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Tuesday, December 31, 2019

Market Daily Report: KLCI tumbles 26.91 points to intraday low on 2019 final trading day



KUALA LUMPUR (Dec 31): The FBM KLCI lost its footing on the last trading day of 2019. The benchmark index shed 26.91 points or 1.67% to end the year at its intraday low at 1,588.76, after US shares' overnight decline hit Asian market sentiment.

For the year, the KLCI had declined 6.02% or 101.82 points, making it the third-largest percentage decliner among benchmark indices in Asia, after the Laos Securities Exchange Composite and Mongolia Stock Exchange Top 20.

Asia's worst decliner Laos Securities Exchange Composite fell 12.95%, followed by the Mongolia Stock Exchange Top 20's 8.59% drop.

Over the last 10 years, the KLCI had however gained 315.98 points or 24.83% from 1,272.78 on Dec 31, 2009.

In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said weakness in the KLCI today was due to US shares' overnight decline, which affected sentiment across Asian stock markets today.

Reuters reported Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the US and China reached a preliminary trade deal earlier this month.

Today, Wong told theedgemarkets.com: "KLCI was down 6.02% year-to-date, mainly due to the foreign selling amid global and domestic uncertainties."

Across Bursa Malaysia, there were 552 decliners versus 314 gainers. Turnover stood at 2.25 billion shares, worth RM1.75 billion.

Top decliners included KLCI stocks Public Bank Bhd, PPB Group Bhd and Tenaga Nasional Bhd.



Source: The Edge

Monday, December 30, 2019

Market Daily Report: FBM KLCI rises as CPO gains, ringgit strengthens



KUALA LUMPUR (Dec 30): The FBM KLCI closed 5.06 points or 0.31% higher today, led by Tenaga Nasional Bhd and as Bursa Malaysia plantation shares rose with crude palm oil (CPO) prices.
The ringgit strengthened against a weaker US dollar and as crude oil prices rose. At 5pm, the KLCI closed at 1,615.67, led by Tenaga shares' 28 sen or 2.11% gain at RM13.54.

Meanwhile, plantation shares including KLCI components Kuala Lumpur Kepong Bhd (KLK) and Sime Darby Plantation Bhd, finished up as CPO prices stayed above RM3,000 a tonne.
KLK finished up 30 sen or 1.21% at RM25.10, while Sime Darby Plantation was up 10 sen or 1.83% at RM5.56. 

Bloomberg reported CPO advanced to trade near its highest in almost three years, with firmer petroleum and soyoil underpinning the market. At Bursa, palm oil for March 2020 was traded up 0.4% at RM3,084 a tonne at 3:08pm, Bloomberg said.

On the KLCI at 5pm, Public Investment Bank Bhd technical analyst Lee Siao Ping told theedgemarkets.com that the KLCI showed a "bullish turnaround", after rising above the 1,610 resistance level.

"Should the benchmark index remain above the 1,610 level in a short term, it will have a higher tendency to go higher. Support can be found at 1,600 and 1,580. Conversely, resistance can be identified at 1,622 and 1,636,” he said.


Across Bursa, turnover stood at 2.34 billion shares, worth RM1.64 billion. Top gainers include KLK, Sarawak Oil Palms Bhd and IJM Plantations Bhd.

In currency markets, the ringgit strengthened to 4.1070 against the US dollar at the time of writing, amid higher crude oil prices. The ringgit tracks crude oil prices due to Malaysia being a net exporter of the commodity.

Reuters reported global benchmark Brent crude was up 0.31% at US$68.37 per barrel, while U.S. West Texas Intermediate crude added 0.13% to US$61.80, reversing an earlier decline.

"A broad gauge of Asian share markets rose to an 18-month high on Monday as Chinese equities gained, while oil touched three-month highs on a combination of U.S. crude inventory drawdowns, trade optimism and unrest in the Middle East," Reuters said.



Source: The Edge

Monday, December 23, 2019

Market Daily Report: FBM KLCI ends higher on window-dressing activities



KUALA LUMPUR (Dec 23): The FBM KLCI rose to close four points or 0.25% higher on Monday amid thin volumes, buoyed mainly by foreign buying of stocks as part of year-end window-dressing activities.

The benchmark index finished well above its 1,600 psychological level at 1,614.18 at 5pm today, despite retreating from Friday's sharp gains earlier in the day to touch a low of 1,601.23.

Hong Leong Bank Bhd led component stocks with a 2.09% gain, followed by MISC Bhd at 1.91% and Malaysia Airports Holdings Bhd at 1.84%. Meanwhile, decliners included IOI Corp Bhd and PPB Group Bhd, which closed down 4.56% and 0.7% respectively.

Market breadth was positive with more gainers than losers at 432 versus 424 at the end of today's trading session. Total turnover stood at 1.96 billion shares worth RM1.45 billion, versus 2.17 billion shares, worth RM2.39 billion, traded last Friday.
 
The counters with most shares traded today were oil and gas stocks, namely Bumi Armada Bhd and Sapura Energy Bhd.

Meanwhile, Brahim's Holdings Bhd, although closing only half a sen higher at 32.5 sen, saw 36.63 million of its shares traded on news that the company had signed a heads of agreement (HoA) with frozen food manufacturer MRI VC Bhd for the latter to acquire a substantial stake in the former.
When contacted, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew attributed the gain in the benchmark index to gains in financial stocks, besides other energy and consumer product counters.

"It would appear that foreigners are doing their buying in the last couple of trading days for the year, which goes to explain the index gain despite the fall in other stocks across the bourse," he explained.
Asian markets idled on Monday as trading volumes weakened ahead of the Christmas holiday break, Reuters reported.

The Hong Kong Hang Seng Index rose 0.13% while South Korea's Kospi finished 0.02% lower, and Japan's Nikkei 225 was up 0.02% at market close.

However, in China, the Shanghai Stock Exchange Composite Index lost 1.4%, its worst single-day drop in six weeks, weighed down by a correction in tech shares after the National Integrated Circuitry Investment Fund planned to cut its stakes in some of these companies, while focus remained on the Sino-US trade deal.

Bursa Malaysia remains open for trading tomorrow (Dec 24) before closing for a day only on Dec 25 in conjunction with Christmas Day.



Source: The Edge

Friday, December 20, 2019

Market Daily Report: Window dressing activities push KLCI to close at four-month high of 1,610.18



KUALA LUMPUR (Dec 20): After hovering below the 1,600 psychological level for a month, the FBM KLCI today closed 14.46 points or 0.91% higher, mainly supported by window dressing activities.

At 5pm, the KLCI closed at an intraday high of 1,610.18 points, the highest in almost four months — surpassing the 1,610 resistance level at the 11th hour.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that the run-up was largely due to window dressing.

"As expected, with less than ten business days until the year-end, that (gains in the KLCI today) would be due to window-dressing," Wong said. 
 
Going forward, he is also expecting rotational play involving the large-caps or index-linked counters as sentiments begin to improve, with positive development from the trade truce between the US and China, and Brexit.

Among the 30 component stocks, PPB Group Bhd led the top gainers, followed by Petronas Gas Bhd (PetGas) and IOI Corp Bhd.

PPB closed RM1.06 or 5.61% higher at RM19.96 today. PetGas was up 84 sen or 5% to close at RM17.64, while IOI Corp grew 22 sen or 4.78% to settle at RM4.82.

Today, Bursa Malaysia saw 2.17 billion shares, worth RM2.39 billion, traded. Gainers led losers by 385 to 356, while 447 counters remained unchanged.

Across in Asia, Japan's Nikkei 225 dropped 0.2%, South Korea's Kospi grew 0.35% while Hong Kong's Hang Seng was up 0.25%.

