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Thursday, August 30, 2018

Market Daily Report: KLCI down on profit taking, disappointing earnings




KUALA LUMPUR (Aug 30): The FBM KLCI closed slightly lower today on profit taking in some index-related counters ahead of the National Day holiday tomorrow and due to disappointing earnings.

The KLCI closed 0.05% or 0.98 point lower at 1,819.66.

A look at the market breath saw the decliners leading gainers by 685 to 299, while 350 counters traded unchanged. A total of 2.63 billion shares worth RM2.96 billion changed hands in the open market.

Top gainers included British American Tobacco (M) Bhd, while Supermax Corp Bhd led decliners. Hibiscus Petroleum Bhd was the day's most active counter.

Hong Leong Investment Bank's head of retail research Loui Low said the KLCI was impacted by profit-taking activities in selected counters.

"There is also a sharp selldown in the broader market as earnings results have been mixed with a slight bias towards negative," Low said, citing Telekom Malaysia Bhd as an example.

He added that the selling pressure in the broader market has been ongoing for a while.

On the regional front, Japan's Nikkei 225 was up by 0.09% or 21.28 points to 22,869.50. The MSCI Asia Apex 50 was, however, lower by 0.18% or 2.29 points to 1,272.22.

Reuters reported that the Nikkei eked out small gains after touching a more than three-month high today as positive developments in trade negotiations underpinned sentiment, but investors wasted no time taking profits from the gains in late trade.



Source: The Edge

Wednesday, August 29, 2018

Market Daily Report: Profit taking drags down Malaysian stocks




KUALA LUMPUR (Aug 29): Malaysian stocks closed lower today, as investors continued to digest earnings from a slew of corporates and take profits ahead of the long weekend.

The benchmark FBM KLCI ended the day 6.26 points or 0.34% lower at 1,820.64, after trading between 1,815.74 and 1,822.43 throughout the day.

Market breadth was negative with 557 decliners compared with 346 gainers, while 418 counters traded unchanged. Leading movers were Hong Leong Financial Group Bhd, Kobay Technology Bhd and APM Automotive Holdings Bhd. Lagging movers were British American Tobacco (Malaysia) Bhd, Supermax Corp Bhd and Fraser & Neave Holdings Bhd.

Nevertheless, trading volume increased to 2.69 billion shares worth RM2.63 billion from yesterday's 2.57 billion shares worth RM2.29 billion.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said investors have already digested external optimism on international news such as the US-Mexico trade deal.

"Given this, we expect the index to pull back with a mild decline over the next one or two weeks before it normalises again," he told theedgemarkets.com, adding that as it is a short working week, investors may also resort to profit taking ahead of the long weekend.

"We expect the stock market tomorrow to be in the negative as well," he said.

Across the region, Reuters reported that Japan's Nikkei ended the day up 0.15% at 22,848.22. China's Shanghai Stock Exchange Composite closed down 0.31% to 2,769.30, while Hong Kong's Hang Seng closed higher by 0.23% to 28,416.44.


Source: The Edge

Tuesday, August 28, 2018

Market Daily Report: FBM KLCI closes higher on optimism over US-Mexico trade deal




KUALA LUMPUR (Aug 28): The FBM KLCI continued with its strong momentum with sentiment further lifted by external optimism on news of the United States-Mexico trade deal.

The key index ended the day up 15.30 points or 0.84% to a new three-month high of 1,826.90.
On the broader market, decliners led gainers by 512 to 350, with 473 counters traded unchanged. About 2.57 billion shares worth RM2.29 billion were traded.

TA Securities technical analyst Stephen Soo said the market's rise was supported by buying in selected stocks such as Nestle (M) Bhd, which closed 70 sen higher, and Daiman Development Bhd, which closed up 65 sen.

Soo said the market will eventually come to a consensus regarding the US-Mexico trade deal, given that this would put China at a disadvantage.

