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Wednesday, May 30, 2018

Market Daily Report: FBM KLCI sinks 3.18% as Bursa construction stocks fall



KUALA LUMPUR (May 30): The FBM KLCI fell 56.56 points or 3.18% with Asia shares as investors took cue from Italy's political crisis.

Malaysian construction stocks fell after the Government said it decided to scrap the Kuala Lumpur-Singapore High Speed Rail (KL-Singapore HSR) and Malaysia's third mass rapid transit (MRT3) projects.

At Bursa Malaysia, the KLCI closed at 1,719.28 after declining to its intraday low at 1,709.51. Bursa Malaysia's small-cap and construction indices dropped 3.37% and 10.88% respectively.

Across Bursa Malaysia, volume was 3.6 billion shares valued at RM4.46 billion as construction stocks ended among the top decliners and most-active list.

Top decliners included Gamuda Bhd, which fell 95 sen to RM3.18. The most-active list included YTL Corp Bhd whose shares dropped nine sen to 93 sen.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com: “Due to this uncertainly (after Malaysia scrapped the KL-Singapore HSR and MRT3 projects), constructions stocks will continue to face volatility risk in the short term."

Across Asian stock markets, Japan's Nikkei 225 dropped 1.52% while South Korea's Kospi fell 1.96%. In China, Hong Kong’s Hang Seng was down 1.4% while the Shanghai Stock Exchange Composite was 2.53% lower.

Reuters reported that Asian stocks extended a global sell-off on Wednesday as Italy's political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as US Treasuries.

Investors fear that repeat elections in the euro zone's third-largest economy — which could come as soon as July — may become a de-facto referendum on Italian membership of the currency bloc and its role in the European Union.

"The way Italy's short-term debt yields are spiking makes you think default risk is on radar in the market. It tells how grave the situation is. What the markets are starting to factor in is not a default per se but an early election leading to a victory of eurosceptics and an exit from the euro," Makoto Noji, senior strategist at SMBC Nikko Securities was quoted as saying.



Source: The Edge

Thursday, May 24, 2018

Market Daily Report: FBM KLCI down 28.59 points as Malaysia policies, US-China trade take centre stage



KUALA LUMPUR (May 24): The FBM KLCI fell 28.59 points or 1.6% as foreign selling of Malaysian shares persisted and investors evaluated the new Malaysian Government's policies.
The evaluation has led to expectations that credit rating agencies may revise their ratings for the country amid concerns on the nation's debt management.

Malaysian shares could have also taken cue from the US' national security investigation into car and truck imports. Reuters reported that Asian shares fell on Thursday after the US government launched a national security probe into car imports that could lead to new tariffs, and President Donald Trump's comments suggested setbacks in US-China trade talks.

At Bursa Malaysia, the KLCI closed at 1,775.66 points on losses in KLCI-linked stocks including Malayan Banking Bhd and Public Bank Bhd.

On the KLCI, TA Securities Holdings Bhd senior technical analyst Stephen Soo said TA expects the market downturn to be a short-term event.

“Stocks wise, the telcos, banks and utilities have been pulling down the index (KLCI). It will take a while for the market to stabilise as investors will be monitoring policies that are being announced (by the new government).

“The market is currently enduring short-term pain, but it is a necessary pain to endure for the longer term greater good,” Soo told theedgemarkets.com.

Across Bursa Malaysia, 2.87 billion shares worth RM3.86 billion were traded. The small-cap index fell 148.53 points or 1.03% to close at 14,312.09 points.

Malaysian shares fell with Asian stock markets. Japan’s Nikkei 225 was down 1.11%, South Korea’s Kospi fell 0.24% while China's Shanghai Stock Exchange Composite dropped 0.45%.

Reuters quoted Shane Oliver, chief economist and head of investment strategy at AMP Capital as saying in Sydney: "There's a lot of noise around Donald Trump, China-US trade, the auto imports now, and then the Korean summit, and all these things are just weighing on investors at the moment.
"I think we probably would have seen a decent day in Asian markets were it not for these ongoing geopolitical worries because the minutes from the Fed's last meeting were relatively benign."


Source: The Edge

Wednesday, May 23, 2018

Market Daily Report: FBM KLCI falls 40.78 points to intraday low



KUALA LUMPUR (May 23): The FBM KLCI fell 40.78 points or 2.21% to close at its intraday low on foreign selling of Malaysian shares on expectation credit rating agencies may revise their ratings for the country.

Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com such sentiment was due to a confluence of factors, which include concerns on the nation's debt management and a possible shortfall in tax collection after the government announced that the goods and services tax rate will be reduced from 6% to 0% effective June 1 this year.

Today, Low said. “I think it is a matter of expectations versus execution now." He added that corporate results have also dampened investor sentiment.

At 5pm, the KLCI closed at 1,804.25 points. Across Bursa Malaysia, volume stood at 2.69 billion shares valued at RM3.34 billion.

Several KLCI component counters fell among Bursa Malaysia top decliners. Axiata Group Bhd fell 64 sen to RM4.43 while CIMB Group Holdings Bhd dropped 43 sen to RM6.22.
The Malaysian stock market also reflected the cautious environment across Asian equities. Such sentiment followed news reports quoting US President Donald Trump as saying he was not pleased with the US-China trade talks.

Among Asian share markets, Japan’s Nikkei 225 fell 1.18% while South Korea's Kospi rose 0.26%. In China, the Shanghai Stock Exchange Composite and Hong Kong’s Hang Seng were down 1.41% and 1.82% respectively.


Source: The Edge

Tuesday, May 22, 2018

Market Daily Report: FBM KLCI down as investors take cue from Malaysian corporate results



KUALA LUMPUR (May 22): The FBM KLCI fell 8.55 points or 0.5% as investors took cue from Malaysian corporate financial results during the current reporting season.

These include financial results from KLCI-linked companies Telekom Malaysia Bhd (TM) and Petronas Chemicals Group Bhd.

At 5pm, the KLCI closed at 1,845.03 points. TM dropped 50 sen to RM4.20 while Petronas Chemicals fell 27 sen to RM8.43.

Public Investment Bank Bhd head of research Ching Weng Jin told theedgemarkets.com: "Investors are now closely monitoring the delivery of promises by the new (Malaysian) government, and the delivery of results by the corporates."

Across Bursa Malaysia, volume stood at 2.36 billion shares worth RM2.74 billion. Top decliners included TM, Tenaga Nasional Bhd and Petronas Chemicals.

The most-active stocks included YTL Power International Bhd, which saw some 63 million shares traded. YTL Power closed 4.5 sen lower at 77.5 sen.


Source: The Edge

Monday, May 21, 2018

Market Daily Report: KLCI down after 11th-hour volatile trade




KUALA LUMPUR (May 21): The FBM KLCI fell 0.92 point on profit taking in 11th-hour volatile trade after rising earlier with Asian shares. Earlier, Reuters reported that world stocks rose on Monday after US Treasury Secretary Steven Mnuchin declared the US-China trade war "on hold" following their agreement to suspend the tariff threats that roiled global markets this year.

At Bursa Malaysia, the KLCI closed lower at 1,853.58 points at 5pm after rising to its intraday high of 1,864.94 points. The KLCI ended weaker after losses in index-linked stocks including Hong Leong Financial Group Bhd, Tenaga Nasional Bhd and CIMB Group Holdings Bhd.

Across Bursa Malaysia, volume stood at 2.78 billion shares valued at RM3.05 billion. Hong Leong Financial, Tenaga and CIMB ended among Bursa Malaysia's top decliners.

CIMB, which fell 20 sen to RM6.60 today, has been closely watched as investors evaluated the company's outlook after Malaysia Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election.

MIDF Amanah Investment Bank Bhd wrote in a note today: "CIMB registered the highest net money inflow of RM41.21m last week. Its share price underperformed with a 1.45% decrease against the FBM KLCI which advanced by 0.43% during the week under review. It is notable that net money inflow amidst retreating share price may indicate a buy on weakness stance among some investors."

Today, Asian equities closed higher. Japan’s Nikkei 225 was up 0.31% while South Korea’s Kospi rose 0.2%. In China, Hong Kong’s Hang Seng gained 0.6% while the Shanghai Stock Exchange Composite was 0.64% higher.


Tomorrow, Hong Kong markets will be closed for a holiday in conjunction with the birthday of the Buddha. In Malaysia, Bank Negara Malaysia is scheduled to announce its international reserves data in the afternoon.



