Market Daily Report: FBM KLCI declines after US rate hike

KUALA LUMPUR (Sept 27): The FBM KLCI fell 0.08 point to settle at 1,798.64 points with Asian shares after the US Federal Reserve (Fed) raised interest rates.

At 5pm, the KLCI cut losses after falling to its intraday low at 1,793.83 points. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the KLCI was, however, supported by rising crude oil prices at above US$80 a barrel.

“(At Bursa Malaysia) the sentiment was quite negative today. Both FBM Small Cap and ACE (indices) were in the red most of the day, mainly affected by the Fed’s move to raise interest rates.
"It was not just us, most emerging markets were declining today. This trend is likely to persist in the near term,” Leong said.

Across Asian stock markets, Japan’s Nikkei 225 fell 0.99% while Hong Kong's Hang Seng declined 0.36%. Bloomberg reported that stocks in Europe and Asia fell Thursday as investors digested the likelihood of more Federal Reserve interest-rate increases stretching into next year.

Earlier today, Reuters reported that the Federal Reserve raised interest rates on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of growth.

It was reported that in a statement that marked the end of the era of "accommodative" monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. It was reported that the US central bank still foresees another rate hike in December, three more next year, and one increase in 2020.


Source: The Edge

Market Daily Report: FBM KLCI rises with China shares as trade war concerns subside

KUALA LUMPUR (Sept 26): The FBM KLCI closed 4.25 points or 0.24% higher after China-US trade war concerns subsided.

Asian shares also took cue from China equity gains after MSCI indicated it will consider quadrupling the weighting of Chinese big caps in its global benchmarks.

At Bursa Malaysia, the KLCI ended at 1,798.72 points. In China, the Shanghai Stock Exchange Composite rose 0.92% while Hong Kong’s Hang Seng was up 1.15%. Elsewhere, Japan’s Nikkei 225 was up 0.39% while South Korea markets remained close today for the Chuseok Day holiday.

Reuters reported that Asian shares pulled ahead on Wednesday as Chinese markets extended their recovery to hit eight-week highs on receding fears about the trade war as well as hopes China's weighting in the global benchmark will be increased.

It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 percent. It was reported that MSCI said it will consider quadrupling the weighting of Chinese big caps in its global benchmarks and also proposed adding mid-caps and shares listed on Shenzhen's start-up board ChiNext.

In Malaysia, Vincent Lau, who is Rakuten Trade Sdn Bhd’s vice president of research told theedgemarkets.com that the improvement in sentiment was seen across the board as oil and gas shares emerged among Bursa Malaysia's top-active counters.

“The Malaysian stock market has seen an improved sentiment. If you look at the month of September, the (funds) outflow has moderated. In fact, I think there is a slight positive on the foreign fund flow during the month so far. It’s a sign that the concerns over the impact from US-China trade tariff (war) have moderated and much of it has been priced into the market before this,” Lau said.



Source: The Edge

Market Daily Report: FBM KLCI down at intraday low as trade war hits sentiment

KUALA LUMPUR (Sept 25): The FBM KLCI closed 5.7 points or 0.32% lower today after China and the US' move to slap new tariffs on each other's goods yesterday continued to hit world market sentiment.

At 5pm today, the KLCI closed at its intraday low at 1,794.47 points. The KLCI extended losses today after the index fell 10.47 points yesterday.

Across the globe today, Reuters reported that Asia stocks struggled on Tuesday as a fresh round of US-China tariffs and a surge in oil prices to near four-year highs added to worries about risks to global growth. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.15 percent.
It was reported that the US' Dow Jones Industrial Average fell about 0.7 percent and the S&P 500 slipped 0.35 percent overnight.

In Malaysia today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the weakness in the KLCI was also in tandem with general negative sentiment across Asian and US stock markets.

“Another factor that contributed to the negative sentiment is the renewed weakness in the ringgit against the US Dollar,” Leong said. At the time of writing, the ringgit depreciated to 4.1372 against the US dollar.

Across the KLCI, Axiata Group Bhd was the bigest decliner, in percentage terms, among the 30 index-linked stocks followed by Telekom Malaysia Bhd (TM).