Reuters reported that Asian shares snoozed near 18-month highs on Friday as trade thinned just before Christmas and investors seemed content to digest the chunky gains already made so far this month.

Sentiment had been bolstered after US Treasury Secretary Steven Mnuchin said the US and China would sign their Phase One trade pact in early January, the newswire wrote, adding that Mnuchin said it was completely finished and just undergoing a technical "scrub", though Beijing has so far dodged all details of the deal.

The US House of Representatives also overwhelmingly approved a new North American deal that leaves US$1.2 trillion in annual US-Mexico-Canada trade flows largely intact, Reuters added.



Source: The Edge

Thursday, December 19, 2019

Market Daily Report: KLCI drifts lower on profit taking after Trump's impeachment



KUALA LUMPUR (Dec 19): The FBM KLCI drifted lower today on profit taking, amid fears of a more uncertain outlook following the impeachment of US President Donald Trump.

At the 5pm closing bell, the KLCI was down 0.21% or 3.39 points at 1,595.72. Rakuten Trade Sdn Bhd vice president of equity research Vincent Lau told theedgemarkets.com that the profit taking came after the strong surge in the benchmark index on Wednesday, which saw it climbed 1.41% or 22.16 points higher to close at 1,599.11.

He also attributed the sluggish performance seen in the KLCI today to the impeachment of Trump, which has cast more uncertainties on outlook. Nevertheless, he said the KLCI should still end the year at no less than 1,600, after factoring in the usual year-end window dressing initiatives.

Trading volume declined to 2.11 billion shares worth RM1.7 billion from yesterday's 2.5 billion shares worth RM2.03 billion. Market breadth was negative with 538 decliners compared with 262 gainers, while 425 counters traded unchanged. 
 
The top decliners included IHH Healthcare Bhd, Fraser & Neave Holdings Bhd, Lebtech Bhd, Inari Amertron Bhd and Petronas Gas Bhd. Inari also topped the actives list, together with Priceworth International Bhd, KNM Group Bhd, Ekovest Bhd and Yong Tai Bhd.

The gainers, meanwhile, included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, PPB Group Bhd, Carlsberg Brewery Malaysia Bhd and Heineken Malaysia Bhd.

Elsewhere in Asia, Japan's Nikkei 225 fell 0.29% and Hong Kong's Hang Seng was down 0.30%. While South Korea's Kospi edged up 0.08%.

Reuters reported that Asian shares pulled back from a one-and-a-half year peak on Thursday as investors booked profits ahead of the holidays and awaited further data on the state of the global economy.

Investors were also watching proceedings in Washington where the Democrat-led US House of Representatives voted to impeach Republican's Trump for abuse of power and obstruction of Congress.



Source: The Edge

Wednesday, December 18, 2019

Market Daily Report: FBM KLCI climbs following trade war clarity



KUALA LUMPUR (Dec 18): The FBM KLCI closed 1.41% or 22.16 points higher today at 1,599.11 points, together with some Southeast Asian peers, following the recent de-escalation in trade tensions between the US and China.

IHH Healthcare Bhd, Maxis Bhd and Malaysia Airports Holdings Bhd contributed to the rise in the local benchmark.

A total of 2.5 billion shares worth RM2.03 billion were traded across the local bourse today, with 382 counters registering gains while 389 counters declined; 481 counters closed unchanged.

Reuters wrote that Southeast Asian financial markets saw gains today, with Thailand leading the charge, after a recent run of upbeat data helped calm recession fears, while "phase-one" of a Sino-US trade deal has given some clarity to investors over their global outlook.

Besides the Thai index, where the climb was underpinned by gains in energy stocks amid firmer overnight oil prices, the news agency noted that Indonesian stocks were set to extend gains for a fourth consecutive session while Singapore tracked broader peers higher following upbeat US housing and manufacturing data. The Philippine benchmark, however, dipped after the central bank signalled further rate cuts amid flagging growth and lean global demand.

In a 2020 strategy note on Tuesday, TA Securities Head of Research Kaladher Govindan said the de-escalation in trade tensions between the two largest economies in the world is a good way to usher in 2020, while an expected recovery and stability in commodity prices will add to market optimism in 2020.

Asia Pacific bourses, however, were mixed. The Shanghai Composite index closed 0.18% or 5.38 points lower at 3,017.04 points, while Hong Kong's Hang Seng Index registered a gain of 0.15% or 40.50 points to 27,884.21 points.

South Korea's Kospi closed 0.04% or 0.92 points lower at 2,194.76 points, while the Nikkei 225 declined 0.55% or 131.69 points at 23,934.43 points.



Source: The Edge

Monday, December 16, 2019

Market Daily Report: KLCI drops on renewed trade worries




KUALA LUMPUR (Dec 16): Malaysian stocks closed lower today, ending a three-day streak of gains, on renewed worries about the phase one trade deal between the US and China.

At 5pm, the FBM KLCI closed 1.81 points or 0.12% lower at 1,569.35. The market has been trading in the range of 1,565.59 to 1,573.41.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI started the week off on a weak note after lingering mostly in the negative territory for the entire trading session today amid fresh worries surrounding the phase one trade deal.

"The decline today was also partially due to the persistent selling from foreign funds, which marks the sixth consecutive week," Leong told theedgemarkets.com, adding that this could be due to the weaker ringgit. 
 
He added that there were also "mild signs of profit-taking" activities.

Among the 30 component stocks of the KLCI, the top three laggards were Hartalega Holdings Bhd, Dialog Group Bhd and Malaysia Airports Holdings Bhd (MAHB).

Hartalega closed eight sen or 1.54% lower at RM5.10 today, while Dialog fell four sen or 1.16% to close at RM3.40 and MAHB closed seven sen or 0.93% lower at RM7.48.

Trading volume fell to 2.29 billion shares worth RM1.77 billion compared with Friday's 2.94 billion shares worth RM2.51 billion. Losers led gainers by 453 to 376, while 404 counters remained unchanged.

Across Asia, Japan's Nikkei 225 dropped 0.29%, South Korea's Kospi fell 0.1% while Hong Kong's Hang Seng was down 0.65%.

Reuters reported that Asian shares moved higher on Monday as investors welcomed a trade agreement between Beijing and Washington over the weekend, but enthusiasm was capped by lingering scepticism about the deal and ongoing relations between China and the US.
US Trade Representative Robert Lighthizer on Sunday (Dec 15) said a deal was "totally done", notwithstanding some needed revisions, and would nearly double US exports to China over the next two years, said the newswire.

The phase one agreement suspended a threatened round of US tariffs on a US$160 billion list of Chinese imports that was scheduled to take effect on Sunday, said Reuters, adding that the US also agreed to halve the tariff rate, to 7.5%, on US$120 billion worth of Chinese goods.

China will purchase the US goods in exchange for the delay of US tariffs on Chinese goods originally scheduled to take effect on Dec 15 and the reduction of some existing tariffs, but officials in Beijing have been vague about the size of these purchases, the report added.

Friday, December 13, 2019

Market Daily Report: Malaysian stocks end week on positive note



KUALA LUMPUR (Dec 13): Malaysian stocks ended the week on a positive note today in line with regional markets as the US delayed a planned increase in its tariff on billions worth of Chinese-made goods.

The FBM KLCI closed up for the third consecutive day, gaining 3.82 points or 0.24% to settle at its intraday low of 1,571.16. The market was trading between 1,571.16 and 1,579.23 points throughout the day.

