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Friday, June 29, 2018

Market Daily Report: FBM KLCI snaps four-day losing streak as region rallies




KUALA LUMPUR (June 29): The FBM KLCI staged a technical rebound today to snap a four-day losing streak, finishing 25.82 points or 1.55% higher at 1,691.50 points, in tandem with the regional markets.

Though it opened lower at 1,665.04 points this morning, the benchmark index rose steadily to briefly touch its intra-day peak of 1,701.65 points by noon break. At 5pm, the benchmark index pared some gains to settle below the 1,700 level.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com when contacted that the surge today appears to be a technical rebound, after a period of downturn in the past two weeks impacted by external factors, especially the US-China trade spat.

Excluding a marginal 0.1% gain it eked out on June 22, the FBM KLCI had been on a declining trend for the past 13 trading days.

"The fundamentals of the Malaysian equity market is still intact," he said. "It is also because today is the last trading session of the first half — or second quarter — of the year, which may have prompted some window-dressing activities," he added.

Across the local bourse, market breadth was positive, with gainers leading decliners at 474 versus 345, while 416 counters closed unchanged. Trading volume stood at 2.23 billion shares worth RM2.98 billion.

Top active stocks were oil and gas related, namely Barakah Offshore Petroleum Bhd, Sapura Energy Bhd and Icon Offshore Bhd, which were supported by new contract wins and a surge in oil prices to multi-year highs.

Bourses closed higher elsewhere in the region, with Japan's Nikkei 225 gaining 0.15% and South Korea's Kospi rising 0.51%. In China, the Shanghai Stock Exchange Composite Index and Hong Kong's Hang Seng Index were up 2.17% and 1.61% respectively.

The recovery in Asian stocks on Friday came after China eased foreign investment limits and provided investors a temporary respite to trade war fears, Reuters reported. Beijing yesterday formalised the easing of the limits on a range of industries, from banking to agriculture, including removing caps on ownership of banks, brokerages, and insurance companies.



Source: The Edge

Thursday, June 28, 2018

Market Daily Report: KLCI ends lower at the 11th hour



KUALA LUMPUR (June 28): The FBM KLCI erased earlier gains today to close down 0.4 points or 0.02% amid thin trading activity as investors stayed on the sidelines ahead of the first half window dressing activities.

Malaysian stocks extended their loss for the fourth consecutive day to end the day at 1,665.68 points, after climbing to an intraday high of 1,670.85. Trading volume fell to 1.56 billion shares worth RM1.66 billion compared with yesterday’s 2.01 billion shares worth RM1.99 billion.

"The market was a bit quiet. There was an absence of foreign sellers, but the bad news was the volume among bargain hunters was weak," TA Securities Research analyst Stephen Soo told theedgemarkets.com.

"One possible explanation could be that investors are saving their bullets for the upcoming window dressing for the first half of the year," he added.

Decliners led gainers by 419 counters against 365, while 650 counters were unchanged.
British American Tobacco (M) Bhd led gainers, followed by United Plantations Bhd and Padini Holdings Bhd. Lagging movers were Carlsberg Brewery (M) Bhd, Panasonic Manufacturing (M) Bhd and Tenaga Nasional Bhd.

Regionally, Japan's Nikkei 225 slipped 0.01%, South Korea's Kospi fell 1.19% while Hong Kong's HSI rose 0.5%.

Reuters reported that Asian stocks slumped to nine-month lows on Thursday after Wall Street retreated overnight on renewed uncertainty regarding the US stance on Chinese investments in American technology companies.

In other markets, the ringgit extended its retreat against the US dollar. At the time of writing, the local currency was trading at 4.0445 against the greenback.


Source: The Edge

Wednesday, June 27, 2018

Market Daily Report: Malaysian stocks fall for third straight day




KUALA LUMPUR (June 27): Malaysian stocks extended their loss for the third consecutive day, dragged by telecommunication stocks and in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region.

The key FBM KLCI finished 9.78 points or 0.58% lower at 1,666.08 points today.

The benchmark index was also dragged lower by a decline in blue-chip stock Malayan Banking Bhd, whose market value dropped below the RM100 billion mark to RM96.08 billion at closing bell. The counter closed at RM8.68, down 32 sen or 3.56%.

