Market Daily Report: FBM KLCI slips to intraday low after 11th-hour selling

KUALA LUMPUR (Jan 30): The FBM KLCI closed down 0.58 point at its intraday low after late selling of KLCI-linked stocks led to a sharp drop in the index during the final trading hour.

Fund managers said the late selling could be due to investors' month-end portfolio restructuring ahead of the Federal Territory Day holiday tomorrow.

At 5pm today, the KLCI closed at 1,683.53 after rising to its intraday high at 1,695.4. The KLCI was in green territory for most of the day as global investors took cue from the US Federal Reserve's interest rate stance.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that the KLCI closed in the red due to last-minute selling in selective KLCI stocks, possibly due to portfolio restructuring. 

 

“There’s possibly a mandate to sell down some of the big stocks held by January, and today is the last day of the month,” said Wong. Malaysian markets will be closed tomorrow for the Federal Territory Day holiday.

KLCI stocks Tenaga Nasional Bhd and Hong Leong Bank Bhd's share prices closed lower after falling sharply at the 11th hour. Tenaga closed 24 sen down at RM12.90 while Hong Leong Bank dropped 14 sen to RM20.64.

Tenaga and Hong Leong ended among Bursa Malaysia top decliners. Across Bursa Malaysia, 2.37 billion shares worth RM2.42 billion were traded as global investors took cue from the US Federal Reserve's interest rate stance.

Reuters reported that Asia stocks rose to a four-month high on Thursday after the Federal Reserve pledged to be patient with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of slowing global growth.


Source: The Edge

Market Daily Report: FBM KLCI down as Bursa volume dips below two billion shares

KUALA LUMPUR (Jan 30): The FBM KLCI closed down 6.3 points or 0.37% today while trading volume across Bursa Malaysia shrank below two billion shares after investors took profit ahead of the Federal Territory Day holiday on Friday.

Today, the KLCI closed at 1,684.11 at 5pm, led by the decline in Tenaga Nasional Bhd, Top Glove Corp Bhd and Petronas Chemicals Group Bhd shares.

Across Bursa Malaysia, 1.92 billion shares were traded for RM1.73 billion. Yesterday, 2.23 billion shares worth RM2.03 billion were traded.

Today,  Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com : “The trading volume today has shrunk below the two billion level. Also, investors are booking their profits as they continue to monitor developments on US-China trade talks that is ongoing."

Reuters reported that China's Vice Premier Liu He is in Washington this week to meet US officials, including US President Donald Trump. It was reported that US Treasury Secretary Steve Mnuchin said on Tuesday he expected to see significant progress in talks with Chinese officials and that US charges against telecommunications giant Huawei Technologies Co Ltd were a separate issue.
Investors are also waiting for the US Federal Reserve's monetary policy guidance.

It was reported that interest rates were also in focus as the Federal Reserve began a two-day monetary policy meeting, which ends on Wednesday. It was reported that the Federal Reserve is widely expected to leave rates unchanged on Wednesday, and investors will look to Friday's January jobs report for clues about the pace of future inflation.


Source: The Edge

Market Daily Report: KLCI down amid trade talks uncertainty; Sapura Energy at record low

KUALA LUMPUR (Jan 29): The FBM KLCI closed down 7.09 points or 0.42% at 1,690.41 today after US shares fell overnight on Monday and as US criminal charges against China's telecom giant Huawei Technologies Co Ltd added uncertainty to prospects of China-US trade talks on Wednesday and Thursday (Jan 30 and 31).

In China stock markets today, Hong Kong’s Hang Seng closed down 0.16% while the Shanghai Composite fell 0.1%. Elsewhere across Asia, Japan's Nikkei 225 and South Korea’s Kospi erased losses to close up 0.08% and 0.28% respectively.

Reuters reported that Asian shares stumbled on Tuesday and the dollar hovered near two-week lows as prospects for a long-awaited Sino-US trade deal were dealt another blow after the US levelled sweeping criminal charges against Huawei.

It was reported that despite the late uptick in share prices, the mood was still gloomy after the US Justice Department unsealed indictments against Huawei accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.

Overnight on Wall Street, it was reported that the Dow and S&P 500 each closed down 0.8 percent and the Nasdaq was off more than 1 percent. It was reported that the losses came as shares of Caterpillar and Nvidia Corp nosedived after the two manufacturers joined a growing list of companies cautioning about the crippling effects of softening Chinese demand.

In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that the market’s performance was not out of the norm given that US markets had closed overnight in the red.

“The (Malaysian) market’s [downward] performance today is expected, as investors await more clarity from the US and China trade talks tomorrow and day after,” Wong said.

Across Bursa Malaysia today, 2.23 billion shares worth RM2.03 billion were traded. Top decliners included KLCI stocks Axiata Group Bhd and Petronas Chemicals Group Bhd.

Sapura Energy Bhd was the most-actively traded with some 426 million shares changing hands. Sapura Energy closed 1.5 sen down at its record low at 27 sen after falling to its all-time intraday low at 26.5 sen today



Source: The Edge

Market Daily Report: FBM KLCI down ahead of China-US trade talks

KUALA LUMPUR (Jan 28): The FBM KLCI fell 3.53 points or 0.21% today to close below 1,700 as cautious investors awaited China-US trade dispute developments ahead of talks between both countries on Wednesday and Thursday (Jan 30 and 31).

