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Wednesday, October 31, 2018

Market Daily Report: FBM KLCI rises on bargain hunting



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

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

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

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

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

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

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

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



Source: The Edge

Tuesday, October 30, 2018

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



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

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

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

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

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

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

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

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



Source: The Edge

Monday, October 29, 2018

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



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

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

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

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

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

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

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

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

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


Source: The Edge

Friday, October 26, 2018

Market Daily Report: KLCI down 2.83% for the week

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

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

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

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

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

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



Source: The Edge

Thursday, October 25, 2018

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



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

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

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

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

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

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

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

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

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

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

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

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



Source: The Edge

Wednesday, October 24, 2018

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



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

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

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

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

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

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

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

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

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



Source: The Edge

Tuesday, October 23, 2018

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



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

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

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

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

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

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

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

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

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

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

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

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



Source: The Edge

Monday, October 22, 2018

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



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

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

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

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

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

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

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



Source: The Edge

Thursday, October 18, 2018

Market Daily Report: FBM KLCI declines amid negative regional sentiment




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

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

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

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

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

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

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

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



Source: The Edge

Wednesday, October 17, 2018

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



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

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

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

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

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

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

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

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



Source: The Edge

Tuesday, October 16, 2018

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




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

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

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

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

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



Source: The Edge

Monday, October 15, 2018

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



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

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

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

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

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

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

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

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


Source: The Edge

Friday, October 12, 2018

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



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

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

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

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

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

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

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


Source: The Edge

Thursday, October 11, 2018

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




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

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

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

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

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

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

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

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

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




Source: The Edge

Wednesday, October 10, 2018

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



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

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

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

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

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

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

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

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

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



Source: The Edge

Tuesday, October 9, 2018

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



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

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

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

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

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

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

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


Source: The Edge

Monday, October 8, 2018

Market Daily Report: FBM KLCI declines with China shares; Bursa construction index down 10%



KUALA LUMPUR (Oct 8): The FBM KLCI declined 1.4 points or 0.08% after China's share drop hit world markets. Bursa Malaysia's construction index fell 19.53 points or 10.06%.

At 5pm, the KLCI settled at 1,775.75 points after falling to its intraday low at 1,769.72 points. In China, the Shanghai Stock Exchange Composite closed 3.72% lower while Hong Kong's Hang Seng was down 1.39%.

Elsewhere across Asia, South Korea's Kospi declined 0.6% while Japan markets were closed today for the Health-Sports Day holiday.

Reuters reported that shares in Asia slumped Monday as China's markets stumbled in their first trading day after a one-week holiday even though Beijing's central bank increased liquidity to offset the impact of an escalating trade dispute with the United States. It was reported that The People's Bank of China (PBOC) on Sunday cut the level of cash that banks must hold as reserves, aimed at lowering financing costs as policymakers worry about fallout from the tariff row with the United States.

It was reported that reserve requirement ratios (RRRs) — currently 15.5 percent for large commercial lenders and 13.5 percent for smaller banks — will be cut by 100 basis points effective Oct 15, the PBOC said, matching a similar-sized move in April. Asian shares were also hit on Monday as investors in Chinese stocks reacted for the first time to new pressure from Washington and a report that Chinese spies had compromised US hardware, according to Reuters' report.

In Malaysia, CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com : “While it may be positive news that the PBOC cut the level of cash that banks must hold as reserves, but being the fourth time this year, investors may think that China is foreseeing a very negative outlook and hence the need for the central bank to cut rate and spur growth.”

“(On the KLCI) From a technical point of view, the KLCI has broken out of a head-and-shoulders pattern last Friday, which is very negative, hence we have a downside target of 1,730 points. The index is expected to stage a technical rebound, but the rebound is going to be short lived," Foo said.
Today, Bursa Malaysia's construction index was the largest decliner, in percentage terms, among the bourse's indices. At 5pm, the construction index closed at 174.59 points, weighed down by news reports the Federal government will retender all the unfinished underground work of the Mass Rapid Transit Line 2 (MRT2) project.

It was reported that this follows the Cabinet's decision to terminate the underground work contract of the MRT2 with MMC Gamuda KVMRT Sdn Bhd, a joint venture between Gamuda Bhd and MMC Corp Bhd.