According to Hong Leong Investment Bank Research analyst Loui Low Ley Yee, the imminent downward pricing of broadband packages that could intensify competition among telco players remained a concern for investors.

Shares in Telekom Malaysia Bhd (down 1.63% to RM3.01), Maxis Bhd (down 3.47% to RM5.29), Axiata Bhd (down 0.98% to RM4.05) and DiGi.Com Bhd (down 1.93% to RM4.07) closed lower today.

"While we do not yet know the full amount implicated in the US-China trade war, a slowdown in production may affect intermediary supply chains such as Malaysia," Low told theedgemarkets.com.
The market traded in a range of 1,666.08 to 1,681.44 throughout the day. Trading volume increased to 2.01 billion shares worth RM1.99 billion compared with yesterday's 1.88 billion shares worth RM1.93 billion.

Across Bursa Malaysia, decliners led gainers by 558 counters against 278.
Regionally, Japan's Nikkei closed down 0.3%, South Korea's Kospi was down 0.38%, Hong Kong's Hang Seng fell 1.8% and Singapore shares closed 0.8% lower.


Source: The Edge

Tuesday, June 26, 2018

Market Daily Report: KLCI continues on downward trend amid US-China trade war concerns



KUALA LUMPUR (June 25): The FBM KLCI continued to stay sluggish today with the benchmark index finishing at 1,675.86 points, down 2.24 points or 0.13% from yesterday's close, as investors remained concerned about the trade row between the US and China.

The KLCI traded within a range of 1,673.26 and 1,681.54 throughout the day, with decliners leading gainers with 547 counters to 264. Trading volume decreased to 1.88 billion shares worth RM1.93 billion compared with yesterday's 2.04 billion shares worth RM1.97 billion.

Gainers were led by Dutch Lady Milk Industries Bhd, Nestle (M) Bhd and British American Tobacco (M) Bhd, while decliners were led by Ajinomoto (M) Bhd, Carlsberg Brewery Malaysia Bhd and Petron Malaysia Refining & Marketing Bhd.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew opined that a spell of steep drops in recent weeks has encouraged some bargain hunting but any uptick in the short-term “might not last”.

“Perhaps the Southeast Asian market is in the midst of a technical rebound. But you can get the feeling that it might not last...[Concerns over trade wars] is still very much in the minds of the investors,” Pong told theedgemarkets.com.

Across Asia, Japan’s Nikkei 225 rose 0.02%, South Korea’s Kospi fell 0.3% while the Hong Kong’s Hang Seng Index fell 0.28%.

Reuters reported that Southeast Asian stock markets fell on Tuesday as escalating trade tensions between the United States and other major economies prompted investors to reduce exposure to riskier assets, causing a global equity rout.

In the currency market, the ringgit weakened further against the US dollar, hitting a six-month low of 4.0245 during the day before paring some gains at 4.0210 at press time.


Source: The Edge

Monday, June 25, 2018

Market Daily Report: KLCI falls as concerns mount over looming US-China trade war



KUALA LUMPUR (June 25): The FBM KLCI opened at its intra-day high of 1707.02 points today, but it went downhill from there as investors remained wary about the threat of the trade war between the two economic giants, US and China.

At 5pm, the benchmark index settled at an intra-day low of 1678.10 points, down 16.05 points or 0.95%.

When contacted, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that the KLCI was dragged mainly by the banking sector today, which saw CIMB Group Holdings Bhd leading the fall.

The counter closed down 41 sen or 7.06% to settle at RM5.40, after seeing some 37.48 million shares done. It was the sixth most actively traded stock and the third largest loser on Bursa Malaysia today.
“Aside from banking stocks like CIMB and Maybank (Malayan Banking Bhd), some telcos also fell, including Telekom Malaysia Bhd, Axiata Group Bhd and DiGi.Com Bhd. Mainly because sentiment was bad, partly due to the US-China trade war,” he said.