"[News of the trade deal] has lifted US equities to a record high, but I believe the market is currently overshooting. So I believe a correction is due to more realistic levels," he told theedgemarkets.com.
Across the region, Japan's Nikkei breached 23,000 on the trade deal announcement before shedding most gains on profit taking, but still ending the day at its highest close since mid-June. The Nikkei closed the up 0.1% at 22,813.47.

China's Shanghai Stock Exchange Composite closed 0.1% lower at 2,777.98, while Hong Kong's Hang Seng closed higher by 0.28% at 28,351.62.


Source: The Edge

Monday, August 27, 2018

Market Daily Report: Malaysian market closes at 13-week high, tracking regional gains



KUALA LUMPUR (Aug 27): Malaysia's stock market closed higher today, tracking gains seen in the regional equity markets after the S&P 500 closed at a record high last Friday.

The FBM KLCI ended the day up 3.01 points or 0.17% to its 13-week high of 1,811.60 points.
Reuters reported that Japanese stocks followed gains in US shares, with all but the mining, shipping and airline sectors in positive territory. Exporters such as automotive makers and technology companies led the gains.

This was after US Federal Reserve (Fed) chairman Jerome Powell commented that the Fed's gradual and slow pace of policy tightening will continue amid a stronger US economy.

On Bursa Malaysia, decliners led gainers by 572 to 376 with 374 counters traded unchanged. About 2.75 billion shares worth RM2.02 billion were traded in the open market.

According to Rakuten Trade Sdn Bhd head of research Kenny Yee, the momentum seen in the KLCI remains as the rally in the US stock market continues after Powell's comments that the gradual pace of rate hikes will continue.

"Market has [responded] positively to the comment by the US Fed as seen by the improvement in the equity market in the region. China's move to stabilise the yuan also help to spur the equity market in the region," Yee said.

He, however, noted that the decliners still outnumbered gainers as there are still concerns over some of the uncertainties on the external front.

Having said that, Yee believes the right strategy is to buy companies with strong fundamentals on the dip as a recovery is in sight, given the strong economic growth seen globally.

Last Friday, Beijing said it was adjusting its methodology for fixing the yuan's daily midpoint in order to keep the currency market stable amid broad dollar strength and ongoing trade tension between the US and China.

Across the region, Japan's Nikkei 225 was up by 0.88% or 197.87 points to 22,799.64 points. China's Shanghai Stock Exchange Composite was also higher by 1.89% or 51.47 points to 2,780.90 points. Hong Kong's Hang Seng also surged by 2.17% or 599.40 points to 28,271.27 points.



Source: The Edge

Saturday, August 25, 2018

Market Daily Report: KLCI declines 0.13% as US-China trade talks end without progress




KUALA LUMPUR (Aug 24): The FBM KLCI fell 2.28 points or 0.13% to 1,808.59 today after trade talks between the United States and China ended without any progress.

External headwinds weighed on investors' sentiment and put pressure on the equity market, said Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew.

"The trade spat between the US and China continues to weigh on Asian exporting countries. If you look at the local market, it was down for the entire day as the market breadth was negative," said Pong.

US and Chinese officials ended two days of talks yesterday with no major breakthrough, Reuters reported. This comes as the trade conflict between the two countries escalated with another round of duelling tariffs on US$16 billion worth of each country's goods taking effect.

Across Bursa Malaysia, there were 638 losers compared with 267 gainers while 387 counters closed unchanged. About 2.59 billion shares worth RM2.20 billion were traded.

Top decliners included Panasonic Manufacturing Malaysia Bhd, British American Tobacco (Malaysia) Bhd and Public Bank Bhd.

Elsewhere in Asia, sentiment was also affected by the failed US-China talks. Reuters added that market focus has now shifted to a speech by the Federal Reserve chairman for fresh clues on the direction of US monetary policy.

Japan's Nikkei advanced 0.85%, South Korea's KOSPI gained 0.46% and Shanghai Stock Exchange Composite rose 0.18%. Hong Kong's Hang Seng was down 0.43% and Singapore's Straits Times Index fell 1.14%.



