hit sentiment.

The losses in Asia were largely led by China’s blue-chip index which tumbled over 3.3% following disappointing earnings from the country’s top liquor maker, Kweichow Moutai, the newswire added.


Source: The Edge

Friday, October 26, 2018

Market Daily Report: KLCI down 2.83% for the week

KUALA LUMPUR (Oct 26): The FBM KLCI closed at 1,683.06 points today, down 49.08 points or 2.83% for the week no thanks to current weak sentiment globally.

"I don't think we've seen the bottom yet," said TA Securities senior technical analyst Stephen Soo, who opined that the choppiness seen in the local market is set to continue into next week.

Share prices across the board were mixed with 414 losers versus 347 gainers. Total trading volume dropped below two billion mark at 1.82 billion for RM1.68 billion.

Most actively traded counters were Seacera Group Bhd, Gamuda Bhd and Nova MSC Bhd, while top decliners were KESM Industries Bhd, Ajinomoto (Malaysia) Bhd and Malaysian Pacific Industries Bhd.

Gainers were led by Selangor Properties Bhd, which announced a proposed selective capital repayment scheme to pave the way for privatisation, British American Tobacco (Malaysia) Bhd and Batu Kawan Bhd.

Globally, stocks have been sliding towards their worst week in more than five years, fueled by concerns over corporate earnings results and global trade and economic growth, Reuters reported.
Asian shares were on track for their fifth weekly loss based on the MSCI Asia index, which has fallen more than 4% this week, the newswire said.



Source: The Edge

Thursday, October 25, 2018

Market Daily Report: Malaysian stocks close mostly lower, tracking Wall Street rout



KUALA LUMPUR (Oct 25): Malaysian stocks were not spared a sweeping sell-off on Thursday as Asian markets tracked overnight losses on Wall Street, with the Dow Jones Industrial Average (DJIA) tumbling more than 600 points to wipe out its year-to-date gain.

Earlier in the morning, the benchmark FBM KLCI plunged to a low of 1,670.34 points, and traded below the 1,690-point level for the rest of the day. It recouped part of its losses to finish at its intra-day high of 1,686.59 points for a 3.45-point or 0.2% decline.

Dialog Group Bhd, Sime Darby Bhd, and Genting Bhd were the three biggest losers among the component stocks.

The FBM Small Cap index plummeted another 253.32 points or 1.97% today to close at 12,592.22 points.

Inter-Pacific Research Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that small cap stocks — generally the least liquid — tend to suffer the biggest drops as investors enter into a panic-selling mode.

"Last night was a big move in the DJIA and Nasdaq, and such a big move has got a spillover effect on sentiments across Asia. It could be a situation that develops into a panic-selling, which was what we had seen here this morning. But when cooler heads prevail, we clawed back some of these losses," he said.

However, Pong said the modest recovery may not be sustainable as there may be "surprise developments" overnight on Wall Street even if the current uptick in the Dow Jones mini futures index may be giving off positive indications.

Across the local bourse today, market breadth was negative with more than four stocks finishing in the red for every one stock that was up. Decliners totalled 768, versus 173 gainers, while 333 counters closed unchanged.

Trading volume stood at 2.24 billion worth RM2.34 billion, compared with Wednesday's 2.25 billion shares worth RM1.87 billion.

Back home among the sectoral indices, the technology index suffered the most, dropping 3.65% to 34.55 points, followed by utilities, down 2.82% to 907.98 points.

On Wednesday, the DJIA plunged 608.01 points or 2.41% as mixed corporate earnings and weak housing data fueled anxiety that rising prices will crimp economic growth, Bloomberg reported.

Save for the Shanghai Stock Exchange Composite Index, which eked out a marginal 0.51-point or 0.02% gain, Asian stocks were not spared the carnage. Japan's Nikkei 225 lost more than 820 points or 3.72%, while Hong Kong's Hang Seng Index slid 255.32 points or 1.01% and South Korea's Kospi fell 34.28 points or 1.63%.