The top gainers on Bursa Malaysia were lead by Petronas Gas Bhd (+54 sen to RM16.94), Batu Kawan Bhd (+40 sen to RM17) and United Plantations Bhd (+38 sen to RM26.18). The top three laggards were Nestle Malaysia Bhd (-80 sen to RM144.60), Malaysia Airports Holdings Bhd (-34 sen to RM7.55) and QL Resources Bhd (-33 sen to RM7.55).

Trading volume increased to 2.94 billion shares worth RM2.51 billion compared with yesterday's 2.49 billion shares worth RM2.12 billion. Market breadth was positive with 425 gainers versus 368 losers, while 454 counters were unchanged.

According to Reuters, Southeast Asian shares were lifted today in response to the US agreeing to reduce existing tariffs on Chinese goods and delaying Sunday’s scheduled tariffs. Quoting sources, Reuters reported that China agreed to buy US$50 billion in US agricultural goods in 2020.

The Shanghai Composite Index posted a gain of 1.78% at 2,967.68 points. Meanwhile, Hong Kong’s Hang Seng index ended the day 2.57% higher at 27,687.76 points.

South Korea’s Kospi closed 1.54% higher at 2,170.25 points, while Japan's Nikkei 225 saw a 2.55% gain to 24,023.10 points.



Source: The Edge

Thursday, December 12, 2019

Market Daily Report: FBM KLCI continues with marginal gains after US Fed maintains interest rates



KUALA LUMPUR (Dec 12): The FBM KLCI saw marginal gains continue today, rising 0.29% or 4.15 points after the US Federal Reserve decided to maintain interest rates.

As of 5pm, the local benchmark index closed 0.29% or 4.15 points higher at 1,567.34 points.
Rakuten Trade Research vice-president Vincent Lau attributes the modest rise in the stock market partly to the decision to keep interest rates steady.

“Another reason could be bargain hunting as well, with today’s performance in line with regional markets,” he told theedgemarkets.com.

Petronas Gas Bhd, Petronas Dagangan Bhd and MISC Bhd lead the index, while laggards included Malaysia Airports Holdings Bhd (MAHB), RHB Bank Bhd and IHH Healthcare Bhd.

Across Bursa Malaysia, some 2.49 billion shares worth RM2.12 billion were traded. 381 counters saw gains, 399 counters declined while 456 counters remained unchanged.

Top actives included Eco World Development Group Bhd, Sapura Energy Bhd and Ekovest Bhd. The top gainers were PetGas, Malaysian Pacific Industries Bhd and PetDag. The top losers were United Plantations Bhd, MAHB and British American Tobacco (M) Bhd.

According to Reuters, most Southeast Asian markets rose after the US Federal Reserve signalled interest rate would remain steady amid positive projections for the US economy, even as the weekend deadline for US tariffs on Chinese goods on Sunday draws closer.

The US’ moderate economic growth and historically low unemployment are expected to continue through next year’s presidential election and interest rates would remain accommodative.
US President Donald Trump is expected to meet with top trade advisers today to discuss the scheduled December 15 tariffs on some US$160 billion worth of Chinese goods, sources told Reuters.

CNBC.com reported that the Fed will be keeping the median rate steady at 1.6% to 2020, but noted that it is set to increase to 1.9% in 2021.

The Shanghai Composite Index posted a decline of 0.30% or 8.72 points at 2,915.70 points. Meanwhile, Hong Kong’s Hang Seng Index closed marginally higher, registering a 1.31% or 348.71 points to 26,994.14 points.

South Korea’s Kospi also posted a marginal gain of 1.51% or 31.73 points at 2,137.35 points, with the Nikkei 225 in Japan also posting a marginal gain, rising 0.14% or 32.95 points to 23,424.81 points.



Source: The Edge

Wednesday, December 11, 2019

Market Daily Report: Marginal gain on FBM KLCI as attention back on Sino-US trade war



KUALA LUMPUR (Dec 10): The FBM KLCI ended the trading day on a higher note today, posting a gain of 0.09% as bargain hunting and positive news flow on scheduled US tariffs on Chinese goods swayed investors.

Upon the ring of the closing bell, the local benchmark index closed 1.4 points higher at 1,563.19 points.

According to Rakuten Trade Research vice-president Vincent Lau, some bargain hunting emerged amid hopes that the scheduled tariff hike might be postponed.

"On top of that, regionally there are more green movements than red, and this could be a reaction to (news) reports suggesting that scheduled US tariffs on Chinese goods would be delayed," said Lau. Constituent stocks that saw gains today were Petronas Dagangan Bhd, IHH Healthcare Bhd and Press Metal Aluminium Holdings Bhd. Meanwhile, the laggards of the local benchmark index were Sime Darby Bhd, Tenaga Nasional Bhd and Genting Malaysia Bhd.

Overall, some 2.37 billion shares worth RM1.71 billion were traded across Bursa Malaysia, with 405 counters posting gains, 357 counters posting declines and 420 counters remaining unchanged at the end of the trading day.

Reuters reported that most Southeast Asian markets today were subdued, ahead of the looming tariff deadline for Chinese imports entering the US.

This is despite reports indicating that both Chinese and US trade negotiators are laying the groundwork to delay the fresh US tariffs, which left untouched would come into force on Dec 15 (this Sunday).

Officials from both sides have indicated that this Sunday is not the final date to reach "phase-one" of the deal, as stated in a Wall Street Journal report. However, US President Donald Trump is set to increase tariffs on US$165 billion of Chinese goods come Sunday.

Investors are now suspecting that if Sunday's tariffs are delayed, it could take up to next year before a preliminary deal between the two economic powers is ironed out.

Moreover, markets are awaiting comments from the Federal Reserve's policy meeting, which ends today.

The Shanghai Composite Index gained 0.24% or 7.1 points to 2,924.42 points, while the Hang Seng Index rose 0.79% or 208.81 points to 26,645.43 points.

The Kospi ended the day 0.36% or 7.62 points higher at 2,105.62 points while the Nikkei 225 closed 0.08% or 18.33 points lower at 23,391.86 points.



Source: The Edge

Tuesday, December 10, 2019

Market Daily Report: FBM KLCI falls as anxieties rise amid tariff uncertainties




KUALA LUMPUR (Dec 10): The FBMKLCI ended the day down 0.06% or 0.92 point lower at 1,561.79, tracking regional markets, as investors become anxious about whether the additional US tariffs on Chinese goods, scheduled to be imposed on Dec 15, will be implemented.

When contacted, Rakuten Trade Research vice-president Vincent Lau told theedgemarkets.com that the decline seen in the local benchmark index was in line with regional markets. “Regional markets were also down today, this is because of worries over uncertainties over US tariffs on Chinese imports,” he said.

Some 2.66 billion shares worth RM1.51 billion were traded across Bursa Malaysia today. A total of 407 counters declined versus 346 that climbed, while 426 counters were unchanged.

The top three most active counters on the local bourse were JAKS Resources Bhd, Sanichi Technology Bhd and TDM Bhd, while top gainers were led by Panasonic Manufacturing Malaysia Bhd, Petronas Dagangan Bhd and Heineken Malaysia Bhd. The top losers' list, on the other hand, were led by Dutch Lady Milk Industries Bhd, Hong Leong Industries Bhd and Kuala Lumpur Kepong Bhd.

According to Reuters, most Southeast-Asian markets saw declines today, as uncertainty surrounding the Dec 15 deadline for fresh US tariffs on Chinese imports looms.

If US President Donald Trump decides to maintain the tariffs, some US$156 billion worth of Chinese goods entering the US will be slapped with tariffs come Sunday (Dec 15).

That being said, both the US and China have made efforts to reconcile their differences. Chinese officials have said that the middle kingdom hopes to make a trade deal as soon as possible, while Trump said the US is doing well in crafting an agreement with China.