Source: The Edge

Thursday, August 23, 2018

Market Daily Report: FBM KLCI closes higher on last-minute spike



KUALA LUMPUR (Aug 23): The FBM KLCI rose 12.76 points or 0.7% today, buoyed by select blue-chip stocks, despite the continued pressure of US-China trade tensions dominating the sentiment of regional investors.

The benchmark index closed at 1,810.87 points after touching its intraday low of 1,799.57 points. The index closed at 1,787.58 points on Monday, and at 1,798.1 on Tuesday.

"Panasonic (Manufacturing Malaysia Bhd), BAT (British American Tobacco (Malaysia) Bhd) and Public Bank (Bhd) are among the counters which helped the FBM KLCI on [its] last-minute spike," TA Securities senior technical analyst Stephen Soo told theedgemarkets.com, adding the FBM KLCI today has "outperformed" expectations.

Reuters reported that investors were staying on the sidelines as China-US trade talks were underway and the US Federal Reserve held its annual symposium in Jackson Hole.

US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs.

Though Soo expects there to be some optimism on US-China talks, he noted that sentiment in the broader market was mixed.

Japan's Nikkei 225 grew 0.22% today, while Hong Kong's Hang Seng Index fell 0.49%; South Korea's Kospi gained 0.41%.

Moving forward, Soo said the local index will face major resistance at the 1,824 and 1,851 levels, while the downside support will be at 1,780 level.

"As it (FBM KLCI) goes higher, I believe there will be an increase in selling interest from profit-taking," he said.

Across Bursa Malaysia, top gainers included Allianz Malaysia Bhd-ICPS, BAT and Panasonic. The most-active stock was My E.G. Services Bhd.

Market breadth was mildly positive, as gainers surpass losers at 485 to 418 stocks, while 995 counters remain unchanged.

Trading volume decreased to 2.22 billion worth RM2.44 billion compared with 2.52 billion shares worth RM2.43 billion on Tuesday.



Source: The Edge

Tuesday, August 21, 2018

Market Daily Report: Malaysia stocks close higher ahead of holiday



KUALA LUMPUR (Aug 21): Malaysia stocks closed marginally higher today, ahead of the Hari Raya Haji public holiday tomorrow (Aug 22).

The benchmark FBM KLCI traded within a narrow range of 1,788.86 points to 1,798.11 points, to close up 10.53 points or 0.59% at 1,798.11 points, propped up by gains in AMMB Holdings Bhd, Hong Leong Financial Group Bhd (HLFG) and Allianz Malaysia Bhd.

Trading volume increased to 2.52 billion shares worth RM2.43 billion compared with 2.28 billion shares worth RM2.04 billion yesterday.

Shares of AMMB closed up 14 sen or 3.63%, while HLFG and Allianz gained 18 sen and 50 sen respectively.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew noted that although the KLCI ended the day higher, market breadth was negative. Across Bursa Malaysia, there were 506 losers compared with 359 gainers.

"Overall market sentiment was mixed," he told theedgemarkets.com.

Pong highlighted that several construction companies saw their share prices fall after Prime Minister Tun Dr Mahathir Mohamad announced in China earlier today that the East Coast Rail Link and the two pipeline projects will be cancelled for now due to the current government's fiscal position. The counters included HSS Engineers Bhd (-16.37%), Gabungan AQRS Bhd (-8.76%) and DKLS Industries Bhd (-7.18%).

However, the market saw gains in defensive consumer stocks such as Nestle (Malaysia) Bhd, Carlsberg Brewery Malaysia Bhd and Panasonic Manufacturing Malaysia Bhd.

"The consumer stocks were outperforming the broader market today. When defensive stocks are up, this reflects the investors' general risk sentiment that they are more cautious right now," Pong added.
Across Asia, Reuters reported that stocks rose today, supported by hopes that Beijing and Washington would dial back trade hostilities, though comments from the US president about the yuan and the US Federal Reserve policy capped gains and weighed on the US dollar.