At 5pm, Axiata shares slipped 21 sen or 4.4% to close at RM4.56. TM fell five sen or
1.53% to RM3.21.

 Source: The Edge

Market Daily Report: FBM KLCI drops 10.47 points, Bursa share value dips below RM1.5b as trade war hits sentiment

KUALA LUMPUR (Sept 24): The FBM KLCI dropped 10.47 points or 0.58% on profit taking in light of heightened China-US trade war concerns. At 5pm, the KLCI settled at 1,800.17 while share-trade value across Bursa Malaysia fell to RM1.499 billion.

Reuters reported that Asian shares stumbled in holiday-thinned trading on Monday as China's decision to cancel talks with the United States sparked fears of a protracted trade war, while oil rallied as Saudi Arabia ruled out increasing supplies to cool crude prices.

Investors were squarely focused on the Sino-US trade war as China added US$60 billion of US products to its import tariff list, retaliating against US duties on US$200 billion of Chinese goods that came into effect at 0401 GMT Monday. China also cancelled mid-level trade talks with the United States, as well as a proposed visit to Washington by Vice Premier Liu He which had been scheduled for this week, the Wall Street Journal reported.

In Malaysia today, Hong Leong Investment Bank Bhd analyst Loui Low Ley Yee told theedgemarkets.com: “It was a mixed market. There were selective profit-taking activities [locally].
Across Bursa Malaysia, 1.64 billion shares worth RM1.499 billion exchanged hands. Today's share-trade value was much lower than the RM3.61 billion registered on Friday.

Today's top decliners included KLCI constituent stocks such as Hong Leong Bank Bhd, Press Metal Aluminium Holdings Bhd and Tenaga Nasional Bhd.

Across Asia, Hong Kong’s Hang Seng fell 1.62% amid holiday-thinned trading today as Mainland China, Japan and South Korea markets were closed for holidays. Tomorrow (Sept 25), Hong Kong markets will be closed in conjunction with the day following the Chinese Mid-Autumn Festival.



Source: The Edge

Market Daily Report: FBM KLCI rises as Bursa share trade tops RM3.6b

KUALA LUMPUR (Sept 21): The FBM KLCI closed 6.94 points or 0.38% higher, while value across Bursa Malaysia climbed to RM3.61 billion as investors reckoned that the China-US trade war appeared to be less harsh than expected.

At 5pm, the KLCI ended at 1,810.64 points as KLCI-linked companies Dialog Group Bhd, Malayan Banking Bhd and CIMB Group Holdings Bhd emerged among Bursa Malaysia's most-active stocks.
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said the KLCI’s performance reflects the sentiment shared by global markets that the trade war appears to be less harsh than expected.

“However there is no assurance that sentiment won’t turn around tomorrow. It seems to fluctuate on a daily basis. Perhaps the reason for the improved sentiment is because markets had been bracing itself for something worse instead. Let’s just hope that the positive market reaction is sustained,” Pong told theedgemarkets.com.

Across Bursa Malaysia today, 2.07 billion shares were traded for RM3.61 billion. Yesterday's volume and value stood at 1.94 billion shares and RM2.02 billion respectively.

Today, Malaysian shares rose with Asian stocks. Japan's Nikkei 225 closed 0.82% higher while South Korea's Kospi added 0.68%. In China, the Shanghai Stock Exchange Composite closed up 2.5% while Hong Kong's Hang Seng rose 1.73%.

Reuters reported that Asian stocks extended gains on Friday thanks to Wall Street scoring all-time highs, as investors gravitated to the view that the latest exchange of tariffs between the United States and China may be less damaging than initially feared.

A rally in Chinese markets helped lift the MSCI's broadest index of Asia-Pacific shares outside Japan by 1.15 percent, buoyed in part by expectations that Beijing will pump more stimulus into its economy to weather the trade war. The MSCI index has rebounded 4.6 percent from a 14-month low on Sept 12.



Source: The Edge

Market Daily Report: FBM KLCI up as trade war appears less harsh than expected

KUALA LUMPUR (Sep 20): The FBM KLCI closed up 2.99 points or 0.17% at 1,803.7 points as the China-US trade war appeared less harsh than expected. Global crude oil price gains also improved sentiment on shares of Malaysian oil and gas companies.