Markets in China meanwhile saw mixed results as the Shanghai Composite saw gains, while Hong Kong’s Hang Seng declined. The first closed the trading day at 2,917.32 points, up 0.10% or 2.84 points higher, while the latter lost 0.22% or 58.11 points to end the day at 26,436.62 points.

South Korea’s Kospi was 0.45% or 9.35 points higher at 2,098 points, while Japan's Nikkei 225 finished the trading day 0.09% or 20.51 points lower at 23,410.19 points.



Source: The Edge

Monday, December 9, 2019

Market Daily Report: KLCI dragged by declines at Top Glove, TNB and banking stocks




KUALA LUMPUR (Dec 9): The FBM KLCI closed 0.37% or 5.73 points lower at 1,562.71 today, weighed down by Top Glove Corp Bhd and Tenaga Nasional Bhd (TNB), while banking constituents declined.

In particular, AMMB Holdings Bhd, Public Bank Bhd, RHB Bank Bhd, Hong Leong Bank Bhd and CIMB Group Holdings Bhd retreated. But plantation stocks climbed, noted Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng.

Some 2.62 billion shares worth RM1.62 billion crossed on the local bourse today, with the most actively traded counters being Tiger Synergy Bhd, Sanichi Technology Bhd and TDM Bhd.
Top gainers were Nestle Malaysia Bhd, Kuala Lumpur Kepong Bhd and Batu Kawan Bhd, while the biggest losers of the day were Sungei Bagan Rubber (Malaya) Bhd, Heineken Malaysia Bhd and TNB.

A total of 389 counters saw gains, while 421 counters recorded declines, and 417 counters were unchanged.

Reuters reported today that most Southeast Asian markets were subdued following weak Chinese export data, signalling weakness from the regional Asian economy, which has offset the positive Wall Street performance on the back of solid US jobs numbers.

Chinese exports, it noted, shrank for the fourth consecutive month, implying that the Sino-US trade war is taking a toll on the middle kingdom.

While some Asian markets did get some uplift from US equity indices, as investors reacted positively to a 10-month high in US job growth in November, uncertainty over the US-China trade war lingers as US President Donald Trump has yet to decide on whether to implement a new set of tariffs against Chinese goods entering the US that is set to come into force on Sunday (Dec 15), the news wire wrote.

The Shanghai Composite closed 0.09% or 2.46 points higher at 2,914.48 points, while Hong Kong’s Hang Seng saw a 0.01% decline to 26,494.73 points. Meanwhile, South Korea's Kospi gained 0.33% or 6.8 points to end at 2,088.65 points, while Japan’s Nikkei 225 rose 0.33% or 76.3 points to 23,340.7 points.



Source: The Edge

Friday, December 6, 2019

Market Daily Report: Malaysian stocks end higher on optimism of US-China trade deal



KUALA LUMPUR (Dec 6): Malaysian stocks closed higher today, after opening lower, as investors became optimistic on signs of the US and China striking a deal in their ongoing trade war.
The FBM KLCI closed 4.86 points or 0.31% higher at 1,568.44. The benchmark index was traded between 1,561.58 and 1,569.01 points today.

Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that the positive statements coming from both the US and China over the last two days have lifted the positive sentiment in the market.

He added that crude palm oil (CPO) prices hovering at above the RM2,800-level have also contributed to the gains in the benchmark index.

“Hopefully that the window dressing activities may sustain until the end of December,” said Low.
Reuters reported that Asian stocks gained on Friday as investors took heart from the US President Donald Trump saying trade talks with China were “moving right along”, and US oil prices sat near 2-1/2-month highs after the Organization of the Petroleum Exporting Countries and other producers agreed to cut output.

Trump’s upbeat tone in comments on Thursday was enough to spark buying, despite a lack of agreement between Washington and Beijing over whether existing tariffs should be dropped as part of a preliminary deal to end their trade war, the report added.

Investors were hoping that the two sides will reach a compromise to at least avoid their worst fears that the US will go ahead with its final batch of tariffs on about US$156 billion of Chinese exports.
Of the 30 components of the KLCI, Sime Darby Plantation Bhd was the top gainer, rising 13 sen or 2.52% to close at RM5.28.

Plantation stocks were among the day’s big gainers on the broader market, led by Kuala Lumpur Kepong Bhd which closed 46 sen or 1.94% higher at RM24.20, followed by United Plantations Bhd which rose 10 sen or 0.38% to settle at RM26.10.

Trading volume increased to 2.49 billion shares worth RM1.54 billion, compared with Thursday's 2.39 billion shares worth RM1.7 billion. Gainers led losers by 497 to 355, while 363 counters remained unchanged.

Across in Asia, Japan's Nikkei 225 rose 0.23%, South Korea's Kospi grew 1.02% while Hong Kong’s Hang Seng was up 1.07%.



Source: The Edge

Thursday, December 5, 2019

Market Daily Report: FBM KLCI up, led by Sime Darby stocks



KUALA LUMPUR (Dec 5): The FBM KLCI closed 2.65 points or 0.17% higher today while Bursa Malaysia's palm oil plantation index rose by a significantly larger quantum after crude palm oil (CPO) prices rose past RM2,800 a tonne.

Globally, Malaysian shares tracked Asian equity gains on expectation the US and China may soon seal a phase one deal to end their 17-month trade war.

At Bursa, the KLCI closed up at 1,563.58, led by Sime Darby Bhd and Sime Darby Plantation Bhd share gains.

“On the broader market, we are seeing strong gains in the plantation sector after CPO prices rallied towards the RM2,800 per tonne mark on reports that stockpiles in Malaysia (could have headed) towards a two-year low and production falling to a five-month low in November,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong said. 
 
Across Bursa today, 2.39 billion shares worth RM1.71 billion were traded. Gainers led losers by 529 to 305 respectively.

Among the KLCI's 30 component stocks, Sime Darby Bhd was the top percentage gainer after the stock closed up four sen or 1.74% at RM2.34 followed by Sime Darby Plantation Bhd which closed eight sen or 1.58% higher at RM5.15.

Bursa's palm oil plantation index finished up 645.71 points or 4.62% at 14,626.25 after CPO prices rose to RM2,808 a tonne today. CPO for Feb 2020 rose as much as RM35 to RM2,808 a tonne before paring gains at RM2,799 at 5:14pm.

Genting Plantations Bhd and KLCI component Kuala Lumpur Kepong Bhd (KLK) were among Bursa top gainers. KLK's share price closed up 20 sen or 0.85% at RM23.74.

Public Investment Bank Bhd analyst Chong Hoe Leong wrote in a note on Wednesday (Dec 4) that the research firm is overweight on the Malaysian plantation sector outlook with higher CPO price assumptions.

"Since our upgrade on the sector outlook in early-October, CPO futures have rallied by more than 27% to RM2,760/mt. We believe CPO prices may surpass RM2,800/mt level in the coming months due to tightening CPO supplies in the global markets.

"This will be a boon to all plantation companies after suffering from the poor CPO price performance over the last two years. We revise up our average CPO price assumption to RM2,600/mt (from RM2,400/mt previously). We also rerate the PE multiple for the respective plantation companies under our coverage to reflect the bullish sentiment," Chong said.



Source: The Edge

Wednesday, December 4, 2019

Market Daily Report: Trump's renewed tough trade and tariff rhetoric nudge benchmark down



KUALA LUMPUR (Dec 4): US President Donald Trump's renewed tough trade and tariff rhetoric nudged the FBM KLCI down 0.09% or 1.34 points to the 1,560.93 level.