It was reported that immediate focus was on the lower-level trade talks due to start this week between the US and China. Speculation that the talks might help ease trade tensions has shored up the broader equity markets over the past few sessions, according to Reuters.

South Korea's KOSPI gained 0.99% and Japan's Nikkei advanced 0.1%. The Shanghai Composite Index climbed more than 1%, while the Jakarta index closed 0.88% higher and Singapore's Straits Times Index was marginally down 0.15%.


Source: The Edge

Monday, August 20, 2018

Market Daily Report: Malaysian stocks start week on positive note



KUALA LUMPUR (Aug 20): Malaysian stocks started the week on a positive note, as selected heavyweight counters like Petronas Chemicals Group Bhd, Axiata Group Bhd and DiGi.Com Bhd lifted the benchmark FBM KLCI up 4.11 points or 0.23% despite negative market breadth.

The KLCI traded within a range of 1,782.74 points to 1,791.14 points before finishing at 1,787.58 points.

Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that all eyes are focused on Prime Minister Tun Dr Mahathir Mohamad's official visit to China, to see whether there are any big catalysts to move the market.

Low is optimistic about trade opportunities between the two countries that could also serve as a trading opportunity.

"Yes, it (trading opportunity) will help to lift the KLCI. For example, if Alibaba wants to invest in certain counters or even any news on the East Coast Rail Link (ECRL) or any Chinese investors coming in that will actually boost some optimism in terms of the trading picks," he said.

Trading volume increased to 2.29 billion shares worth RM2.05 billion compared with 2 billion shares worth RM1.9 billion on Friday. Losers led gainers by 474 versus 343, while 474 traded unchanged.
The top gainers were Carlsberg Brewery Malaysia Bhd, Petronas Chemical and Bintulu Port Holdings Bhd. The biggest decliners included United Plantations Bhd, Batu Kawan Bhd and Star Media Group Bhd.

"Although the KLCI ended the day up, market breadth was actually negative. Overall, on the broader market, the small- and medium-cap counters were actually undergoing profit-taking activities," said Low.

Regionally, Japan's Nikkei 225 dropped 0.32%, South Korea's Kospi increased 0.04% while Hong Kong's Hang Seng finished up 1.41%.

Reuters reported that trading was thin as investors awaited developments from trade talks expected between the US and China this week. The talks in Washington are due to take place on Aug 21 and 22, just before new US tariffs on US$16 billion of Chinese goods take effect.



Source: The Edge

Friday, August 17, 2018

Market Daily Report: Malaysian stocks rebound as PM takes off for China



KUALA LUMPUR (Aug 17): Malaysian stocks closed higher today with the FBM KLCI up 6.2 points or 0.35% at 1,783.47 points, but underperforming its regional peers as investors here remained in profit-taking mode.

"The big event to watch out for next week will be the prime minister's official visit to China," TA Securities senior technical analyst Stephen Soo told theedgemarkets.com.

He opined that the market is likely to continue trading sideways as investors await signals from the visit, amid global economic concerns.

"The momentum going forward may be softer, with the benchmark index likely to test the downside support level of 1,750 points," he said, adding that the upcoming mid-week Hari Raya Haji holiday may also result in lower participation and that the index faces a substantial resistance level of 1,805 points.

Market breadth was positive today with 410 gainers outpacing 370 decliners. A total of 2 billion shares were crossed for RM2.04 billion.

QES Group Bhd, Inari Amerton Bhd and Euro Holdings Bhd were the most active stocks. Gainers were led by British American Tobacco (Malaysia) Bhd, IQ Group Holdings Bhd and Malaysian Pacific Industries Bhd, while the top losers were Nestle (Malaysia) Bhd, Ajinomoto (Malaysia) Bhd and Lysaght Galvanized Steel Bhd.