“The KLCI is in line with the regional market today, which will still be dogged by trade war rhetoric in the short term until it is resolved, one of the parties (US or China) has to retreat,” he added.
Japan’s Nikkei fell 0.79% today, Hong Kong Hang Seng Index also declined 1.29%, while the South Korean Kospi gained 0.03%.

Bursa Malaysia saw 520 losers versus 298 gainers, while 406 counters remained unchanged. Total trading volume stood at 2.04 billion shares, worth some RM1.97 billion.

British American Tobacco (M) Bhd was the biggest loser, while the biggest gainer was structured put warrants that tracked the Hang Seng Index, HSI-H4N.

Sapura Energy Bhd was the most actively traded counter, with 195.4 million shares done.


Source: The Edge

Friday, June 22, 2018

Market Daily Report: FBM KLCI gains on window dressing as Mahathir's comment spurs ringgit



KUALA LUMPUR (June 22): The FBM KLCI gained 1.83 points or 0.1% on bargain hunting and amid fund managers' window dressing ahead of the end of 2018's second quarter.

Today, Malaysian shares also rose with a stronger ringgit in what appeared to be an immediate response to Prime Minister Tun Dr Mahathir Mohamad's comment that the ringgit is fairly valued at 3.8 against the US dollar.

At Bursa Malaysia today, the KLCI ended at 1,694.15 after falling to its intraday low at 1,678.03 and rising to its intraday high at 1,699.95. Yesterday, the KLCI fell 17.43 points as investors evaluated the impact of the US-China trade spat on world markets.

Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com: “The KLCI is going through a window dressing period. The sentiment is still negative, as both the macro and micro uncertainties are still lingering."

In currency markets, the ringgit strengthened to 3.9975 against the US dollar today after Dr Mahathir said he sees the fair value of the ringgit against the greenback at 3.8. “We would like to strengthen our ringgit, but it should be done naturally,” Mahathir told Bloomberg.

Malaysian equities rose as Asian shares erased losses to close higher. In China, the Shanghai Stock Exchange Composite climbed 0.49% while Hong Kong’s Hang Seng was up 0.15%. Elsewhere, South Korea's Kospi climbed 0.83%.

Earlier today, Reuters reported that Asian shares stumbled to their lowest in six months on Friday, hurt by signs US trade battles with China and many other countries are starting to chip away at corporate profits, while oil prices were choppy before an OPEC meeting to discuss raising output.



Source: The Edge

Wednesday, June 20, 2018

Market Daily Report: FBM KLCI slips with banking stocks as US-China trade spat lingers



KUALA LUMPUR (June 20): The FBM KLCI slipped 5.61 points or 0.3% to its intraday low after investors sold KLCI-linked banking stocks in the final trading minutes. Lingering concerns on the US-China trade spat continued to dictate world market sentiment.

At Bursa Malaysia, the KLCI closed at 1,709.75 points at 5pm as Public Bank Bhd and Hong Leong Bank Bhd shares ended among Bursa Malaysia top decliners. The KLCI erased gains after rising to its intraday high at 1,728.69 points.

“Banks caused the (KLCI's) downturn in the last half an hour of trading,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.

Yesterday, the KLCI fell 28.07 points as news of the escalating US-China trade spat hit global markets.

Across Bursa Malaysia today, 1.85 billion shares worth RM2.21 billion were traded.

Public Bank shares closed 58 sen lower at RM22.78 while Hong Leong Bank fell 20 sen to RM18.46.
Asian shares rose. In China, the Shanghai Stock Exchange Composite rose 0.27% while Hong Kong’s Hang Seng was up 0.77%. Elsewhere, Japan's Nikkei 225 rose 1.24% while South Korea's Kospi climbed 1.02%.

Reuters reported that Asian stock markets bounced on Wednesday following a wobbly morning session that highlighted the lingering anxiety and uncertainty surrounding a heated trade dispute between China and the United States. In Asia, bargain hunters turned up to pick up shares on the cheap after the previous day's rout.



Source: The Edge

Tuesday, June 19, 2018

Market Daily Report: FBM KLCI slumps 28.07 points, ringgit hit as US-China trade spat escalates



KUALA LUMPUR (June 19): The FBM KLCI fell 28.07 points or 1.61% while the ringgit weakened as the escalating US-China trade spat hit global markets. Analysts said foreign institutional investors sold Malaysian assets on expectation of further US interest rate hikes.