Across Bursa Malaysia, Gamuda Bhd lost 78 sen to settle at RM2.43 to become the exchange's largest decliner. Gamuda was also the most-actively traded stock with some 93 million shares changing hands.



Source: The Edge

Friday, October 5, 2018

Market Daily Report: FBM KLCI down 0.72% on profit taking as US bond yield rise hits world markets



KUALA LUMPUR (Oct 5): The FBM KLCI closed down 12.96 points or 0.72% today after local institutional investors took profit and as higher US government bond or Treasury yields at above 3% hit Asian financial markets.

It was reported that US Treasury yields surged to a fresh seven-year high as strong US economic data led to anticipation of faster-than-expected interest rate rise there.

At Bursa Malaysia, the KLCI settled at 1,777.15 points at 5pm after falling to its intraday low at 1,776.52 points.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that "the negative market performance today could be due to profit-taking by local funds and increase in US bond yields".

Across Bursa Malaysia, the biggest decliners included KLCI-linked stocks Nestle (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Axiata Group Bhd and Hong Leong Financial Group Bhd.

Asian stock markets slipped. Japan's Nikkei 225 dropped 0.8%, South Korea's Kospi fell 0.31% while Hong Kong’s Hang Seng was down 0.19%.

Bloomberg reported that Asian stock markets rounded out a tough week with modest declines amid some signs of market stabilisation following this week’s surge in bond yields. Treasuries steadied and the dollar held gains for the week as traders turned their focus to US employment data Friday.

“Investors will keep a close eye on Friday’s monthly US payrolls report after the sell-off in bonds that’s been in part triggered by data underscoring the strength of the American economy. Federal Reserve Chairman Jerome Powell also stoked the surge in yields this week when he said the central bank could eventually boost its benchmark past the neutral level,” Bloomberg reported.



Source: The Edge

Thursday, October 4, 2018

Market Daily Report: FBM KLCI down after US Treasury yields rise; Press Metal up



KUALA LUMPUR (Oct 4): The FBM KLCI closed down 6.19 points or 0.34% as higher US government bond or Treasury yields at above 3% hit Asian financial markets.

At Bursa Malaysia, the KLCI closed at 1,790.11 points at 5pm. Across Asian stock markets, Japan's Nikkei 225 dropped 0.56%, South Korea's Kospi fell 1.52% while Hong Kong’s Hang Seng was down 1.73%.

US Treasury yields rose after news reports quoted the US Federal Reserve Chairman Jerome Powell as saying that while US interest rates are still accommodative, interest rates there may go past the neutral level.

US interest rate hike expectation also took cue from US economic data including the Institute for Supply Management's report, which showed services sector activity hit a 21-year high in September.
In Malaysia, Rakuten Trade Sdn Bhd vice president Vincent Lau told theedgemarkets.com: “Investors are concerned about the bond yields. The 10-year Treasury yield has gone up and also the US Fed comments that they may raise interest rate above the neutral level.”

“For the KLCI, we are also not spared from the regional weakness.”

Asian financial markets contended with a strengthening US dollar. Reuters reported that the dollar scored an 11-month top on the yen on Thursday as stunningly strong US economic data drove Treasury yields to their highest since May 2011, while Asian stocks were sideswiped by rising borrowing costs at home.

It was reported that bond prices fell across Asia and long-term Japanese yields reached ground not visited since early 2016, a market tightening not warranted by domestic economic conditions. MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.7 percent in response, with South Korea, the Philippines, Indonesia and Taiwan all down.

Across Bursa Malaysia, 2.06 billion shares worth RM2.46 billion were traded. Top gainers included KLCI-linked Press Metal Aluminium Holdings Bhd.

Press Metal shares rose 20 sen to close at RM5.16 amid supply worries as closure of the world's largest alumina refinery run by Norsk Hydro in Brazil pushed aluminium prices up to their highest in about three months.


Source: The Edge

Wednesday, October 3, 2018

Market Daily Report: FBM KLCI lower in tandem with Asian share markets




KUALA LUMPUR (Oct 3): The FBM KLCI closed down 1.85 points or 0.1% in tandem with the fall in Asian share markets.

At 5pm, the KLCI closed at 1,796.3 points. Across Asia, Japan’s Nikkei 225 declined 0.66% while Hong Kong’s Hang Seng was down 0.13%.