Regionally, Asian stocks rebounded from hitting fresh one-year lows yesterday after investors appeared buoyed by news that the US and China had resumed lower level talks on trade tensions.
The Turkish lira also continued to recover after plunging to a record low earlier this week, Reuters highlighted.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.46%, while Japan's Nikkei ended the week up 0.35% and Hang Seng index also finished up 0.42%.


Source: The Edge

Thursday, August 16, 2018

Market Daily Report: Malaysian stocks close lower on profit taking



KUALA LUMPUR (Aug 16): Malaysian stocks swung back into the red today, wiping out gains made over the last two days as investors cashed in on profits.

The benchmark FBM KLCI traded in negative territory throughout the day to close down 8.67 points or 0.48% at 1,777.27 points. Market breadth was negative with 515 losers and 290 gainers.

A total of 2.11 billion worth of shares were traded for RM1.91 billion compared with 2.4 billion shares worth RM2.03 billion on Wednesday.

According to Hong Leong Investment Bank head of retail research Loui Low, investors in index-linked counters are likely to stay in profit-taking mode amid uncertainty over Turkey's economy and the US-China trade war fears.

However, he noted that beneficiaries of the weaker ringgit, which has fallen in line with other emerging market currencies, include export-driven counters such as Unisem (M) Bhd, which has seen a slight uptick in its share price.

Although the trade war between China and the US may affect these export-driven companies in the long term, Low said they could see improvements in earnings in the near term as long as the US dollar continues to strengthen.

Advance Synergy Bhd, AHB Holdings Bhd and Nova MSC Bhd were the most actively traded counters on Bursa Malaysia today, while British American Tobacco (Malaysia) Bhd, Heineken Malaysia Bhd and Petronas Gas Bhd led decliners.

Nestle (Malaysia) Bhd, Malaysia Pacific Industries Bhd and United Plantaitions Bhd were top gainers.
Asian markets were battered to one-year lows amid growing fears over Turkey's currency crisis and an economic slowdown in China, Reuters reported.

Japan's Nikkei closed down 0.06% while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%. Both Shanghai Composite Index and Hong Kong's Hang Seng index dipped 0.8%.

Another sector that witnessed a drag was technology stocks, which were pressured by the performance of Tencent Holdings Ltd after it registered its first decline in quarterly profit in almost 13 years on poor gaming revenue, Reuters said.


Source: The Edge

Wednesday, August 15, 2018

Market Daily Report: KLCI up on Petronas-linked counters' gain




KUALA LUMPUR (Aug 15): The FBM KLCI closed 2.16 points or 0.12% higher, backed by gains in Petronas-linked counters and as investors bought shares of export-based companies. Asian markets fell as concerns on China's economic growth and Turkey's financial crisis lingered.

At Bursa Malaysia, the KLCI closed at 1,785.94 points on gains in KLCI-linked stocks like Petronas Chemicals Group Bhd, Petronas Dagangan Bhd and Hartalega Holdings Bhd.

Malaysian shares bucked the Asian share downtrend. In China, the Shanghai Stock Exchange Composite dropped 2.08% while Hong Kong’s Hang Seng fell 1.55%. Elsewhere, Japan’s Nikkei 225 fell 0.68%.

Reuters reported that Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis. It was reported that signs of the world's second-largest economy losing momentum and the ongoing Sino-US trade conflict have weighed on Chinese equities.

In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee said investors were leaving small-capitalisation stocks and heading towards export-oriented companies as the ringgit weakened to the 4.1000 level against the US dollar today.

“But market participants are not selling as strong as other regional currencies. We are still seeing very strong year-to-date performance of the ringgit. That is a plus point,” Low told theedgemarkets.com.
Across Bursa Malaysia, trading volume stood at 2.4 billion shares worth RM2.03 billion. Top gainer Petronas Dagangan rose 48 sen to RM26.70.