At Bursa Malaysia, the KLCI finished at its intraday low at 1,715.36 points. In currency markets, the ringgit weakened to 4.0030 against a strengthening US dollar at the time of writing.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “KLCI fell today mainly due to blue chip stocks on Bursa Malaysia being heavily sold by foreign funds.”
Pong said Inter-Pacific expects foreign selling of Malaysian assets to continue until the later part of this year in anticipation of US interest rate hikes.

Asian shares fell today. In China, the Shanghai Stock Exchange Composite fell 3.78% while Hong Kong’s Hang Seng lost 2.78%. Elsewhere, Japan’s Nikkei 225 dropped 1.77% while South Korea’s Kospi was 1.52% lower.

Reuters reported that Asian stocks sank on Tuesday and Shanghai shares plunged to near two-year lows as US President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world's two biggest economies.

It was reported that Trump threatened to impose a 10 percent tariff on US$200 billion of Chinese goods, prompting a swift warning from Beijing of retaliation, as the trade conflict between the world's two biggest economies quickly escalated. It was retaliation, Trump said, for China's decision to raise tariffs on US$50 billion in US goods, which came after Trump announced similar tariffs on Chinese goods on Friday.


Source: The Edge

Monday, June 18, 2018

Market Daily Report: FBM KLCI down 18.35 points; ringgit weakens past 4.00 against US dollar




KUALA LUMPUR (June 18): The FBM KLCI fell 18.35 points or 1.04%, tracking Asian share losses as investors evaluated the impact of the US-China trade spat on world markets.
The ringgit weakened past the 4.0000 level against the US dollar.

At Bursa Malaysia, the KLCI closed at 1,743.43 points at 5pm after falling to its intraday low at 1,735.30. Among Asian share markets, Japan’s Nikkei 225 fell 0.75% while South Korea's Kospi sank 1.16%. China markets were closed today for the Dragon Boat Festival holiday.

Reuters reported that Asian shares fell to a 2-1/2 week low on Monday after US President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.

It was also reported that emerging Asian exchange rates slipped broadly on Monday with heightening global trade tensions sparking sharp falls in the region's export-correlated currencies. The dollar index, measuring it against a basket of six major peers, was close to 95.131, a peak scaled on Friday, thanks to the dollar soaring more than 1 percent last week after the US Federal Reserve gave a hawkish signal on interest rates while the European Central Bank struck a dovish tone.
 
In Malaysia today, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “Foreign net outflows from Bursa Malaysia amounted to RM8 billion since May 2, and the emerging market currencies also fell (depreciated) against the US dollar after the US Federal Reserve raised interest rates."

In currency markets, the ringgit weakened to 4.0015 against the US dollar earlier today. At the time of writing, the exchange rate was 3.9978.

Across Bursa Malaysia, 1.91 billion shares valued at RM2.04 billion were traded. Top decliners included Nestle (M) Bhd, Petronas Dagangan Bhd and Kuala Lumpur Kepong Bhd.

The top-active stock was Kretam Holdings Bhd, which saw some 167 million shares traded. Kretam fell 23.5 sen to close at 46 sen. Earlier today, the stock hit limit down after falling by as much as 30 sen to 39.5 sen.



Source: The Edge

Wednesday, June 13, 2018

Market Daily Report: KLCI flat, ringgit weakens as investors await US interest rate decision



KUALA LUMPUR (June 13): The FBM KLCI fell 0.59 point to close at 1,763.57 points while the ringgit depreciated to its weakest level against the US dollar today at 3.9992 as investors awaited the US Federal Reserve's interest rate decision later today.

Reuters reported that the US Federal Reserve is holding a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong said Malaysian shares took cue from US markets as investors awaited the outcome of the Federal Reserve meeting while evaluating Malaysian government policies.

“The (Malaysian) market is getting more clarity moving forward on local policies. [On the external front] there is some [reassurance] on geopolitical risks following the meeting between the US and North Korea leaders,” Wong told theedgemarkets.