Source: The Edge

Friday, May 18, 2018

Market Daily Report: KLCI closes just a tad higher as cautious mood prevails




KUALA LUMPUR (May 18): The FBM KLCI ended the day 0.06 points higher as investors continued to remain cautious on the changes that took place over the week.

Foreign selling was also observed to have tapered off.

At 5pm, the KLCI closed at 1,854.50 points with more losers than gainers. Volume stood at 2.92 billion shares worth RM3.16 billion.

The KLCI closed lower after rising to its intraday high of 1,862.19 points. The most active counters included My E.G. Services Bhd and Sapura Energy Bhd.

Rakuten Trade Sdn Bhd Head of Research Kenny Yee, told theedgemarkets.com, “There are more losers than gainers, investors are still jittery. People are waiting for announcements, especially relating to construction projects and therefore we may see uncertainty on those stocks for a while.”

Highway concessionaire stocks such as Lingkaran Trans Kota Holdings Bhd (Litrak) fell 26% after Tan Sri Dr Zeti Akhtar Aziz, a member of the Council of Eminent Persons, said the government is likely to make an announcement on toll charges as early as next week.

One of the Pakatan Harapan government’s election promises was the removal of toll charges.
Reuters also reported that market players also remain nervous about US-China trade tensions after US President Donald Trump said the world’s second largest economy had “become very spoiled on trade”.


Source: The Edge

Thursday, May 17, 2018

Market Daily Report: FBM KLCI lower after 11th-hour profit taking as market adjusts to new Malaysian government


 
KUALA LUMPUR (May 17): The FBM KLCI fell 3.82 points or 0.2% on  profit taking in the final trading minutes and as markets adjusted to the new Malaysian government under Pakatan Harapan.
Fund managers said there was foreign selling of local shares.

At 5pm, the KLCI closed at 1,854.44 points after investors sold KLCI-linked stocks Astro Malaysia Holdings Bhd and AMMB Holdings Bhd. Other KLCI-linked decliners included Telekom Malaysia Bhd and YTL Corp Bhd.

The KLCI closed lower after rising to its intraday high at 1,867.09 points.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said the market still needs time to digest new policies by the new Malaysian government. Wong said there was still foreign selling of local shares as foreign investors do not like uncertainty.

“They have been reducing some of their stocks. This may be due to uncertainty in the Malaysian market which they do not like. However it may also be due to external factors such as higher US treasury yields (which) impacted flow of funds,” Wong told theedgemarkets.com.

Across Bursa Malaysia, 3.33 billion shares worth RM3.78 billion were traded. Top decliners included George Kent (M) Bhd and My E.G. Services Bhd.



Source: The Edge

Wednesday, May 16, 2018

Market Daily Report: KLCI up 10.06 points as market cheers Malaysia's post-GE14 reforms




KUALA LUMPUR (May 16): The FBM KLCI rose 10.06 points or 0.5% today as investors cheered and evaluated the progress of reforms in Malaysia after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election (GE14) last Wednesday.

Today, the KLCI closed at 1,858.26 following news that jailed former Deputy Prime Minister Datuk Seri Anwar Ibrahim was granted a full pardon. Investors could have also responded to Dr Mahathir's statement that Malaysia is committed to pay any debt linked to 1Malaysia Development Bhd, if the debt has been guaranteed by the government.

Malaysia's GST also made headlines today. The Finance Ministry said it will reduce the GST rate from 6% to 0% effective June 1 this year. In a statement, the Ministry said it has decided that goods and services within Malaysia and those imported from abroad, which incur GST of 6%, will see the rate reduced to 0% from June 1 this year throughout the country.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the KLCI gained as selling pressure from foreign investors appeared to have ended.

“Expectation on the removal of the GST shall see stronger consumer spending,” Pong said.
Across Bursa Malaysia, three billion shares worth RM2.91 billion were traded. Top gainers included consumer stocks Dutch Lady Milk Industries Bhd and Nestle (M) Bhd.


Source: The Edge

Tuesday, May 15, 2018

Market Daily Report: FBM KLCI down on 11th-hour profit taking; ringgit weakens




KUALA LUMPUR (May 15): The FBM KLCI dropped 2.22 points or 0.1% after investors took profit in the final trading minutes.

Investors took profit following the KLCI's rise as they evaluated Malaysia's outlook after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election.