Source: The Edge

Tuesday, August 14, 2018

Market Daily Report: KLCI up as ebbing Turkey concerns offset signs of slowing growth in China



KUALA LUMPUR (Aug 14): The FBM KLCI closed up 0.44 point at 1,783.78 on bargain hunting after falling earlier today as investors evaluated China economic data, which missed market forecast.
Analysts said the KLCI closed higher as the impact of the Turkish lira's depreciation on Malaysian markets appeared not to be as bad as news reports suggested.

“The actual performance of the ringgit has shown that it is not as affected (by the depreciation of the lira) as international newswire reports suggest," Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com.

As such, Pong said the KLCI is “no longer in the crosshairs of funds looking to profit from the fall in the lira. Local funds are still poised to buy into the market (and) I am confident this trend will continue.”

Across Bursa Malaysia, 2.32 billion shares were traded today for RM2.48 billion.

The KLCI closed higher after falling to its intraday low at 1,778.20 as investors evaluated China's fixed-asset investment and retail sales growth figures.

Reuters reported that China's fixed-asset investment growth slowed more than expected to 5.5 percent in the first seven months of the year, in a further sign of softening demand in the world's second-largest economy, data showed on Tuesday.

Investment growth had been expected to remain at 6 percent in the first seven months of the year, in line with the pace in January-June.

It was reported that retail sales rose 8.8 percent in July from a year earlier, below an expected 9.1 percent and down from 9 percent in June. Globally, it was reported that world share markets regained their footing on Tuesday as the threat from the collapse of the Turkish lira ebbed and reassuring German data offset signs of slowing growth in China.

China stocks closed in the red. The Shanghai Stock Exchange Composite declined 0.18% while Hong Kong's Hang Seng fell 0.66%. Elsewhere across Asia, Japan’s Nikkei 225 was up 2.28% while South Korea’s Kospi rose 0.47%.


Source: The Edge

Thursday, August 9, 2018

Market Daily Report: FBM KLCI marginally up on foreign support as oil hits sentiment



KUALA LUMPUR (Aug 9): The FBM KLCI rose by a marginal 0.22 point or 0.01%, supported by increased foreign participation in the Malaysian stock market. At 5pm, the KLCI closed at 1,804.95 points after erasing losses in the final trading hour.

During the day, the KLCI climbed to its intraday high of 1,811.29 points before falling into negative territory in the final trading hour. At 5pm, the KLCI closed higher on gains in index-linked stocks like Tenaga Nasional Bhd and Petronas Chemicals Group Bhd.

Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com that increased foreign participation in the Malaysian stock market supported sentiment.

"Most notable counters that have benefited the most are export-related counters, specifically the tech and wood-based (furniture) sectors due to the weakening of the ringgit over the last two months," he said.

Across Bursa Malaysia today, 2.31 billion shares worth RM2.29 billion were traded.
Top gainers included Panasonic Manufacturing Malaysia Bhd, Tenaga and Petronas Chemicals.
Leading decliners included KLCI-linked stocks IHH Healthcare Bhd, Petronas Gas Bhd and MISC Bhd.

At a glance, the Malaysian stock market today appeared to have taken cue from overnight crude oil losses on Wednesday.

Reuters reported that oil prices slid about 3 percent on Wednesday as a trade dispute between the US and China escalated further and after Chinese import data showed a slowdown in energy demand. Brent crude futures fell US$2.37 to settle at US$72.28 a barrel, a 3.17 percent loss. US West Texas Intermediate crude futures fell US$2.23 to settle at US$66.94 a barrel, a 3.22 percent loss. The session low of US$66.32 was the lowest since June 22.

On Thursday, oil prices eked out gains, reflecting concerns about Iranian crude supplies as the US hit Tehran with new sanctions, halting Wednesday's declines in the face of an escalating China-US trade dispute and worries over Chinese demand, Reuters reported.