Source: The Edge

Wednesday, October 24, 2018

Market Daily Report: Selling persists on Bursa Malaysia, the Small-Cap Index down 1.88% to five-year low



KUALA LUMPUR (Oct 24): Selling persisted across the board on Bursa Malaysia, pulling the FBM Small Cap Index down to a five-year low of 12,845.54 points — the lowest closing since March 2013 — falling 245.74 points, or 1.88%.

The FBM KLCI failed to sustain its early gain to close at 1,690.04 points, down 7.56 points or 0.45%. The three component stocks leading the fall of the KLCI, in percentage terms, were Sime Darby Bhd, DiGi.com Bhd, and Telekom Malaysia Bhd, which has tumbled 64% to an almost eight-year low of RM2.22.

Across the local bourse, share prices were mostly lower at today’s closing bell with 620 decliners outstripping 245 gainers, while 348 counters were unchanged.

Trading volume stood at a total of 2.25 billion shares worth RM1.87 billion, compared with Tuesday’s 2.01 billion shares worth RM2.01 billion.
 
The technology sector saw the biggest drop today. The technology index fell 3.06% or 1.13 points to 35.86 points followed by the energy index, which declined 2.02% or 21.23 points to 1,027.01 points.
TA Securities senior technical analyst Stephen Soo told theedgemarkets.com that the selling pressure seen on the local bourse is expected to persist until next week, with the KLCI set to head towards the 1,680-level and possibly, 1,657 points.

“The overall sentiment is still weak, mainly due to concerns over the geopolitical issues. When the external sentiment weakens, it dampens the local market as well. We have seen a fair bit of foreign selling on key index stocks and it looks like there is a shift of funds from emerging markets to US-denominated assets,” Soo said.

He added that besides the spillover effects from geopolitical matters in the Middle East, European Union, US, and China, the falling prices of Brent crude oil played a contributing factor to the weakening of investor interests, as seen in pressure on mid and small-cap stocks.

At the time of writing, Brent crude oil was down 1.4% to US$75.37 per barrel.

Elsewhere in the region, Japan’s Nikkei 225 and the Shanghai Stock Exchange Composite Index were up 0.37% and 0.33% respectively. Meanwhile, South Korea’s Kospi lost 0.4% and Hong Kong’s Hang Seng Index finished 0.38% lower.

Reuters reported today that the propped up sentiment seen across some Asian stocks was a result of China’s fresh sign of stimulus, despite Wall Street’s overnight losses. The Dow Jones Industrial Average at one point plunged over 500 points on Tuesday.



Source: The Edge

Tuesday, October 23, 2018

Market Daily Report: FBM KLCI down again, falls below 1,700 psychological level



KUALA LUMPUR (Oct 23): The FBM KLCI sank 24.87 points or 1.44% today to close below the 1,700-point psychological level for the first time since July 11.

The benchmark index had opened the day at 1,721.50 and rose to 1,721.91 before retreating thereafter to close at its intra-day low of 1,697.60.

The KLCI has declined for 13 days out of the 17 trading days in October thus far, for a fall of nearly 100 points from its closing of 1,791.10 on Sept 28.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the downtrend this month is an unusual phenomenon compared with the past few years. He believes that the index could soon be heading towards its next support level of 1,660.

"Generally, in the past couple of years, the October month is quite positive mainly due to the budget rally. But with the change of the government this year, and the government's hints of a less positive budget, I think there will be no budget rally this year.

"The government has also hinted that they are disposing [of] assets in government-linked companies, which could be contributing to the selloff in the big cap stocks as well," Leong said.

Market breadth today was negative with 727 decliners outstripping 170 gainers, while 330 counters closed unchanged. However, trading volume was higher at a total of 2.01 billion shares worth RM2.01 billion, compared with Monday's 1.95 billion shares worth RM1.68 billion.

Tenaga Nasional Bhd and Petronas Gas Bhd were among the largest decliners, closing down by 2.9% and 2.17% respectively.

"The weakness today was in tandem with the general negative market sentiment across Asia stock markets, which was dragged down by the pullout of US-Russia Nuclear Arms Treaty, and also the escalating US-China trade tension," said Leong.