Reuters reported that a bounce in world stocks in relief that the fresh US and Chinese tariffs on reciprocal imports were less harsh than feared continued on Thursday, although investors remained wary about the next steps in the US-Sino trade war.

It was also reported that oil prices rose on Thursday after news of another drawdown in US crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by US sanctions. Benchmark Brent crude was up 20 cents at US$79.60 by 0740 GMT, its third day of gains. US light crude oil was 40 cents higher at US$71.52 a barrel, after rising nearly 2 percent on Wednesday.

In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that the Malaysian stock market moved in tandem with regional markets along with news related to the China-US trade war.

"At this point, the local market is still driven by the progress of the trade war. This will be the case until there are some resolutions made pertaining to the trade war," Wong said.

Shares of Bursa Malaysia-listed oil and gas companies rose to top the bourse's most active stocks. At 5pm, Sapura Energy Bhd closed one sen higher at 44 sen with some 134 million shares traded.
Hibiscus Petroleum Bhd added eight sen at RM1.09 with about 79 million shares transacted.



Source: The Edge

Market Daily Report: FBM KLCI rebounds above 1,800 points as Malaysian shares play catch up

KUALA LUMPUR (Sept 19): The FBM KLCI rose 7.77 points or 0.43% to close at 1,800.71 points today as Malaysian shares played catch up with Asian shares and after US equities' overnight rise.
 
Today, the KLCI closed higher after yesterday’s 10.82-point drop at 1,792.94 points caused by a knee-jerk impact on market sentiment from the escalating China-US trade dispute. Malaysian shares resumed trading yesterday after markets were closed on Monday in lieu of Malaysia Day which fell on Sunday.

Today, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com: “Besides the overnight performance of Dow (Jones Industrial Average), today’s performance of the KLCI is also because of the KLCI catching up with the regional market, after closing lower yesterday versus the broader region.

“However in the short term, I think it will still be a choppy market, with the KLCI hovering around the 1,800-mark barring any external factors.”

Across Asian bourses today, Japan’s Nikkei 225 finished 1.08% higher while South Korea’s Kospi closed lower by a marginal 0.023%. In China, the Shanghai Stock Exchange Composite and Hong Kong’s Hang Seng were up 1.14% and 1.19% respectively.

Reuters reported that Asian stocks rose across the board on Wednesday as expectations that Beijing would implement stimulus to soften the economic blow from the Sino-US trade war helped Chinese shares rally.

The Trump administration said on Monday it will implement new tariffs of 10 percent on US$200 billion of Chinese products on Sept 24, with the tariffs to go up to 25 percent by the end of 2018. China hit back, saying it will levy tariffs on about US$60 billion worth of US goods, as previously planned, but cut the tariff rates.



Source: The Edge

Market Daily Report: KLCI down 10.82 points as escalating US-China trade war hits sentiment

KUALA LUMPUR (Sept 18): The FBM KLCI fell 10.82 points or 0.6% on profit taking and as the escalating US-China trade war hurt market sentiment. At 5pm, the KLCI settled at 1,792.94 points after falling to its intraday low of 1,788.52 points.

Investors took profit today after the KLCI rose 11.16 points to 1,803.76 points on Friday. Today, selling was seen among KLCI-linked banking stocks, which, partly led to the 226.87 point or1.27% drop in Bursa Malaysia's finance index at 17,696.57 points.

Malaysian shares resumed trading today after markets were closed yesterday in lieu of Malaysia Day which fell on Sunday.

Today, Malaysian shares took cue from the escalating US-China trade war. Reuters reported that investors were nervous after US President Donald Trump imposed 10 percent tariffs on an additional US$200 billion worth of Chinese imports, and warned of duties on more products if China took retaliatory action.

It was reported that Asian shares spent most of the morning in negative territory although the reaction was a little muted because Tuesday's announcement was in line with expectations and had been baked into prices. It was reported that China said on Tuesday it has no choice but to retaliate against new US trade tariffs, risking even stronger action from Trump in an escalation of the trade war between the world's largest economies.