Malacca Securities Head of Research Victor Wan told the theedgemarkets.com that Trump's trade tariff talk had affected both global and regional markets.

"There is a spillover from regional markets," he said, adding that recent corporate earnings had not been particularly encouraging either, leading to an absence of catalysts in the local stock market.
A total of 2.14 billion shares worth RM1.7 billion were traded across the bourse today. Top actives included Impiana Hotels Bhd, Mudajaya Group Bhd and Bumi Armada Bhd.
 Top gainers included IGB Bhd, Aeon Credit Service (M) Bhd and Tenaga Nasional Bhd. Among the top losers were Nestle (M) Bhd, Dutch Lady Milk Industries Bhd and Chin Teck Plantations Bhd.
According to Reuters, global markets have been spooked by Trump's comments that a prospective US-China trade deal would only possibly materialise after the 2020 US Presidential Election. In addition, US tariffs on Brazilian and Argentine aluminium and steel imports also cast a dark cloud on global equity markets, as did trade tensions between the US and France over potential US tariffs on French goods.

In regional markets, the Shanghai Composite fell by 6.58 points or 0.23% to 2,878.12 points while Hong Kong's Hang Seng declined by 328.74 points or 1.25% to 26,062.56 points.

South Korea's Kospi fell 0.73% or 15.18 points to 2,068.89 points, while Japan's Nikkei shrank 1.05% or 244.58 points to 23,135.23 points.



Source: The Edge

Tuesday, December 3, 2019

Market Daily Report: KLCI falls 8.28 points on foreign selling, new trade war concerns




KUALA LUMPUR (Dec 3): The FBM KLCI declined 8.28 points or 0.53% to close at 1,562.27 with Asian shares, after US President Donald Trump restored tariffs on steel and aluminum imports from Brazil and Argentina and as investors evaluated US factory data.

Trump's latest move on Brazil and Argentina added fresh global trade war concerns, amid the existing US-China dispute.

In Malaysia, fund managers said the KLCI declined today, possibly on foreign selling, as institutional investors rebalanced their Malaysian equity portfolios.

“It is the year-end, so may be foreign funds want to unwind certain positions. However, this might change later, once they have looked at the portfolios,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.
 
The KLCI pared losses at 1,562.27 at 5pm market close, after falling to its intraday low at 1,556.17.
Across Bursa Malaysia at 5pm, 2.34 billion shares worth RM1.74 billion were traded. Top decliners included  Nestle (M) Bhd, Fraser and Neave Holdings Bhd and Hong Leong Financial Group Bhd.
Top gainers included Carlsberg Brewery Malaysia Bhd, VSTECS Bhd and IGB Bhd. Leading active stocks included Ekovest Bhd, PUC Bhd and Khee San Bhd.

Globally, Reuters reported most Southeast Asian stock markets on Tuesday tracked global equities lower, on concerns about weak US manufacturing data and signs of new fronts in the tariff scenario, posing an additional risk to the global economic outlook.

It was reported that a report from the Institute for Supply Management (ISM) showed US manufacturing activity contracted in November for the fourth consecutive month, stoking concerns that the longest period of economic expansion in US history could be losing steam.

It was reported that Trump said on Monday that he would restore tariffs on US steel and aluminium imports from Brazil and Argentina. "Trump's tariff threat overshadowed encouraging data from euro zone economies and China — Southeast Asia's biggest trading partner," Reuters reported.



Source: The Edge

Monday, December 2, 2019

Market Daily Report: KLCI ends 8.81 points up on technical rebound, China PMI



KUALA LUMPUR (Dec 2): The FBM KLCI closed up 8.81 points or 0.56% today on technical rebound and as prices of crude oil and global shares rose on news the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI), which tracks China manufacturing activity, climbed to 51.8 in November 2019 from 51.7 in the previous month.

Reuters reported today that the PMI's November reading marks the fastest expansion in China manufacturing activity since December 2016.

At Bursa Malaysia today, the KLCI closed at its intraday high of 1,570.55 at 5pm. Analysts said the KLCI showed a technical rebound, after Friday's 22.03 point or 1.39% drop.

"Following last week's sharp correction, most technical indicators on the KLCI stayed oversold and signaled higher possibility for mild technical rebound upside this week. However, downside risks remain, with sustained foreign selling and renewed uncertainty over the ongoing trade dispute between Washington and Beijing, clouding the immediate term outlook," TA Securities Holdings Bhd wrote in a note today.

Across Bursa today, the exchange saw 2.04 billion shares, worth RM1.41 billion traded. Top gainers include Nestle (M) Bhd, Petronas Dagangan Bhd and Kuala Lumpur Kepong Bhd. Among Bursa indices, the energy gauge, which tracks oil and gas shares, closed up 12.27 points or 1.02% at 1,213.13.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com Malaysian stocks rebounded today, after declining last week on foreign selling.
“After this sell down, there is some rebound. Other factors include regional markets moving upwards as well,” he said.

Reuters reported global shares shuffled marginally higher on Monday to stand just short of the record peak struck in January 2018, with buyers encouraged by upbeat China manufacturing surveys and hopes China and the US will agree a preliminary trade deal.

In crude oil markets, it was reported that oil prices rose more than 1% on Monday, as signs of rising manufacturing activity in China pointed to increasing fuel demand, while hints OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.

"Brent crude futures rose 66 cents or 1.1% to US$61.15 a barrel by 0727 GMT. West Texas Intermediate (WTI) futures rose 75 cents or 1.4% to US$55.92 a barrel, having risen by more than US$1 earlier. On Friday (Nov 29), WTI futures settled 5.1% lower, while Brent plunged 4.4% on concerns that talks to end the trade war between the US and China, the world's two biggest oil users, would be disrupted by US support for protesters in Hong Kong," Reuters reported.



Source: The Edge

Friday, November 29, 2019

Market Daily Report: KLCI closes lower on portfolio rebalancing




KUALA LUMPUR (Nov 29): The FBM KLCI closed lower again today as foreign funds’ month-end rebalancing activities saw most reducing their holdings of Malaysian stocks in their portfolios.

The benchmark index ended the day 22.03 points or 1.39% lower at 1,561.74, after having traded within a range of 1,560.72 points and 1,585.70 points, weighed down by Tenaga Nasional Bhd (TNB) — which lost 4.08% to close at RM13.16 after the utility giant was slapped with RM3.98 billion in additional tax assessment by the Inland Revenue Board yesterday.

Overall, market breadth was negative with losers edging gainers by 631 to 295 while 332 counters traded unchanged. Total turnover stood at 2.6 billion shares worth RM2.35 billion.

The most actively traded stock was Pentamaster Corp Bhd, which succumbed to heavy selling on news that the semiconductor firm has been excluded from the shariah-compliant list. The stock closed 21 sen or 4.48% down at RM4.48, with 136.97 million shares crossed, more than 70 times its 200-day trading volume of 1.9 million shares.

Save for a marginal gain in the transportation index, all sectoral indices on the local bourse closed in negative territory, with the most apparent drop seen in the index tracking telecommunications stocks, dragged mainly by Maxis Bhd and Axiata Group Bhd.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew described today’s market performance as “unusually bad” resulting from foreign selldown on stocks, not helped by selling pressure in heavyweights like TNB and banking stocks such as AMMB Holdings Bhd, which reported weaker quarterly earnings.

"It is related to the rebalancing exercise of foreign funds at the end of the month. It seems that foreign funds have decided to lower their portfolio allocation here,” he told theedgemarkets.com.

Regional shares also slipped today, knocking a global stock index off its path to hitting an all-time peak as investors turned cautious, fearing a new US law backing Hong Kong protesters could torpedo efforts to end the US-China trade war, Reuters reported.