Japan's Nikkei 225 and South Korea's Kospi were down 2.67% and 2.57% respectively, and in China, the Shanghai Stock Exchange Composite Index closed 2.26% lower while Hong Kong's Hang Seng Index lost 3.08%.

Back home, the most active stock of the day was Prestariang Bhd, followed by Sapura Energy Bhd and My EG Services Bhd.

Malaysia-listed Hang Seng Index-linked put warrants dominated the gainers list, besides Nestle (Malaysia) Bhd, Padini Holdings Bhd and Heineken Malaysia Bhd.



Source: The Edge

Monday, October 22, 2018

Market Daily Report: FBM KLCI falls for third consecutive day amid external uncertainties



KUALA LUMPUR (Oct 22): The benchmark FBM KLCI closed 9.67 points or 0.56% lower at 1,722.47 points on Monday, marking its third straight day of decline as investor sentiments were marred by ongoing external uncertainties.

The index has lost 1.04% since it closed  at 1,740.59 points on Wednesday, and is down 4.14% on a year-to-date basis. Decliners outpaced gainers at 497 versus 315, while 354 counters settled unchanged. Total trading volume stood at 1.95 billion shares worth RM1.68 billion, lower than Friday's 2.41 billion shares worth RM2.3 billion.
 “Investors in the market are still not too clear about [directions of] present issues [like] the US-China trade tension, the unstable geopolitical situation in the Middle East and some of the currency movements. It could also be due to talks about US’ December rate hike,” he explained.

Wong also noted that the months of October and November are typically when fund managers move to the sidelines, in view of upcoming holidays, which could explain the low volume.

In contrast, bourses elsewhere in the region closed higher, with Japan’s Nikkei 225 and South Korea’s Kospi finishing with a marginal 0.37% and 0.25% gain. In China, the Shanghai Stock Exchange Composite Index grew 4.09% while Hong Kong’s Hang Seng Index advanced 2.32%.

Reuters reported Asian share markets rebounded as the promise of more Chinese stimulus helped offset some of the geopolitical concerns over Saudi Arabia, Italy and Brexit, while investors braced for the peak of the US earnings season.

Back at Bursa, top decliners were British American Tobacco (Malaysia) Bhd and Nestle (Malaysia) Bhd, while top gainers included Dutch Lady Milk Industries Bhd and United Plantations Bhd.
The most actively traded stock was My EG Services Bhd, which recovered after hitting limit-down last Friday amid uncertainties over their government contracts after the company's name was mentioned in one of the graft charges brought against former Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.

Datasonic Group Bhd — also mentioned in Zahid’s corruption charges — was the second most actively traded stock and closed 6.2% lower. Both companies have denied involvement in the cases.



Source: The Edge

Thursday, October 18, 2018

Market Daily Report: FBM KLCI declines amid negative regional sentiment




KUALA LUMPUR (Oct 18): The FBM KLCI fell 0.15% today in tandem with the day's general negative performance across the region.

The benchmark index closed at 1,738.01, down 2.58 points from yesterday.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the decline reflected regional sentiments.

"This is mainly due to concerns on rising interest rates. We also saw the China stock market tumble, as the Chinese yuan depreciated against the dollar by about 0.2%.

"In Malaysia, there were some extended profit-taking as well," Leong told theedgemarkets.com.
Reuters reported that US Federal Reserve's minutes for its September meeting showed all policy makers agreed to raise key interest rates for a third time in 2018, knocking global sentiments.

The report added that heavy selling of Chinese shares also soured confidence in the Asian market day, leading to an extension of losses in Japanese stocks.

Japan's Nikkei 225 closed 0.8% lower at 22,658.16, after a surprise decline in exports data, a first in 22 months.

China's Shanghai Stock Exchange Composite fell 2.94% to 2,486.42.