In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the strong indication that China will retaliate against the US tariff on imports from China is weighing on Asian markets.

“Yesterday, regional markets were not performing well, and Bursa was showing a delayed reaction today. Although regional indices rebounded today, we don’t think that is sustainable,”  Wan said.

Across Bursa Malaysia today, trading volume was 1.79 billion shares worth RM1.98 billion. Among the 30 KLCI stocks, top decliners in percentage terms were IHH Healthcare Bhd, RHB Bank Bhd and CIMB Group Holdings Bhd.



Source: The Edge

Market Daily Report: FBM KLCI up 11.16 points after Morgan Stanley upgrade, Asian share gain

KUALA LUMPUR (Sept 14): The FBM KLCI rose 11.16 points or 0.62% with Asian markets as sentiment remained buoyant on the expected renewal of China-US trade talks. Morgan Stanley's move to upgrade Malaysia stocks to equal weight also supported the country's blue-chip shares.

At 5pm, the KLCI closed at 1,803.76. Asian shares made notable gains after Japan’s Nikkei 225 closed up 1.2% while South Korea’s Kospi was 1.4% higher. Elsewhere, Hong Kong's Hang Seng rose 1.01%.

Reuters reported that shares across most of Asia rose on Friday on expectations that the US and China could launch a fresh round of trade talks, and as a surprisingly sharp interest rate hike in crisis-hit Turkey supported the lira and global risk appetite.

In Malaysia, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that "Malaysia’s blue chips were also supported by an upgrade to equal weight by Morgan Stanley".

Bloomberg reported that after Morgan Stanley cut its MSCI EM index target for a third time this year, Morgan Stanley has made more ratings changes for stocks in four countries.

Malaysia was upgraded to equal weight, Turkey was downgraded to underweight, South Africa cut to equal weight and Poland raised to overweight, Bloomberg reported.  “India, Chile, Hong Kong and Malaysia exhibit a good combination of low beta and high beta estimate stability vs peers,” analysts led by Steven Ye were quoted as saying in a note published Sept 13. 

Soo said investors may take profit once the KLCI reaches the 1,828-point level.  “This is pending external concerns,” he said, noting that investors are largely trading based on day-to-day developments on the China-US trade tension.

On Monday (Sept 17), Bursa Malaysia and its subsidiaries will be closed in lieu of Malaysia Day which falls on Sunday.

"Bursa Malaysia and its subsidiaries will resume operations on Tuesday, 18 September 2018," the bourse operator and regulator said in a statement.


 Source: The Edge

Market Daily Report: KLCI up with regional peers as US and China agree to talk

KUALA LUMPUR (Sept 13): The FBM KLCI closed up 7.35 points or 0.41% on bargain hunting and as Asian stocks rose on renewed interest in US-China trade talks.

Reuters reported that Asian shares advanced on Thursday on news the Trump administration has reached out to China for a new round of trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies. It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, a day after it hit 14-month lows.

At Bursa Malaysia, the KLCI closed at 1,792.6 after falling to its intraday low at 1,777.45. Yesterday, the KLCI fell 13.92 points.

Today, Vincent Khoo, head of research for Malaysia at UOB Kay Hian said: “I think the local market will continue to be squeezed by external sentiment." Khoo noted that the KLCI's recovery followed the direction of regional peers.

He said Malaysian markets may continue to track the movements of Mainland China and Hong Kong indices. Today, the Shanghai Stock Exchange Composite climbed 1.15% while Hong Kong's Hang Seng rose 2.54%. Elsewhere across Asia, Japan's Nikkei 225 closed up 0.96%.

Across Bursa Malaysia, 2.38 billion shares were crossed for RM2.58 billion. Top gainers included United Plantations Bhd besides KLCI-linked stocks, CIMB Group Holdings Bhd and Axiata Group Bhd.



Source: The Edge

Market Daily Report: KLCI falls 13.92 points as local stocks catch up with regional decline

KUALA LUMPUR (Sept 12): The FBM KLCI fell 13.92 points or 0.77% to close at 1,785.25 today in what appears to be a catch-up with the decline in other Asian markets as it reopened after a two-day holiday.