Across Bursa Malaysia today, 2.12 billion shares worth RM2.02 billion were traded. The KLCI cut losses after falling to its intraday low at 1,755.38 points.

At 5pm, Bursa Malaysia top gainers included Petronas Gas Bhd, United Plantations Bhd and Supermax Corp Bhd. Top decliners included Public Bank Bhd, MISC Bhd and V.S. Industry Bhd.
In currency markets, the ringgit weakened to 3.9943 against the US dollar at the time of writing after depreciating to its weakest level today at 3.9992. Over the last one year, the exchange rate was between 3.8533 and 4.3043.

In Malaysia, investors are looking ahead to the Hari Raya Aidilfitri celebrations, which begin this Friday.

For tomorrow, Bursa Malaysia said in a statement that trading on the stock exchange will be opened for the morning session only.

"Bursa Malaysia and its subsidiaries will be closed on Friday, 15 June, in conjunction with the Hari Raya Aidilfitri holidays. Bursa Malaysia and its subsidiaries will resume operations on Monday, 18 June," Bursa Malaysia said.


Source: The Edge

Tuesday, June 12, 2018

Market Daily Report: FBM KLCI down 11.64 points, ringgit weakens to 3.9940 vs US dollar



KUALA LUMPUR (June 12): The FBM KLCI fell 11.64 points or 0.7% while the ringgit weakened as investors anticipated major central banks' monetary policies this week.

At 5pm, the KLCI finished at 1,764.16 points after the ringgit depreciated to its weakest level today against the US dollar at 3.9940.

Reuters reported that the US Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.

It was reported that the European Central Bank (ECB) meets on June 14, when it could signal intentions to start unwinding its massive bond purchasing programme. Also, the Bank of Japan on Friday concludes a two-day meeting at which it is widely expected to keep its loose monetary policy intact.

In Malaysia today, JF Apex Securities Bhd senior research analyst Lee Cherng Wee said that catalysts that investors will be looking for this week include the potential outcome of the US Federal Reserve and ECB meetings.

“All eyes will be on the interest rate announcements by the Fed and ECB’s stand on its quantitative easing policy,” Lee told theedgemarkets.com

Across Bursa Malaysia today, 2.36 billion shares valued at RM2.39 billion were traded. Top decliners included Top Glove Corp Bhd, S P Setia Bhd and Genting Bhd.

Leading gainers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd and Nestle (M) Bhd.


Source: The Edge

Monday, June 11, 2018

Market Daily Report: FBM KLCI down at 11th hour, Asian shares up ahead of US-North Korea summit



KUALA LUMPUR (June 11): The FBM KLCI fell 2.52 points or 0.1% to close at 1,775.8 points after profit taking in the final trading minutes dragged the index lower.

At 5pm, the KLCI closed lower after touching its intraday peak at 1,788.16 points. Analysts said investors continued to evaluate Malaysia' outlook after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election.

“Investors are still treading cautiously at this moment because they are looking beyond what is going to happen subsequently in Malaysia, because of all these construction projects being reviewed.
"Most of the sectors are quite dampened in the outlook for the time being,” Loui Low, head of retail research at Hong Leong Investment Bank Bhd, told theedgemarkets.com.

Across Bursa Malaysia, volume traded was 2.62 billion shares for RM2.41 billion. Top decliners included Heineken Malaysia Bhd and Public Bank Bhd while leading gainers included KESM Industries Bhd and Top Glove Corp Bhd.

The most-active stock was My E.G. Services Bhd, which had some 184 million shares changing hands. The stock rose 8.5 sen to close at 94 sen.

Across Asian stock markets, Japan’s Nikkei 225 finished 0.48% higher, South Korea’s Kospi was up 0.76% while Hong Kong's Hang Seng rose 0.34%.

Reuters reported that Asia stocks shook off initial modest losses and edged up on Monday ahead of an historic US-North Korea summit that investors hope might pave the way to end a nuclear stand-off on the Korean peninsula.

It was reported that investors also got prepared for a raft of other key events.

The US Federal Reserved holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.