On Bursa Malaysia, decliners led gainers by 438 to 307, with 436 counters traded unchanged.
Top gainers included Dutch Lady Milk Industries Bhd and Heineken Malaysia Bhd, while top actives included Borneo Oil Bhd and Malaysian Resources Corporation Bhd.



Source: The Edge

Wednesday, October 17, 2018

Market Daily Report: KLCI gains after US equities' overnight rise



KUALA LUMPUR (Oct 17): The FBM KLCI gained 3.75 points or 0.22% today with Asian shares after US equities' overnight rise.

Reuters reported that US stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off.

It was reported that Asian equities got some welcome relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies.

At Bursa Malaysia today, the KLCI closed at 1,740.59 points. Across Asia, Japan’s Nikkei 225 closed 1.29% higher while South Korea’s Kospi rose 1.04%.

In China, the Shanghai Stock Exchange Composite climbed 0.6% while Hong Kong markets were closed today for the Chung Yeung Festival holiday.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com: “The US markets saw an overnight gain, which has lifted sentiment on the local market, especially after the recent sell down. Investors may also be doing some bargain hunting after the decline.”
Across Bursa Malaysia, 2.03 billion shares were traded for RM2.08 billion.

Top gainers include Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd.

Leading decliners included Hong Leong Bank Bhd, Hong Leong Financial Group Bhd and Westports Holdings Bhd.



Source: The Edge

Tuesday, October 16, 2018

Market Daily Report: FBM KLCI up 0.47% after Hong Leong Bank, MISC spike




KUALA LUMPUR (Oct 16): The FBM KLCI gained 8.1 points or 0.47% to close at its intraday high after a sudden surge in the final trading hour. At a glance, the KLCI surged as prices of index-linked stocks Hong Leong Bank Bhd and MISC Bhd spiked.

At 5pm, the KLCI closed at 1,736.84 points. Hong Leong Bank shares rose 44 sen to RM20.94 while MISC added 13 sen to RM5.68.
Both Hong Leong Bank and MISC ended among Bursa Malaysia top gainers.

“The interest has shifted to specific stocks, including some blue chips in the banking and transportation logistics sectors, signalling that it is now time to look at individual companies rather than a sectoral approach,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com.

Consumer stocks Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd and Heineken Malaysia Bhd ended among Bursa top decliners as investors’ attention appeared to have shifted away from consumer stocks to selected blue chips.

Pong said investors sold consumer stocks like Carlsberg, Dutch Lady and Heineken "as the valuation of these defensive counters have risen and investors see no further upside for the consumer sector."



Source: The Edge

Monday, October 15, 2018

Market Daily Report: KLCI declines amid trade dispute, US rate hike concerns



KUALA LUMPUR (Oct 15): The FBM KLCI closed two points or 0.12% lower after Asian equities declined on US-China trade dispute and US interest rate hike concerns.

At 5pm, the KLCI closed at 1,728.74 points. In China, the Shanghai Stock Exchange Composite dropped 1.49% while Hong Kong’s Hang Seng fell 1.38%.

Elsewhere across Asia, Japan’s Nikkei 225 declined 1.87% while South Korea’s Kospi fell 0.77%.
In Malaysia, JF Apex Securities Bhd head of research Lee Chung Cheng said it was an uneventful day for the KLCI. Lee said investors had probably taken a wait-and-see stance in anticipation of greater policy clarity, against a background of various external factors.

“Things are rather flat today. This might be due to investors holding back their positions ahead of the (tabling of the half-term review of the) 11th Malaysia Plan and the upcoming Budget announcement.
“We expect the index to be volatile in the near term, due to external issues like the US rate hike, for example, and also internal factors like policy uncertainty,” he said.

According to news reports, the tabling of the 11th Malaysia Plan's half-term review is on Thursday (Oct 18) while the Budget 2019 announcement is on Nov 2.

Today, Bursa Malaysia top decliners included KESM Industries Bhd and Heineken Malaysia Bhd while leading gainers included Nestle (M) Bhd and British American Tobacco (M) Bhd.