Source: The Edge

Wednesday, August 8, 2018

Market Daily Report: FBM KLCI up 13.64 points on foreign buying; ABM Fujiya nears limit up




KUALA LUMPUR (Aug 8): The FBM KLCI rose 13.64 points or 0.76% on what appeared to be foreign investor demand for Malaysian stocks. At 5pm, the KLCI closed at its intraday high at 1,804.73 points.

A senior analyst at local investment bank told theedgemarkets.com that foreign investors had been net buyers of Malaysian stocks for three consecutive trading days since Friday.

The analyst said : "After the (Malaysian) general election, foreign investors had generally been net sellers. But as the stocks took a plunge even though some of them have their fundamentals still intact, the valuations emerge as attractive for foreigners to engage in 'bargain hunting' as they say it," he said.

Across Bursa Malaysia today, 2.77 billion shares worth RM2.71 billion changed hands. Top gainers included Hengyuan Refining Co Bhd, ABM Fujiya Bhd and Axiata Group Bhd.

ABM Fujiya shares neared limit up after the stock jumped by as much as 29.5 sen to 74 sen during intraday trades. At 5pm, ABM Fujiya closed at 66 sen with 953,200 shares traded.



Source: The Edge

Tuesday, August 7, 2018

Market Daily Report: FBM KLCI up 11.34 points on improved sentiment despite lingering China-US trade concerns



KUALA LUMPUR (Aug 7): The FBM KLCI rose 11.34 points or 0.64% today as Asian shares took cue from China's share rise and global crude oil price gains. US equities' overnight advance also supported Asian stocks today.

At Bursa Malaysia, the KLCI finished at 1,791.09 points. Analysts said investor sentiment appeared to have improved amid Malaysia's current corporate financial reporting season and as foreign investors became net buyers of local shares.

“Corporate results have been within expectations, they are looking quite alright for a start and have generally showed improvements from the previous quarter,” Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com.

Lau observed that foreign investors’ confidence seemed to have returned as they were net buyers of Malaysian shares today, although the trade tension between the US and China persisted.


Across Bursa Malaysia, 2.53 billion shares worth RM2.33 million were crossed. Top gainers included oil and gas entities Petronas Gas Bhd and Hengyuan Refining Co Bhd.

Asian bourses closed higher. In China, the Shanghai Stock Exchange Composite and Hong Kong’s Hang Seng rose 2.74% and 1.54% respectively. Elsewhere in the region, Japan’s Nikkei 225 and South Korea’s Kospi finished 0.69% and 0.6% higher respectively.

Reuters reported that a rebound in battered Chinese stock markets on Monday helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-US trade conflict.

It was also reported that oil prices rose on Tuesday with revived US sanctions against major crude exporter Iran expected to tighten global supply. Brent crude oil futures were up 50 cents to US$74.25 per barrel at 0928 GMT and US West Texas Intermediate (WTI) crude futures were up 29 cents at US$69.30 a barrel.



Source: The Edge

Friday, August 3, 2018

Market Daily Report: FBM KLCI up on bargain hunting amid heightened US-China trade concerns









KUALA LUMPUR (Aug 3): The FBM KLCI ended 1.96 points or 0.11% higher on bargain hunting and as investors evaluated changes in corporate Malaysia amid heightened US-China trade war concerns.

At 5pm, the KLCI closed at 1,780.09 points after falling to its intraday low at 1,773.89 points as the US-China trade war intensified. Reuters reported that investors also remain cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world's largest economy and possible clues about the pace of Federal Reserve interest rate rises.

In Malaysia, a senior fund manager with a foreign investment bank told theedgemarkets.com: “Investors are looking for clues as they absorb the latest changes in the local corporate scene.”
The fund manager might be referring to Malaysia corporate news including Khazanah Nasional Bhd's announcement today on the appointment of Datuk Shahril Ridza Ridzuan as managing director. Khazanah said Shahril is scheduled to report for duty as managing director on Aug 20, 2018.