At 5pm today, the KLCI ended at 1,848.20 points after investors sold KLCI-linked Public Bank Bhd shares at the 11th hour. Public Bank shares fell 80 sen to close at RM24 to become Bursa Malaysia's third-largest decliner. The KLCI had also declined on losses in stocks including YTL Corp Bhd and Genting Bhd.

The KLCI closed lower after rising to its intraday high at 1,860.59 points today. Yesterday, the KLCI climbed 3.91 points to 1,850.42 points.

Today, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “Investors were doing some last-minute profit taking. The breadth in the market was turning negative today although the index (KLCI) was up at the earlier part. However, towards closing, we have more down stocks than up stocks."

Across Bursa Malaysia, decliners led gainers by 501 to 455 respectively. A total of 4.31 billion shares worth RM4.45 billion were traded.

Malaysian shares fell with Asian equities. Japan's Nikkei 225 fell 0.21%, South Korea's Kospi lost 0.71% while Hong Kong’s Hang Seng dropped 1.23%.

In Malaysia, Pong said there was pressure on Asian stock markets as investors anticipated a US interest rate hike. Such sentiment caused the US dollar to strengthen against global currencies. The ringgit weakened to 3.9562 against the US dollar at 5:47pm.

“Most of the regional (stock) markets were down today. Generally, markets in Asia were being pressured by expectation of the (US) rate hike, (the anticipation of which,) caused funds to flow back to US.


Source: The Edge

Monday, May 14, 2018

Market Daily Report: KLCI closes up 3.91 points on day of sharp swings



KUALA LUMPUR (May 14): Malaysian stocks closed slightly higher today, after a kneejerk reaction that saw Barisan Nasional (BN)-related stocks decline in early trade, when the market reopened after a three-day break that saw the opposition alliance winning a historic victory in the 14th General Election.

The FBM KLCI ended the day 3.91 points or 0.21% higher at 1,850.42 points today, with market players anticipating the benchmark index to scale higher in the near term and stay above its resistance level of 1,880-point, taking cues from the rising crude palm oil and crude oil prices.

“We expect the market to remain strong and the sentiment to continue over the near term premises to the new rules and regulations set by the new government, together with the higher crude palm oil and crude oil prices,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com via telephone.

Oil and gas (O&G)-related counters dominated the list of most active stocks on the local bourse today, led by Sapura Energy Bhd (+26.12%), Hibiscus  Petroleum Bhd (+8.67%), UMW Oil & Gas Corp Bhd (+12.73%) and Sumatec Resources Bhd (+37.5%), in line with rising crude oil prices.

At the same time, shares in Eden Inc Bhd — which is linked to Datuk Fakhri Yassin Mahiaddin, the son of newly-minted Home Affairs Minister Tan Sri Muhyiddin Yassin — rose to an intraday high of 44 sen to close 144.12% higher, while Opcom Holdings Bhd shares closed up 49.59% to 90.5 sen, boosted by news that its major shareholder Datuk Seri Mukhriz Mahathir is now the Chief Minister of Kedah.

Top losers included George Kent (M) Bhd, Gamuda Bhd, Malaysia Airports Holdings Bhd, My E.G. Services Bhd (MyEG), Prestariang Bhd Axiata Group Bhd, CIMB Group Holdings Bhd, Lingkaran Trans Kota Holdings Bhd, Cahya Mata Sarawak Bhd, Kuala Lumpur Kepong Bhd and Gabungan AQRS Bhd.

It is worth noting that some of these stocks, particularly George Kent and MyEG, are perceived to be linked to the past government BN.

A total of 6.58 billion shares, worth RM7.31 billion, exchanged hands on Bursa. There were 815 gainers versus 364 decliners, while 336 counters closed unchanged.

Leong expects the KLCI to continue towards positive trajectory and trend higher, as the number of winners has outperformed losers.

“It is a mixture of different companies that push the KLCI higher, but the main anchor was Nestle (M) Bhd and Public Bank Bhd.

“However, we did see shares of many government-linked companies being sold off and closed down, such as George Kent and MyEG,” Leong added.

Across Asia, Japan’s Nikkei 225 closed up 0.47%, South Korea's Kospi was down 0.06%, while Hong Kong's Hang Seng rose 1.35%.

Reuters reported overall gains in the market may be limited on Monday, as the weak yen trend has paused, with the US dollar trading flat at 109.330 yen.