“The FBM KLCI closed down slightly today from yesterday's closing price in tandem with the negative performance of regional peers,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com.

Reuters reported that Asian shares slipped on Wednesday as oil prices near four-year highs at above US$85 a barrel threatened to roil emerging economies, while the euro rebounded from six-week lows on reports Italy will reduce its Budget deficit more quickly than expected.

It was reported that the Indian rupee opened at a record low on Wednesday and further weakening of Indonesia's embattled rupiah prompted central bank intervention as an overnight spike in oil prices weighed heavily on the currencies. The rupee and the rupiah are highly exposed to fluctuations in oil prices, because Indonesia and India import most of their oil requirements.


Source: The Edge

Tuesday, October 2, 2018

Market Daily Report: FBM KLCI up 0.32% at intraday high on local fund support



KUALA LUMPUR (Oct 2): The FBM KLCI rose 5.69 points or 0.32% to its intraday peak on local institutional support as global crude oil prices hit a four-year high.

At 5pm, the KLCI closed at 1,798.15, lifted by gains across Genting-linked counters and certain oil-linked stocks including MISC Bhd and Dialog Group Bhd.

“The index has not moved very much over the last few weeks, in line with my thinking that it is in consolidation mode. Local funds are quite focused on what we see as better bets, namely the KLCI component stocks,” said Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew.

US crude oil prices hit a four-year high in anticipation of US sanctions on major oil producer Iran. Reuters reported that US oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year peak reached the previous day, with markets preparing for tighter supply once US sanctions against Iran kick in next month.

It was reported that US West Texas Intermediate (WTI) crude futures marked US$75.90 a barrel around 0630 GMT on Tuesday, their strongest since November 2014. WTI has risen around 18 percent since mid-August. It was reported that Brent crude oil futures were at US$85.28 per barrel, up 30 cents, or 0.4 percent, from their last close. That was not far off the US$85.45 peak reached in the previous session, the highest since November 2014, Reuters reported.

In Malaysia today, Pong said retail investors could still be digesting Hong Kong’s first interest rate hike in 12 years last week. Pong said Hong Kong’s interest rate hike could “set the tone” across Asian markets.

“The uptick in interest rates may have helped to strengthen the Hong Kong dollar but there is also impact on the property market [there] and the Hong Kong market is very much property-driven,” he said.

Hong Kong's Hang Seng fell 2.38% today after trade resumed following a holiday yesterday in conjunction with China's National Day. Mainland China markets are closed this week for National Day holidays.

Elsewhere today in Asia, Japan’s Nikkei 225 climbed 0.1% while South Korea’s Kospi fell 1.25%.


Source: The Edge

Monday, October 1, 2018

Market Daily Report: FBM KLCI down; oil and gas shares rise



KUALA LUMPUR (Oct 1): The FBM KLCI closed down 0.69 point or 0.04% after volatile trade while Bursa Malaysia's energy index rose 46.79 points or 4.16% as Brent crude oil prices climbed to a four-year high at above US$80 a barrel.

At 5pm, the KLCI closed at 1,792.46 points while the energy index settled at 1,172.08 points.
"With short and medium-term momentum and trend indicators weakening after last week's decline, underscored by sell signals on both the daily and weekly slow stochastics indicators, the FBM KLCI looks to be topping out and set for further correction this week.

"Weak buying momentum and market undertone, a consequence of rising fears over worsening US-China trade tensions following the latest round of tit-for-tat import tariffs, and the rising US interest rate trend should see stocks trending lower for the immediate term," TA Securities Holdings Bhd wrote in a note today.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that while the KLCI traded in a flattish manner, the broader market continued to trade positively.
“We also see counters in the energy sector do well," Leong said.

At a glance, oil and gas-related shares rose to dominate Bursa Malaysia's most-active list while some emerged among top gainers.

Most active was Sapura Energy Bhd followed by Reach Energy Bhd and Sumatec Resources Bhd. Top gainers included Yinson Holdings Bhd and Petronas Dagangan Bhd.

Reuters reported that Brent crude oil prices rose to their highest since November 2014 on Monday ahead of US sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, that kick in next month. Benchmark Brent crude oil futures rose to as much as US$83.32 a barrel on Monday and were at US$83.09 at 0335 GMT, still 36 cents, or 0.4 percent above their last close.


Source: The Edge

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