The European Central Bank meets on June 14, when it could signal intentions to start unwinding its massive bond purchasing programme. Also, the Bank of Japan on Friday concludes a two-day meeting at which it is widely expected to keep its loose monetary policy intact.


Source: The Edge

Friday, June 8, 2018

Market Daily Report: KLCI pulls back on profit taking after rally



KUALA LUMPUR (June 8): The FBM fell 0.42% today as investors resorted to taking profit after a two-day rally and also due to the uncertainties on the external front.

The benchmark index closed 7.49 points lower at 1,778.32.

"This is a normal pullback, as investors monetise on their investment after a long rally since Wednesday," Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told theedgemarkets.com.

Nik Ihsan said the market pullback is expected to continue into next week with no new catalyst in sight as the government embarks on various economic reforms and reviews current mega-infrastructure projects.

Across Bursa Malaysia today, the trading volume stood at 3.1 billion shares valued at RM2.42 billion, compared with 4.17 billion shares worth RM3.39 billion yesterday.

MY EG Services Bhd topped the active list with 170.98 million shares exchanging hands, equivalent to 4.74% of its share capital.

Gainers were led by Dutch Lady Milk Industries Bhd, British American Tobacco (Malaysia) Bhd and Malaysian Pacific Industries Bhd, while Nestle (M) Bhd was the top decliner, followed by Heineken Malaysia Bhd and Pharmaniaga Bhd.

The KLCI's fall was in tandem with Japan's Nikkei225 Index, which dropped 0.56%, while China's CSI300 Index retreated 1.34%. Hong Kong's Hang Seng Index slipped 1.76%, and South Korea's Kospi lost 0.77%.

Reuters reported that Asian shares retreated from a 2.5-month high today as investors turned away from emerging markets due to uncertainties over global trade relations, and expectations of more US rate hikes and a wind down of a massive monetary stimulus in Europe.


Source: The Edge

Thursday, June 7, 2018

Market Daily Report: FBM KLCI extends gain after US share rise



KUALA LUMPUR (June 7): The FBM KLCI rose 8.68 points or 0.5% as Asian shares took cue from US equities' overnight rise. At 5pm, the KLCI closed at 1,785.81 points after climbing to its intraday high at 1,801.42 points.

At 5pm today, the KLCI extended its gain after rising 21.99 points yesterday. Today, the KLCI closed higher partly on gains in KLCI-linked banking stocks like Malayan Banking Bhd, (Maybank) CIMB Group Holdings Bhd and RHB Bank Bhd.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com over telephone "the gain in the Malaysian stock market is in line with the overnight gain at Wall Street".

Across Bursa Malaysia today, 4.06 billion shares worth RM3.25 billion were traded. Top gainers included Maybank, the shares of which, rose 28 sen to RM9.87. Notable gainers included KLCI-linked stocks Petronas Dagangan Bhd and Telekom Malaysia Bhd.

Major Asian stock markets rose. Japan’s Nikkei 225 was 0.87% higher while Hong Kong’s Hang Seng rose 0.81%. Overnight in the US, the Dow Jones Industrial Average climbed 1.4%, the S&P 500 rose 0.86% while the Nasdaq was 0.67% higher.

Reuters reported that Wall Street indexes rallied on Wednesday with help from financial stocks as investors eyed strong economic data and trade war fears took a back seat while the Nasdaq registered its third straight record closing high.



Source: The Edge

Wednesday, June 6, 2018

Market Daily Report: FBM KLCI up 21.99 points on Astro as banking, O&G stocks rise



KUALA LUMPUR (June 6): The FBM KLCI gained 21.99 points or 1.25% with Asian stock markets and as higher crude oil prices supported shares of Malaysia oil and gas (O&G) counters.

Gains in KLCI-linked Astro Malaysia Holdings Bhd besides KLCI-linked banking stocks like Public Bank Bhd and Hong Leong Financial Group Bhd also suported KLCI's rise.

At 5pm, the KLCI finished at 1,777.13 points after reaching its intraday high at 1,778.47 points. At 5pm, Astro closed 23 sen higher at RM1.83, Public Bank rose 98 sen to RM25 while Hong Leong Financial added 62 sen to RM19.82.  