“While many companies have their dollar-yen assumptions at 105 yen, the market remains cautious about the risk of rising yen,” said Yutaka Miura, a senior technical analyst at Mizuho Securities, in the report.



Source: The Edge

Tuesday, May 8, 2018

Market Daily Report: Market up ahead of 'mother of all elections'



KUALA LUMPUR (May 8): Malaysian stocks closed higher today as market participants gear up for the 14th General Election tomorrow, billed as the "mother of all elections".

After being in the red for four consecutive days, the benchmark FBM KLCI closed up 18.31 points or 1% at 1,846.51, supported by gains in banking stocks. The index was trading in the range of 1,819.28 to 1,851.73 points.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that he is "equally surprise" at the gains on Bursa Malaysia today.

"After a few days of foreign selling, selling pressure is gone for the purpose of political risk management," said Wong, adding that the gains could be due to institutional buying.

Meanwhile, Frank Lin, a dealer's representative at Hong Leong Investment Bank Bhd, opined that the reversed trend today could be due to the general public sentiment that "the incumbent government or Barisan Nasional will have the upper hand".

"Buyers are probably anticipating that there won't be any change in GE14," he said, adding that there could be a possibility that local funds or local institutions also played a role in supporting the market.
Shares of Eden Inc Bhd and Thriven Global Bhd, which are linked to Datuk Fakhri Yassin Mahiaddin, who is the son of former deputy prime minister Tan Sri Muhyiddin Yassin, rose as much as 53.57% and 43.59% respectively in early trade. Shares in Eden and Thriven pared some gains to close at 17 sen and 25 sen respectively at market close.

Opcom Holdings Bhd, which is controlled by Tan Sri Mokhzani Mahathir, also saw its shares surge as much as 52.81% in early trade. The stock closed 35.96% higher at 60.5 sen, emerging as the seventh most active counter on Bursa.

Trading volume increased to 2.35 billion shares worth RM2.8 billion compared with Monday's 1.92 billion shares worth RM2.09 billion. Gainers outstripped losers by 677 to 281, while 405 counters remained unchanged.

The banks, which include RHB Bank Bhd, CIMB Group Holding Bhd and Malayan Banking Bhd, were among the index-linked heavyweights that led today's gains.

Bursa Malaysia's small-cap index rose 159.41 points or 1.11% to settle at 14,551.81 points, while the FBM ACE Index grew as much as 99.8 points or 1.95% to close at 5,212.33 points.

Across in Asia, Japan's Nikkei 225 rose 0.18%, Hong Kong's Hang Seng was up 1.36%, while South Korea's Kospi fell 0.47%.



Source: The Edge

Monday, May 7, 2018

Market Daily Report: FBM KLCI falls 13.63 points ahead of GE14



KUALA LUMPUR (May 7): The FBM KLCI closed 13.63 points or 0.7% lower amid cautious sentiment ahead of Malaysia's 14th General Election (GE14) on Wednesday.

At 5pm, the KLCI settled at 1,828.2 points after trading between 1,821.79 and 1,842.56 points. Bursa Malaysia's small-cap index dropped 183.26 points or 1.26% to settle at 14,392.40 points.

“Everyone is looking and focusing at the GE14 outcome," Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com.

Across Bursa Malaysia, 1.92 billion shares worth RM2.1 billion were traded. KLCI-linked Telekom Malaysia Bhd (TM) and Astro Malaysia Holdings Bhd were the KLCI's leading decliners in percentage terms.

TM shares closed 3.1% lower at RM5 while Astro fell 2.22% to RM1.76.



Source: The Edge

Friday, May 4, 2018

Market Daily Report: FBM KLCI down 9.97 points as GE14 final countdown begins




KUALA LUMPUR (May 4): The FBM KLCI fell 9.97 points or 0.5% to close at its intraday low today as investor risk appetite weakened ahead of Malaysia's 14th General Election (GE14) polling day on Wednesday (May 9, 2018).

At 5pm today, the KLCI finished at 1,841.83 points as KLCI-linked banking stocks CIMB Group Holdings Bhd, Hong Leong Financial Group Bhd and Public Bank Bhd fell among Bursa Malaysia top decliners.