Markets were sold off due to uncertainty over how US markets will perceive the latest clash between Washington and Beijing over Hong Kong, after China warned the US on Thursday it would take “firm counter measures” in response to US legislation backing anti-government protesters in Hong Kong.

The Hong Kong Hang Seng Index fell 2.03% at market's close, while China’s Shanghai Stock Exchange Composite Index finished 0.61% lower.

Hong Kong’s 2% drop put pressure on markets elsewhere, with Japan’s Nikkei 225 and South Korea’s Kospi losing 0.49% and 1.45% respectively.



Source: The Edge

Thursday, November 28, 2019

Market Daily Report: KLCI ends lower as oil price drop dents sentiment




KUALA LUMPUR (Nov 28): The FBM KLCI closed down 3.41 points or 0.21% today while Bursa Malaysia's energy index fell by a larger magnitude as lower crude oil prices hit shares of oil and gas companies here after US said its crude oil output rose to a record high.

At Bursa, the KLCI finished at 1,583.77 as KLCI stocks including Petronas Dagangan Bhd and Genting Bhd fell. They were among Bursa top decliners while the energy index fell 10.84 points or 0.89% to 1,205.22.

Analysts said investors appeared to window dress their portfolios before the year ends. “Traders could look into index (KLCI) heavyweights amid window dressing activities in the month of December. The KLCI may trade within a range of 1,580-1,620,” Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com today.

Globally, crude oil prices fell on Thursday, extending losses from the previous session after official data showed US crude and gasoline stocks rose against expectations as production hit a record, Reuters reported. 
 
It was reported that Brent crude futures were down 18 cents, or 0.3%, at US$63.88 a barrel by 0517 GMT, having dropped 0.3% on Wednesday. It was reported that US West Texas Intermediate crude fell 24 cents, or 0.4%, to US$57.87, after falling 0.5% in the previous session.

"Crude stockpiles in the US swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast a drop of 418,000 barrels. More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain," Reuters reported.

Across Bursa today, turnover stood at 2.13 billion shares worth RM1.44 billion. Top decliners included Genting Bhd subsidiary Genting Plantations Bhd while most-active stocks included oil and gas support services provider Bumi Armada Bhd.

Genting Plantations' share price closed down 16 sen or 1.51% at RM10.44 today after the company said yesterday net profit fell to RM17.96 million in the third quarter ended Sept 30, 2019 (3QFY19) from RM23.51 million a year earlier. For 9MFY19, Genting Plantations said cumulative net profit was lower at RM80.39 million from RM150.63 million a year earlier.

Today, Affin Hwang Investment Bank Bhd analyst Nadia Aquidah said in a note that Genting Plantations’ 9MFY19 core net profit declined 42.2% to RM77.5 million, accounting for 53.4% and 48% of Affin Hwang's and consensus FY19 forecasts respectively.

"This is below our expectation mainly due to the lower-than-expected contribution from the upstream plantation division," Nadia said.



Source: The Edge

Wednesday, November 27, 2019

Market Daily Report: FBM KLCI ends higher in rebound



KUALA LUMPUR (Nov 27): The FBM KLCI closed a marginal 0.21% higher on Wednesday after recovering from heavy selling in selected blue chips.

At 5pm, the benchmark index finished 3.31 points higher at 1,587.18, after earlier inching to an intraday high of 1,590.51.

Market breadth was negative with 548 losers to 318 gainers, while 376 counters closed unchanged.
Total turnover stood at 2.51 billion shares worth RM1.66 billion. Solarvest, which made its debut on Bursa Malaysia's ACE Market yesterday at an issue price of 35 sen a share, was again the most actively traded stock today. It added another 6.5 sen today to close at 82 sen. 
 
Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the key index had largely rebounded after losses in the past few trading days. "It appears that the index will be trading range-bound going forward on the lack of catalysts at this point," he said.

Asian stocks were higher on Wednesday after US President Donald Trump said negotiators were close to inking an initial trade deal with China. Expectations that the Federal Reserve will keep rates low also underpinned sentiment, Reuters reported.

Trump said on Tuesday the United States and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

The positive mood pushed the Dow Jones Industrial Average up 55.21 points to close at 28,121.68 overnight, even though US economic data for October showed four straight months of contraction in consumer confidence and an unexpected drop in new home sales.

But while Trump said Washington was in the "final throes" of work on a trade deal with Beijing, he also underscored US support for protesters in Hong Kong — a sore point for Beijing, Reuters added.
In China, the Shanghai Stock Exchange Composite Index was down 0.13%, but Hong Kong's Hang Seng was up 0.15% at the end of the trading day.

Elsewhere, Japan's Nikkei 225 eked out a 0.28% gain, while South Korea's Kospi did slightly better, closing 0.31% higher.



Source: The Edge

Tuesday, November 26, 2019

Market Daily Report: KLCI finishes down as Bursa share trade value swells above RM4.2b



KUALA LUMPUR (Nov 26): The FBM KLCI finished down 7.48 points or 0.47% at 1,583.87 today, as factors including lower crude palm oil (CPO) prices weighed on local share market sentiment.
Share-trade value across Bursa Malaysia rose significantly to RM4.21 billion, as volume increased to above three billion shares, contributed partly by Solarvest Holdings Bhd's impressive debut on Bursa's ACE Market.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew said share prices of big market capitalisation plantation companies dived, as lower CPO prices dented market sentiment. Malaysia CPO for Jan 2020 fell RM73 to RM2,631 a tonne at 5:15pm.

"Solarvest was a big feature for today's trade but elsewhere, it's a rather boring day. It's a mixed day across the region, it looks like the markets lost some motivation, despite the latest US-China trade talk progress," he told theedgemarkets.com.

Solar photovoltaic company Solarvest's share price rose as much as 41 sen or 117% to 76 sen, before paring gains.

At 5pm, Solarvest finished at 75.5 sen with some 263 million shares traded, to become Bursa's top-active stock. Solarvest also ended among the exchange's top gainers.

Across Bursa today, turnover stood at 3.41 billion shares, worth RM4.21 billion. Yesterday, turnover stood at 2.52 billion shares, worth RM1.54 billion.

Today, a glance across Bursa's top-active stocks may turn investors' attention to Sime Darby Property Bhd, S P Setia Bhd and Alliance Bank Malaysia Bhd. These stocks ended up possibly in conjunction with their inclusion into the MSCI Global Small Cap Indexes' MSCI Malaysia Index at market close today (Nov 26).

Sime Darby Property rose two sen or 2.61% to 78.5 sen, while SP Setia added two sen or 1.6% to RM1.27. Alliance Bank climbed three sen or 1.14% to RM2.66.



Source: The Edge

Monday, November 25, 2019

Market Daily Report: KLCI down 0.34%, trails Bursa O&G, small-cap share drop



KUALA LUMPUR (Nov 25): The FBM KLCI finished 5.49 points or 0.34% lower today, while Bursa Malaysia indices for oil and gas shares and small market capitalisation (small cap) stocks fell by larger quantums, as global investors weighed US-China trade uncertainties.

In Malaysia, the current corporate financial reporting season for the July-to-September quarter is also seen dictating share-trade sentiment. At 5pm, the KLCI finished lower at 1,591.35.

Bursa's small-cap index lost 136.55 points or 1% to 13,568.18, while the energy index, which tracks oil and gas shares, fell 17.14 points or 1.4% to 1,211.34.