Asian shares fell. Reuters reported that Asian shares slipped on Monday as worries over Sino-US trade disputes, a possible slowdown in the Chinese economy and higher US borrowing costs tempered optimism despite a rebound in global equities late last week.

Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over the disappearance of a journalist critical of its policies.


Source: The Edge

Friday, October 12, 2018

Market Daily Report: FBM KLCI up 22.25 points with US equity futures



KUALA LUMPUR (Oct 12): The FBM KLCI closed 22.25 points or 1.3% higher on bargain hunting and as Asian stock markets tracked US equity futures' rise.

At 5pm, the KLCI ended at 1,730.74 points as KLCI-linked stocks Petronas Gas Bhd, Tenaga Nasional Bhd and Malayan Banking Bhd ended among Bursa Malaysia top gainers. The KLCI closed higher today on bargain hunting after the 30-stock index fell 26.69 points or 1.54% yesterday.

Today, Asian stock markets tracked US equity futures' rise. Japan's Nikkei 225 closed up 0.46%, South Korea's Kospi increased 1.51% while Hong Kong’s Hang Seng rose 2.12%.

At 5:.04pm, the US' S&P 500 and Nasdaq futures rose 21.5 and 84 points respectively. At 5.05pm, the Dow Jones Industrial Average futures climbed 174 points.

In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said the Malaysian stock market's direction next week depends on US stocks' performance today (Friday).

“You can’t really tell (what it will be) because tonight will determine what will happen next week. It is not so much of what the (US stock) futures are doing right now, but it is more on what happens tonight in New York itself,” Pong told theedgemarkets.com.

Across Bursa Malaysia today, 2.22 billion shares worth RM2.49 billion changed hands.
Top gainer Petronas Gas rose RM1.24 to close at RM18.48 while Tenaga added 32 sen to RM14.60.


Source: The Edge

Thursday, October 11, 2018

Market Daily Report: FBM KLCI down 1.54% as Wall Street tumble hits world markets




KUALA LUMPUR (Oct 11): The FBM KLCI dropped 26.69 points or 1.54% today to end at 1,708.49 in tandem with Asian shares on what appeared to be a knee-jerk reaction to US stocks' overnight tumble.

At Bursa Malaysia today, the five KLCI stocks leading the fall of the KLCI, in percentage terms, were Genting Malaysia Bhd, IHH Healthcare Bhd, Digi.Com Bhd, CIMB Group Holdings Bhd and Petronas Gas Bhd.

Across Bursa Malaysia, 3.1 billion shares worth RM3.7 billion were traded. Top decliners included United Plantations Bhd, Nestlé (M) Bhd and Petronas Gas.

Top gainers included Gamuda Bhd, Top Glove Corp Bhd, and Axiata Group Bhd.

Across Asia, Reuters reported that share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields. MSCI's broadest index of Asia-Pacific shares outside Japan was off 3.8 percent around 0500 GMT, and earlier touched its lowest level since March 2017.

It was reported that US stocks tumbled overnight on Wednesday, with the S&P 500 and the Dow Jones Industrial Average marking their biggest daily declines since Feb 8, and technology stocks were at the center of the carnage as rising US Treasury yields sent investors fleeing from risky assets. US long-dated Treasury yields rose again in extension of a trend over the last few weeks fuelled by solid US economic data that reinforced expectations of multiple interest rate hikes over the next 12 months.

In Malaysia today, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com: “Today it (the drop in KLCI) is more of the Wall Street thing. The Wall Street valuation is very high and there are some concerns on the trade war and interest rate but I think that’s the excuse they needed for the Dow Jones to correct and consolidate a bit."

Across Asia today, Japan's Nikkei 225 fell 3.89% while South Korea's Kospi lost 4.44%. In China, Hong Kong’s Hang Seng dropped 3.54% while the Shanghai Stock Exchange Composite declined 5.22%

Overnight in the US, the Dow Jones Industrial Average dropped 3.15%, S&P 500 declined 3.29% while the Nasdaq Composite fell 4.08%.