Across Bursa Malaysia today, 1.85 billion shares worth RM1.58 billion changed hands. Top gainers included United Plantations Bhd and Malaysia Airports Holdings Bhd.

Leading decliners included Telekom Malaysia Bhd and Yong Tai Bhd.


Source: The Edge

Thursday, August 2, 2018

Market Daily Report: FBM KLCI down 10.18 points as US-China trade tension escalates




KUALA LUMPUR (Aug 2): The FBM KLCI fell 10.18 points or 0.57% as the US-China trade war escalated after the US proposed a 25% tariff on US$200 billion worth of Chinese imports. At 5pm, the KLCI closed at 1,778.13 points.

Reuters reported today that US Trade Representative Robert Lighthizer said on Wednesday that President Donald Trump directed the increase from a previously proposed 10% duty because China refused to meet US demands and has imposed retaliatory tariffs on US goods.

It was reported that Trump's threats of higher tariffs weighed on China's financial markets. But Chinese Foreign Ministry spokesman Geng Shuang reiterated at a regular news briefing that the United States' efforts at "blackmail" would fail.

In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com: "The volatility will continue until the markets have seen some clarity. Positive news first, then only can we see some upside."

Across Bursa Malaysia, 2.09 billion shares were traded for RM1.99 billion. Top decliners included KLCI-linked Hong Leong Financial Group Bhd and MISC Bhd.

Asian stock markets took cue from China's share slip. In China, the Shanghai Stock Exchange Composite dropped 2% while Hong Kong’s Hang Seng was down 2.21%.

Elsewhere, Japan's Nikkei 225 declined 1.03% while South Korea's Kospi fell 1.6%.



Source: The Edge

Wednesday, August 1, 2018

Market Daily Report: FBM KLCI gains with Wall Street as US-China trade spat tempers sentiment



KUALA LUMPUR (Aug 1): The FBM KLCI increased 4.06 points or 0.23% to close at its intraday high after Malaysia Airports Holdings Bhd's last-minute share price spike helped the KLCI erase losses. Analysts said today that overnight US share gains also supported the Malaysian stock market sentiment.

At 5pm, the KLCI closed at 1,788.31 points after falling to its intraday low at 1,777.58 points. At 5pm, it ended higher after KLCI-linked Malaysia Airports shares rose 23 sen to RM9.48.

Gains in other KLCI stocks like Petronas Gas Bhd and Digi.Com Bhd also helped the KLCI finish higher as investors evaluated US shares' overnight rise. Investors are also anticipating the US' interest rate decision after the Federal Open Market Committee's two-day meeting, which ends on Aug 1.

Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that improved sentiment due to the US' equity rise helped sustain KLCI’s gain.

“The KLCI was able to retain its gain as sentiment improved following better earnings reported by US corporates led by Apple Inc, which has led to a rebound in US counters,” Lau said.

At Bursa Malaysia earlier today, the KLCI had however vacillated between gains and losses as investors evaluated the impact of the US-China trade spat and as markets took cue from China's share drop.

Reuters reported that Asian shares gave up ground on Wednesday, with weak data in the region and fears of an imminent escalation in the tariff war between the United States and China pulling markets lower even as strong earnings out of the US provided some support.

It was reported that conflicting signs over the state of US-China trade relations pulled markets in opposite directions. A Bloomberg report on Tuesday said that the United States and China were seeking to resume trade talks to defuse a battle over import tariffs. However, later reports that the US administration plans to propose tariffs of 25 percent instead of the initially proposed 10 percent on US$200 billion of imported Chinese goods injected uncertainty back into financial markets.

China shares ended lower. The Shanghai Stock Exchange Composite fell 1.8% while Hong Kong's Hang Seng dropped 0.85%. Reuters reported that China's stock markets fell sharply in afternoon trade to end lower Wednesday, as anticipation of more measures to curb property prices hurt developer shares, and as the Sino-US trade war looked set to escalate with the threat of higher US tariffs.


Source: The Edge

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