"Given the weaker momentum and trend indications on KLCI's technical indicators following last week's choppy trading sessions, the local market is likely to be encumbered with external uncertainties this week, as doubts linger over the likelihood for an initial US-China trade deal, due to mutual disagreements between the two parties on certain key issues. The lack of any possibility for early resolution in Hong Kong's civil unrest, with the US deemed to be interfering with Hong Kong's domestic politics, should also see market uncertainty remaining elevated," TA Securities Holdings Bhd wrote in a note today.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI started the week on a soft footing and lingered in negative territory the entire trading session, mainly due to selling pressure in selected oil & gas and telecommunication heavyweights.

"Moving forward, the KLCI might remain under pressure, in view of mixed earnings report with key support at the 1,577 level," Leong said.

Across Bursa today, there were more decliners than gainers at 549 versus 337 respectively. Total turnover stood at 2.52 billion shares, worth RM1.54 billion.

Top decliners included KLCI components Petronas Dagangan Bhd and Genting Bhd. The list includes shares of oil and gas support services provider Dayang Enterprise Holdings Bhd.

Globally, mixed news headlines on US-China trade appeared to have curbed Southeast Asian share trade sentiment. Reuters reported trading in most Southeast Asian stock markets were subdued on Monday, while Thailand eked out modest gains, as investors await concrete signals of progress in the U.S.-China trade negotiations, amid mixed headlines.

It was reported that investors welcomed signs that talks to resolve the trade row were moving to the next level, after the U.S. national security adviser Robert O'Brien said there was still a possibility of an initial "phase one" deal with China by the end of this year.

"However, he warned that events in Hong Kong, driven by months of anti-government unrest, could overshadow trade talk progress," Reuters reported.




Source: The Edge

Thursday, November 21, 2019

Market Daily Report: KLCI finishes down 8.95 points but plantation shares rise



KUALA LUMPUR (Nov 21): The FBM KLCI closed 8.95 points or 0.56% lower as a fresh US-China row on Hong Kong threatened to delay a much-anticipated US-China trade deal. Such sentiment led to weakness across Asian stock markets.

At 5pm, the KLCI closed down at 1,592.19, led by AMMB Holdings Bhd. Across the broader market, Bursa Malaysia plantation shares rose with higher crude palm oil (CPO) prices.

Global shares took cue from the fresh US-China row, which exacerbated both nations' trade war. Reuters reported that global stocks took a beating on Thursday as a fresh row between Washington and Beijing over US legislation on Hong Kong threatened to undermine their trade talks and delay a "phase one" deal that investors had initially hoped to be signed by now.

"The US House of Representatives on Wednesday passed two Bills intended to support protesters in Hong Kong and send a warning to China about human rights. The legislation, which has angered Beijing, has been sent to the White House for President Donald Trump's approval. A person familiar with the matter said Trump was expected to sign it," the newswire said.
 In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com today that weakness in the KLCI was "mainly due to the US and China trade (talk) progress on reports that the partial trade agreement may not take place this year" after the US House of Representatives passed the two Bills to support protesters in Hong Kong.

Leong however noted that prices of Bursa plantation shares increased as CPO prices rose. CPO prices for Jan 2020 rose as much as RM22 to RM2,664 a tonne today.

Across Bursa, the exchange saw 2.93 billion shares worth RM2.16 billion traded. Top gainers included Sarawak Oil Palms Bhd and Genting Plantations Bhd.

Bursa's plantation index closed up 58.06 points or 0.82% at 7,141.15.

Among the KLCI's 30 components, the biggest percentage decliner was AMMB after the stock slipped 12 sen or 2.87% to close at RM4.06.



Source: The Edge

Wednesday, November 20, 2019

Market Daily Report: KLCI snaps three days of gains on oil, US-China trade uncertainty



KUALA LUMPUR (Nov 20): The FBM KLCI closed 4.17 points or 0.26% lower today amid US-China trade spat uncertainty and as lower crude oil prices weakened Malaysian share trade sentiment.
At 5pm, the KLCI closed down at 1,601.14 after after three consecutive days of gains. Today, the KLCI was traded entirely in negative territory at between 1,598.32 and 1,604.38 as Asian shares fell.
Reuters reported that Asian shares lost out to safe-harbour bonds on Wednesday as Sino-US trade talks produced nothing but white noise, while concerns about a supply glut left oil prices nursing their biggest one-day loss in seven weeks.

It was reported that figures from the American Petroleum Institute out late Tuesday showed a far larger rise in crude stocks than expected. It was reported that Brent crude futures eased another 10 cents to US$60.81 a barrel, after sliding 2.6% overnight, while US crude dipped 2 cents to US$55.19. "The prospects for progress on trade dimmed when China condemned a US Senate measure on Hong Kong, vowing to take the steps necessary to safeguard its sovereignty and security. The Senate unanimously passed legislation aimed at protecting human rights in Hong Kong.

"Late Tuesday, US President Donald Trump had threatened to raise tariffs further if China would not agree to a deal that he liked. The aggressive tone unsettled Wall Street (in overnight trades) and the Dow ended down 0.36%, while the S&P 500 lost 0.06% and the Nasdaq added 0.24%," Reuters reported.

In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com the decline in the KLCI was in line with weaker sentiment across Asian stock markets.

“I believe that the KLCI will hover around this 1,600-level and at this level, I believe it’s [at a] low enough [level] to attract investors,” said Wong.

He said that Malaysian share market movement will depend on the July-to-September quarterly corporate financial results announced during the current reporting season.

Today, Bursa Malaysia saw 2.9 billion shares worth RM1.98 billion traded across the bourse. Petroliam Nasional Bhd (Petronas)-related counters appeared to have taken cue from lower crude oil prices.

Among the KLCI's 30 components, Petronas Chemicals Group Bhd's share price slid 15 sen or 2.04% to close at RM7.21 to become the KLCI's top percentage decliner followed by Petronas Gas Bhd.
Petronas Gas fell 24 sen or 1.44% to RM16.46. Across Bursa, Petronas Gas and Petronas Chemicals were among top decliners with other oil and gas-related shares like Petron Malaysia Refining & Marketing Bhd and Yinson Holdings Bhd.



Source: The Edge

Tuesday, November 19, 2019

Market Daily Report: FBM KLCI ends higher on last minute buying



KUALA LUMPUR (Nov 19): The FBM KLCI closed 0.95 point or 0.06% higher today after erasing losses at the last minute on buying interest in index-linked stocks, as world markets took cue from the status of US-China trade talks.
At 5pm, the KLCI closed at its intraday high at 1,605.31, after falling to its intraday low at 1,595.15, as US-China trade uncertainties hit world markets.

Reuters reported Asian share markets were mixed in subdued trade on Tuesday, pending clearer news on whether US-China negotiations will reach a preliminary accord to end the prolonged trade war between the world's two largest economies.

Reuters said CNBC reported the mood in Beijing was pessimistic about prospects of sealing a trade agreement with the US.

In Malaysia, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com the KLCI had earlier today fallen due to a correction following yesterday's rise. “It’s very much still a retail play in the market. The institutions are still very cautious,” Soo said today.

Bursa Malaysia saw 2.68 billion shares, worth RM1.63 billion, traded across the exchange.
Top gainers included KLCI stocks Hong Leong Bank Bhd and Public Bank Bhd.
Hong Leong Bank's share price closed 20 sen or 1.19% higher at RM17.


Source: The Edge

Monday, November 18, 2019

Market Daily Report: FBM KLCI ends at intraday high, led by IHH




KUALA LUMPUR (Nov 18): The FBM KLCI closed up 9.61 points or 0.6% today at its intraday high after a spike in the final trading minutes, led by sharp gains in prices of stocks including IHH Healthcare Bhd and Digi.Com Bhd and as fund managers appeared to window dress their portfolios.
Globally, Malaysian shares rose with Asian equities, after China's central bank reduced rates on seven-day reverse repurchase agreements (repo) by five basis points to 2.5%.