Across Bursa Malaysia, trading volume was 1.61 billion shares worth RM2.12 billion. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com : “It was a very ‘down’ trading day, no one seems to be prepared to take fresh positions. There are no big moves in the index stocks, and active stocks too were mostly down than up."

Pong said investor sentiment was dampened ahead GE14. According to him, expectations are that a win for Barisan Nasional (BN) would mean a surge in the stock market.

Today, Malaysian shares fell with Asian bourses as investors looked ahead at the US employment data due later today. Investors closely watch the US employment data for clues on the pace of US interest rate hikes.

In China, Hong Kong’s Hang Seng lost 1.28% while the Shanghai Stock Exchange Composite fell 0.32%.

South Korea’s Kospi closed down 1.04% while Japan markets remained closed today for the Greenery Day holiday. Yesterday, Japan markets were closed for the Constitution Day holiday.



Source: The Edge

Thursday, May 3, 2018

Market Daily Report: FBM KLCI lower along with regional peers



KUALA LUMPUR (May 3): The FBM KLCI closed 0.23 points or 0.01% lower along with regional peers. Reuters reported that Asian shares slipped on Thursday as hopes waned for real progress in Sino-US trade talks, while the US dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that the KLCI closed slightly lower or flat mainly because most of the market is also on the downside, but still supported by a few bluechips such as Tenaga Nasional Bhd, Nestle (Malaysia) Bhd and KLCC Stapled Group.

“Souring the mood were reports the Trump administration is considering executive action to restrict some Chinese companies’ ability to sell telecoms equipment in the US,” the newswire said, adding that talks between US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are due to kick off later on Thursday.

At Bursa Malaysia, the KLCI closed at 1,851.80 points at 5pm, after rising to an intraday peak of 1,856.92 points in the afternoon.

Wong noted that sentiment remains fragile, although corporate results seem to be performing. “Investors are still waiting for fresh upside [catalysts],” he added.

“They (US Federal Reserve) are looking forward for two more hikes during the year that hopefully can cushion the inflation of 2%. The US Fed is not expected to have another hike. It’s just what is going to be the next,” said Wong.

Today, Bursa Malaysia saw 1.67 billion shares, worth RM2.19 billion, traded. Losers led gainers by 407 to 382, while 409 counters remained unchanged.

Index-linked Telekom Malaysia Bhd and Petronas Gas Bhd led the fall today.

Across Asia, Japan's Nikkei 225 dropped 0.16%, South Korea's Kospi fell 0.73% while Hong Kong’s Hang Seng was down 1.34%.

Wednesday, May 2, 2018

Market Daily Report: FBM KLCI down 18.34pts ahead of Fed's decision

 

KUALA LUMPUR (May 2): The FBM KLCI fell 18.34 points or 0.98% today, as investors turn cautious in anticipation of US Federal Reserve's policy decision, while awaiting US jobs data for fresh cues.

At 5pm, the benchmark index slid to 1,852.03 points, though the small-cap index held firm with a marginal 0.05-point slip, ending the day at 14,579.9 points.

"I think it is rotational. Fund managers have possibly repositioned themselves to take advantage of the small- and mid-cap stocks after seeing emerging values," said Rakuen Trade Sdn head of research Kenny Yee when contacted.

Yee said while it is widely expected that the US is not looking to hike interest rates, all eyes are on its upcoming policy statement to gather clues on the future pace of US monetary tightening.

Reuters reported that the policy-setting Federal Open Market Committee is scheduled to release a statement early Thursday, while the US latest jobs data are due Friday.

Investors are betting that the Fed is likely to keep rates steady this month, but will likely encourage expectations that it will lift borrowing costs in June, on the back of rising inflation and low unemployment.

In Malaysia, a total of 2.1 billion shares worth RM2.44 billion crossed on the back of a largely negative market breadth. A total of 551 counters declined, outstripping 311 advancers.

Index-linked Nestle (M) Bhd and Hong Leong Financial Group Bhd led the fall today, with Nestle shares shedding RM4.90 or 3.55% to RM133.10, while the latter lost 44 sen or 2.26% to settle at RM19.04.

Other regional bourses also closed lower: South Korea's Kospi slipped 0.39%, while Japan's Nikkei 225 edged down 0.16%. In China, the Shanghai Stock Exchange Composite Index saw a slight weakening with a 0.03% decline, while Hong Kong's Hang Seng Index fell 0.27%.


Source: The Edge

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