Market breadth across the bourse was strongly negative, with 778 stocks declining and just 146 recording gains.

“It looks like contagion fears are increasing," said said Stephen Soo, senior technical analyst at TA Securities. "It could also be a currency play, with regional funds continuing to exit.”

Investors appear psychologically bearish despite Malaysia’s strong fundamentals, due in part to an ongoing depreciation of regional currencies, Soo told theedgemarkets.com.

Ajinomoto (M) Bhd, Aeon Credit (M) Bhd and Dutch Lady Milk Industries Bhd led the list of decliners, while gainers were led by British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd and Petronas Gas Bhd.

The most active counters were Sapura Energy Bhd, Borneo Oil Bhd and My E.G. Services Bhd.
Soo said the current resistance level for the KLCI is at 1,800 points, which may trigger profit taking. He sees support levels for the index at 1,764 and 1,752.

Across Asia, stocks declined amid widespread concern on global trade tensions, emerging market turmoil, the strengthening greenback and a Chinese bear market, Bloomberg reported.

The MSCI Asia Pacific Index ex-Japan fell 0.4% to a 14-month low, while Japan’s Nikkei declined 0.3%. Hong Kong’s Hang Seng was down 0.4% while China’s blue chips fell 0.3%.


Source: The Edge

Market Daily Report: FBM KLCI up marginally as markets brace for new salvo in China-US trade spat

KUALA LUMPUR (Sept 7): The FBM KLCI closed 0.6 point or 0.03% higher after an 11th-hour rise on bargain hunting. The KLCI had earlier fallen as global investors braced for new salvos in the China-US trade spat.

At Bursa Malaysia, the KLCI ended at 1,799.17 points at 5pm after falling to its intraday low at 1,795.29 points. Reuters reported that Asian shares carved out a 14-month trough on Friday as investors feared a new salvo of Sino-US tariffs could come at any moment, while a slump in US chip stocks rippled through the tech-heavy region.

It was reported that nerves were set to be frayed further as the public comment period for proposed tariffs on an additional US$200 billion worth of Chinese imports ended at 0400 GMT. The tariffs could now go into effect at any moment, though there was no clear timetable. China has warned of retaliation if Washington launches any new measures.

In Malaysia, CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com today that the research firm would advise investors to stay on the sidelines next week as market sentiment is still weak.

Foo said : “Market breadth has been negative over the past few days despite some marginal gains in the KLCI. It shows that overall sentiment is still weak, any rebound will be capped at about the recent (three-month) high of 1,827 points.”

The KLCI ended higher today ahead of a long weekend. Malaysian markets will be closed on Monday for the Yang di-Pertuan Agong’s birthday, which falls on Sunday.

On Tuesday, markets will also be closed for the Awal Muharram holiday. "Bursa Malaysia and its subsidiaries will resume operations on Wednesday, 12 September 2018," the stock exchange operator and regulator said in a statement.


Source: The Edge

Market Daily Report: KLCI lifted by bargain hunting but seen closing lower before the weekend

KUALA LUMPUR (Sept 6): The FBM KLCI made marginal gains today, thanks to bargain-hunting activities on selected index heavy weights.

At 5pm, the benchmark index closed 3.07 points or 0.17% higher at 1,798.57 points, with a trading range of between 1,794.79 points and 1,802.60 points for the day.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI's performance today, which closed in positive territory for the first time in the past six trading days, was also underpinned by the ringgit's stability, despite falling to its lowest in more than nine months yesterday.

"However, the broader market remains under pressure, like FBM Small Cap, Fledgling, and ACE Market — all were in the negative territory, as selling pressure prolonged. We believe the broader market weakness was because of trade uncertainty between the US and China," he said.

"Tonight, US President Trump is widely expected to announce tariff on US$200 billion worth of goods imported from China. If this materialises, there is a high chance for the KLCI to fall tomorrow. Also, investors might want to take profit tomorrow ahead of the long weekend break," he added.

The ringgit appreciated by 0.07% or 0.0029 to 4.1448 against the greenback at the time of writing.
Reuters reported that Asian shares fell for the sixth straight session on Thursday as oil skidded and safe-haven gold gained, with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the US-China trade war.