“Investors are bargain hunting for opportunities out there in the market. Also, there is not much of negative news that could spook investors, and all the negatives have been priced in,” Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com today.
“Investors are taking an interest in the penny stocks, and foreign funds have been selling less in the market. They sold about RM80 million yesterday,” he said.

Across Asian share markets, Japan’s Nikkei 225 rose 0.38% while Hong Kong’s Hang Seng climbed 0.53%. South Korean markets were closed today for the Memorial Day holiday.

Reuters reported that Asian stocks rose on Wednesday after tech sector strength lifted Wall Street shares while concerns about Italy's debt prompted investors to move into lower-risk government debt elsewhere, pushing US Treasury yields down from recent highs.

On crude oil markets, it was reported that Brent crude futures rose more than 1 percent on Wednesday after Venezuela raised the prospect of halting some crude oil exports, according to people familiar with the matter, but gains were capped amid reports the US government had asked Saudi Arabia and some other OPEC producers to increase output.

It was reported that Brent crude rose 78 cents to US$76.16 a barrel by 0645 GMT after dropping to its lowest since May 8 on Tuesday. US West Texas Intermediate (WTI) crude futures were up 33 cents at US$65.85 a barrel, having touched a near two-month low on Tuesday.

Such sentiment supported gains across Bursa Malaysia-listed O&G counters including Petronas Gas Bhd and Sapura Energy Bhd.

Sapura Energy was the most-actively traded counter with some 393 million shares exchanging hands. The stock rose seven sen to 65 sen.


Source: The Edge

Monday, June 4, 2018

Market Daily Report: FBM KLCI lower after volatile trade



KUALA LUMPUR (June 4): The FBM KLCI slipped 1.21 points or 0.1% after volatile trade amid foreign selling as investors evaluated Malaysian Government policies and news on global trade and economic data.

At 5pm, the KLCI closed at 1,755.17 points after rising to its intraday high and falling to its intraday low at 1,761.61 and 1,745.75 points respectively. Last Friday, the KLCI rose 15.76 points after climbing 21.34 points the day before.

Today, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that although regional market sentiment has improved as uncertainties following Malaysia's 14th General Election subsided, the KLCI remains pressured by foreign selling.

Lau said while foreign funds still appeared to be net sellers of Malaysian shares, the selling pace has been tapering off.

“If you look at the stock market, it has been rather mixed today. I believe the retailers and local funds are still supporting the market as seen by a better performance among the small-cap stocks.

"The KLCI struggled to keep its slight gain for the third consecutive day despite improved market sentiment regionally after strong US jobs data pointed to a stronger US economy. The US-North Korea summit is also more likely to take place now, so concern on geopolitical risk also subsided,” Lau said.

Across Asian stock markets, Japan’s Nikkei 225 gained 1.37%, South Korea's Kospi added 0.36% while  Hong Kong’s Hang Seng was up 1.66%.

Reuters reported that Asian shares rose to their highest in two-and-a-half-weeks on Monday as strong US jobs data offset worries that tariff wars between the United States and the rest of the world could retard global economic growth.



Source: The Edge

Friday, June 1, 2018

Market Daily Report: KLCI rises 15.76pts as recovery extends




KUALA LUMPUR (June 1): The FBM KLCI gained 15.76 points or 0.9% as bargain hunting extended the index's recovery following recent substantial losses. At 5pm today, the KLCI closed at 1,756.38 points.

The KLCI extended its recovery today after yesterday's (Thursday) 21.34-point rise to 1,740.62 points. On Wednesday, the index fell 56.56 points to 1,719.28 points.

Today, TA Securities Holdings Bhd senior analyst Stephen Soo told theedgemarkets.com: "The follow-through from yesterday looks quite strong."

Across Bursa Malaysia today, trading volume stood at 2.88 billion shares valued at RM2.79 billion. Today's trading volume and value were down from yesterday's hefty 4.61 billion shares valued at a record high of RM9.27 billion.

Today's top gainers included KLCI-linked stocks Malayan Banking Bhd and MISC Bhd.

The most-active stocks included Sapura Energy Bhd and Opcom Holdings Bhd.


Source: The Edge

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