At Bursa Malaysia, the KLCI closed at its intraday high of 1,604.36 at 5pm, after erasing losses from its intraday low at 1,592.47.

IHH’s share price closed 21 sen or 3.93% higher at RM5.56 to become the leading-percentage gainer among the 30 KLCI components, followed by Digi.Com. Digi.Com closed up 15 sen or 3.28% at RM4.73.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com today that the KLCI was lifted mainly by IHH, after the company said it remains committed to proceed with the Fortis Healthcare Ltd open offer, once the stay is lifted by the Supreme Court of India.
Leong noted that the KLCI's gain today was also in line with positive sentiment among Asian stock indices.

“There are signs of early window dressing, as we approach towards the year-end,” Leong said.
Bursa Malaysia saw 2.34 billion shares worth RM1.42 billion traded across the exchange, as world markets took cue from China's repo rate cut.

Reuters reported Asian shares ticked higher on Monday, after Beijing surprised markets by trimming a key interest rate for the first time since 2015, stirring speculation further stimulus is on the way for the world's second-largest economy.

It was reported China's central bank cut rates on the seven-day reverse repo by five basis points to 2.5%, a move that nudged the yuan higher, while lowering bond yields.


Source: The Edge

Friday, November 15, 2019

Market Daily Report: KLCI up after volatile trade as investors weigh Malaysia GDP



KUALA LUMPUR (Nov 15): The FBM KLCI closed up 1.2 points or 0.08% after volatile trade as investors weighed Malaysia's economic figures and corporate earnings against the impact of the US-China trade war on global growth.

At the 5pm closing bell, the KLCI closed up at 1,594.75, led by IHH Healthcare Bhd. The KLCI had earlier risen to its intraday high at 1,596.85 and fallen to its intraday low at 1,592.22.

Bank Negara Malaysia's (BNM) announced today that Malaysia's economic growth, as measured by Gross Domestic Product (GDP), moderated to 4.4% in the third quarter of 2019 (3Q19) from a year earlier, after 2Q19's 4.9% on-year expansion.

BNM was quoted as saying 3Q19's slower GDP expansion was primarily due to lower growth in the nation's key sectors and decline in mining and construction activities. Most domestic demand components and net exports also registered slower growth, BNM said.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that 3Q19's slower GDP expansion might have been reflected in local companies' earnings during the July-to-September quarter.

“As we go into the (corporate financial) results season, looking at the 3Q19 GDP being so weak, it is quite possible it may be reflected in the quarterly earnings as well.

“We are seeing more stocks reporting (a) drop in profit than (those) reporting growth. This is also the reason investors are being cautious. They would rather wait and see the actual earnings being reported and make their investment calls after the results are announced,” Pong said.

Across Bursa Malaysia today, volume was 2.69 billion shares valued at RM1.7 billion.

Among the 30 KLCI components today, IHH, AMMB Holdings Bhd and Sime Darby Bhd were the top three percentage gainers. Leading gainer IHH closed up 11 sen or 2.1% at RM5.35.

The US-China trade war has been a key theme for world markets. Reuters reported that Asian stocks jumped on Friday, lifted by White House comments that suggested the possibility of an imminent trade deal between Washington and Beijing, which revived hopes that their tariff war may be nearing an end.

It was however reported that investor sentiment remains fragile after weak data from China reinforced concerns about the global economy and amid increasing caution about false signs of progress in the Sino-US trade talks.



Source: The Edge

Thursday, November 14, 2019

Market Daily Report: FBM KLCI ends lower as China, Japan data disappoints




KUALA LUMPUR (Nov 14): The FBM KLCI closed down 3.67 points or 0.23% today at 1,593.55 as Asian shares took cue from China and Japan's economic data, which missed market forecasts.
From a technical viewpoint, analysts said the KLCI fell because Malaysian shares are in overbought zone.

Reuters reported that Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth in some of the world’s biggest economies.
It was reported that China’s industrial production growth slowed sharply in October, with the 4.7% year-on-year rise well below forecasts for 5.4%.

Investment growth hit a record low and retail sales also missed expectations, according to Reuters. On Japan, Reuters, quoting preliminary gross domestic product data released by the Government today, reported that the world's third-largest economy grew an annualised 0.2% in the third quarter, slowing sharply from a revised 1.8% expansion in April-June quarter.

"It fell well short of a median market forecast for a 0.8% gain and marked the weakest growth since a 2% contraction in July-September last year," Reuters reported.

In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the Malaysian stock market is actually overbought, hence it has started to consolidate.

"It will probably be hovering at a tight range between the 1,590 and 1,610 level in the near term. The weak economic data from China and Japan also further weighed down sentiments which opened the door of opportunity for profit-making activities,” Wan said.

Across Bursa Malaysia today, volume stood at 2.2 billion shares worth RM1.68 billion.

Top decliners included Nestle (M) Bhd and British American Tobacco (M) Bhd.

Leading gainers and top-active stocks included JAKS Resources Bhd. JAKS' share price closed up at its intraday high after the stock rose 20 sen or 17.24% to RM1.36.
JAKS saw some 40 million shares traded.


Source: The Edge

Wednesday, November 13, 2019

Market Daily Report: KLCI down 12.51 points to end below 1,600 as Trump renews trade war concerns



KUALA LUMPUR (Nov 13): The FBM KLCI finished 12.51 points or 0.78% lower at 1,597.22 today with Asian shares after US President Donald Trump's speech failed to add clarity on the status of US-China trade talks. Investors also took cue from Hong Kong's intensifying protest.

At Bursa Malaysia's 5pm closing bell, the KLCI finished lower at 1,597.22 after falling to its intraday low of 1,593.91, partly due to KLCI component Petronas Chemicals Group Bhd's share price drop.

Reuters reported that Asian stocks and Wall Street futures fell on Wednesday, as confusing signals over the extent of progress made in US-China trade talks and concern about intensifying unrest in Hong Kong hurt demand for risky assets.

It was reported that US President Donald Trump had on Tuesday said in his speech at The Economic Club of New York that a trade deal was "close" but gave no new details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration's economic policies.

"Trump also rattled some investors by threatening China with even more tariffs if they do not sign a deal. Oil prices fell as diminishing prospects for an immediate resolution to a 16-month long trade war between the world's two-largest economies suggested less demand for energy in the future," Reuters reported. 
 
In Malaysia today, Rakuten Trade Sdn Bhd vice president of research Vincent Lau said just when a US-China trade deal seemed certain, "Trump’s speech had caused US-China trade tensions to erupt again".

Lau said Petronas Chemicals' share price drop after reporting weaker quarterly results also weighed the KLCI down. Petronas Chemicals' share price closed down 42 sen or 5.38% at RM7.38 to become the largest-percentage decliner across the 30 KLCI components. Leading KLCI decliners included Axiata Group Bhd and Genting Bhd.

Earlier today, theedgemarkets.com, quoting Petronas Chemicals' Bursa filing, reported that Petronas Chemicals' net profit fell 55% year-on-year to RM553 million in the third quarter ended Sept 30, 2019 (3QFY19) from RM1.21 billion as average product prices decreased in tandem with lower crude oil prices.

It was reported that for 9MFY19, Petronas Chemicals' cumulative net profit fell to RM2.47 billion from RM3.78 billion a year earlier.

Across Bursa today, turnover was 2.14 billion shares valued at RM1.74 billion. There were 503 decliners versus 277 gainers after broad-based selling across the exchange.
All Bursa indices closed down except for the property, transportation and utilities gauges.



Source: The Edge

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