Japan's Nikkei declined 0.41% today, along with the Hong Kong Hang Seng Index, which fell 0.99%; the South Korean Kospi registered a 0.18% loss.

In Malaysia, Bursa saw 297 gainers, versus 553 losers, with 404 counters remained unchanged. Total trading volume was 1.98 billion shares, worth RM1.9 billion.

Notable gainers include Supermax Corp Bhd, which was also the sixth largest gainer today, while losers include the like of Carlsberg Brewery Malaysia Bhd and Petron Malaysia Refining & Marketing Bhd.

Nexgram Holdings Bhd was the most actively traded counter today, with 93.97 million shares changing hands.



Source: The Edge

Market Daily Report: FBM KLCI down 0.95%, ringgit weakens as US-China trade spat lingers

KUALA LUMPUR (Sept 5): The FBM KLCI slipped 17.26 points or 0.95% with Asian markets on US-China trade war escalation concerns. Such sentiment led to the ringgit's depreciation against a strengthening US dollar.

At Bursa Malaysia, the KLCI closed at its intraday low at 1,795.5 points. Across Bursa Malaysia, 2.91 billion shares were traded for RM2.92 billion as investors took cue from Asian equity losses.

In China, the Shanghai Stock Exchange Composite lost 1.68% while Hong Kong's Hang Seng  fell 2.61%. Elsewhere across Asia, Japan's Nikkei 225 dropped 0.51% while South Korea's Kospi was 1.03% lower.

Reuters reported that a looming deadline in the US-China trade conflict kept the dollar near two-week highs on Wednesday, inflicting fresh losses on emerging markets and sending world stocks lower for the fourth day in a row.

It was reported that a public comment period on the possibility of fresh US tariffs on another US$200 billion of Chinese goods ends on Thursday, with expectations that the additional levies will be imposed by US President Donald Trump.

In Malaysia today, Rakuten Trade Sdn Bhd vice president Vincent Lau told theedgemarkets.com that the contagion effect on emerging markets continued amid lingering US-China trade war concerns.
“Meanwhile, there is the lingering trade war concerns. This is expected to persist until central banks in emerging markets address the economic concerns that can raise market confidence.

“However, we note that our (Malaysian) fundamentals remain strong. Export counters stand to gain (as the ringgit weakened). Profit-taking was evident today. I don’t think the contagion effect will blow over soon,” Lau said.

The ringgit depreciated to 4.1477 against the US dollar at the time of writing. Over the last one year, the exchange rate was between 3.8533 and 4.2695.


Source: The Edge

Market Daily Report: FBM KLCI down 0.33% amid escalating US-China trade war concerns

KUALA LUMPUR (Sept 3): The FBM KLCI dipped 6.08 points or 0.33% as escalating US-China trade war concerns weighed upon Asian shares.

At 5pm, the KLCI closed at 1,813.58 points. In China, the Shanghai Stock Exchange Composite closed down 0.17% while Hong Kong's Hang Seng fell 0.63%. Elsewhere, Japan's Nikkei 225 dropped 0.69% while South Korea's Kospi was 0.68% lower.

Reuters reported that Asian stocks dropped for the third consecutive session on Monday, hit by worries over further escalation of the US-China trade war and unstable emerging market currencies.
It was reported that US President Donald Trump said last week he was ready to implement the new tariffs as soon as a public comment period on the plan ends on Thursday, which would be a major escalation given the US has already applied tariffs on US$50 billion of exports from China.

In China today, it was reported that Chinese stocks fell on Monday as a private survey showed China’s manufacturing growth slowed to a 14-month low in August, and as the threat of new tariffs on US$200 billion of Chinese exports to the US brought trade war fears back into focus.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that while the US-China trade war has impacted  markets, Italy’s fiscal plans and the UK's ongoing Brexit concerns have added more uncertainties to markets.

“I believe they (global matters) will come to a resolution soon but the market needs more clarity. I expect the market to trend like this in the next two to three weeks which is usually the case in September. The market is expected to pick up at the end of the quarter as we see some window dressing and with the announcement of (Malaysia's) Budget 2019 in October. Till then, it could be choppy,” Wong said.



Source: The Edge