Source: The Edge

Wednesday, October 10, 2018

Market Daily Report: FBM KLCI down 38.97 points as new tax, sector reform uncertainties hurt sentiment



KUALA LUMPUR (Oct 10): The FBM KLCI fell 38.97 points or 2.2% as anticipation that the Government will devise new taxes and sell assets to reduce debt affected market sentiment.

Expectation that Malaysia will reform crucial sectors, and external factors including the International Monetary Fund's (IMF) reduction of its global economic growth estimate could have also hit Malaysian market sentiment. At 5pm, the KLCI settled at 1,735.18 after falling to its intraday low at 1,732.5.

CIMB Research analyst Ivy Ng Lee Fang wrote in a note today: "At the various tracks in the conference (Malaysia: A New Dawn Investors' Conference), we gathered that the Ministries are working on potential reforms for the aviation, agriculture, power and property sectors. The potential changes could lead to short-term uncertainty for some listed companies in the near-term, but could be positive for the market in the medium- to long-term if the reforms yield results through higher growth for the country.

"Participants generally viewed Malaysia’s growth outlook as resilient against domestic and external risks. Officials reiterated that Budget 2019 would be 'difficult' and 'require sacrifices', with the potential introduction of new taxes. While urgent fiscal adjustments were deemed necessary, most speakers agreed that external financing pressures were diminished by the current account surplus, adequate foreign reserves, a lack of FX (foreign exchange) mismatch in external debt, and plentiful liquidity in onshore financial markets," Ng said.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that external factors also played a role in the weaker market sentiment today, especially after the IMF reduced its global economic growth forecast.

“We believe the selling pressure today was a kneejerk reaction, and it is going to be short term, but we do not discount the possibility of further downtrend if the Government announces more policies that could affect investors’ confidence,” Leong said.

Reuters reported that the IMF had yesterday cut its global economic growth forecasts for 2018 and 2019, saying that the US-China trade war was taking a toll and emerging markets were struggling with tighter liquidity and capital outflows. It was reported that the IMF said in an update to its World Economic Outlook it was now predicting 3.7 percent global growth in both 2018 and 2019, down from its July forecast of 3.9 percent growth for both years.

Across Bursa Malaysia today, trading volume stood at 3.02 billion worth RM2.96 billion. Top decliners included KLCI component stocks like Tenaga Nasional Bhd, Axiata Group Bhd, Genting Bhd and Telekom Malaysia Bhd.

Tenaga shares fell 70 sen to close at RM14.68 while Axiata dropped 51 sen to RM3.85.



Source: The Edge

Tuesday, October 9, 2018

Market Daily Report: FBM KLCI lower as yuan devaluation raises China growth concerns



KUALA LUMPUR (Oct 9): The FBM KLCI closed down 1.6 points or 0.09% along with Asian shares after China allowed its currency to depreciate. The yuan's devaluation raised concerns on China's economic growth.

At 5pm, the KLCI settled at 1,774.15 points. Across Asia, Japan’s Nikkei 225 closed 1.32% lower while Hong Kong’s Hang Seng fell 0.11%.

"With Chinese economic momentum continuing to weaken alongside increasing pressure from the United States, currency weakness is the obvious release valve," Reuters quoted JPMorgan analysts as saying in a note.

In Malaysia, JF Apex Securities Bhd head of research Lee Chung Cheng told theedgemarkets.com that trading activities were “muted” today, and it is expected to be the same for the rest of the week.
Lee added: "There are external factors affecting regional market sentiment."

Reuters reported that Asian shares hit 17-month lows on Tuesday as China allowed its currency to slip amid recent losses in domestic share markets, a shift that pressured other emerging currencies.
China's Central Bank fixed its yuan at 6.9019 per dollar on Tuesday, so breaching the 6.9000 barrier and leading speculators to push the dollar up to 6.9120 in the spot market.

Across Bursa Malaysia, trading volume was 1.8 billion shares worth RM1.53 billion.

The biggest decliners included Petronas Gas Bhd and MI Equipment Holdings Bhd. Top decliner Petronas Gas fell 44 sen to close at RM18.30.


Source: The Edge

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