At 5pm today, the KLCI settled at 1,697.5 after rising to its intraday high at 1,705.5 and falling to its intraday low at 1,693.63.

Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com that investors are seen remaining on the sidelines until a solution to the ongoing China-US trade tension becomes clearer.

“There is nothing much to shout about at this point. It (stock market) could be possibly impacted by the falling crude oil prices but oil prices have been volatile for a while. I think the Brent crude oil could continue at the US$60-level for a while. Investors are waiting for the trade talks to result in something concrete,” he said. 

 

Across Bursa Malaysia today, 2.25 billion shares worth RM1.95 billion were traded. Top decliners included Hartalega Holdings Bhd and Can-One Bhd.

Malaysian shares fell with Asian stock markets amid the ongoing China-US trade sentiment. Japan’s Nikkei 225 closed 0.6% lower while South Korea’s Kospi was down 0.02%. In China, the Shanghai Stock Exchange Composite fell 0.18% while Hong Kong Hang Seng erased intraday losses to settle up 0.03%.

Reuters reported that Asian shares retreated from earlier highs as relief on news of a deal to reopen the US government following a prolonged shutdown gave way to edginess before a key round of Sino-US trade talks.

It was reported that attention now shifts to Chinese Vice Premier Liu He's visit to the United States on Jan 30-31 for the next round of trade negotiations with Washington. It was reported that the high-level talks in Washington will include discussions about China's currency practices, US Treasury Secretary Steven Mnuchin said. He has criticized the yuan's weakness in the past, but in recent days, positive sentiment towards the talks has lifted the yuan's value against the dollar.


Source: The Edge

Market Daily Report: KLCI closes up 0.44% on higher foreign buying, improved liquidity

KUALA LUMPUR (Jan 25): The FBM KLCI extended gains for the second consecutive day today, breaching the 1,700-point mark for the second time within a week, mainly underpinned by foreign funds buying key stocks and improved liquidity.

At 5pm, the benchmark index closed at its intraday high of 1,701.03 points, up 7.44 points or 0.44%. During the midday market break, the index had slipped to as low as 1,695.38 points.

According to Inter-Pacific Securities research head Pong Teng Siew, foreign buying helped prop up the local stock market, as well as the liquidity improvement in the market.

He said foreign funds started coming back to the market, since the second week of this month.  “Having said that, I think KLCI is likely to continue to trend upwards, but in a cautious mode, mainly due to local investors taking a wait-to-see approach now, pending a definite picture from the US-China trade spat and also upcoming fourth-quarter earnings results,” Pong added.

Trading volume increased to 2.48 billion shares worth RM2.05 billion, compared with yesterday's 2.44 billion shares worth RM2.12 billion. Gainers led losers by 427 to 352, while 471 counters remained unchanged.

Regionally, Reuters reported Asian stocks rallied to a seven-week high on Friday, buoyed by gains in US technology firms, as pockets of strength in corporate earnings eased some of the anxiety over a slowing global economy.

At the closing bell, Japan's Nikkei 225 grew 0.97%, South Korea's Kospi rose 1.52%. In China, Hong Kong’s Hang Seng was up 1.65% and Shanghai Stock Exchange Composite rose 0.39%.


Source: The Edge

Market Daily Report: KLCI up 0.3% as Asian markets track Wall Street's gains

KUALA LUMPUR (Jan 24): The FBM KLCI inched up 5.45 points or 0.3% to close higher today, in line with modest gains in regional markets taking their cue from Wall Street following a spate of upbeat earnings reports.

At 5pm, the benchmark index finished at 1,693.59 points. Top gainers among component stocks were Hartalega Holdings Bhd and Hong Leong Financial Group Bhd, up 2.2% and 2% respectively, while decliners included lawsuit-besieged Genting Malaysia Bhd.

Across the local bourse, a total of 2.44 billion shares worth RM2.12 billion were transacted. Market breadth was positive as gainers outstripped decliners at 458 versus 375, while 346 counters closed unchanged.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the gains seen in the market today were because of the positive close in most regional bourses. He observed that foreign funds were seen to be accumulating Malaysian equities over the past one and a half week. 

"The FBM KLCI recovered some of its previous session losses today, boosted by the positive developments on Wall Street overnight after a string of strong corporate earnings from International Business Machines (IBM), Procter & Gamble (P&G) and United Technologies.

"Up until yesterday (Jan 23), foreign funds are in the net buying position of RM611.7 million," he added.

Today, Asian shares inched up in subdued trade after Wall Street ended higher, but political uncertainty in the US and worries about weakening global economic growth kept many investors on the sidelines, Reuters reported.

In China, the Shanghai Stock Exchange Composite Index rose 0.4% and Hong Kong's Hang Seng Index was up 0.4%, while South Korea's Kospi climbed 0.8%.

Meanwhile, Japan's Nikkei 225 closed 0.1% lower and the MSCI AC Asia Pacific Index fell 0.4%.
On Wednesday, the Dow Jones Industrial Average closed 0.7% higher.


Source: The Edge

Market Daily Report: KLCI falls as market jittery after Wall Street selldown

KUALA LUMPUR (Jan 23): The FBM KLCI declined today, tracking regional movements after the overnight selldown on Wall Street and the fall in crude oil prices.

The benchmark index closed 13.98 points or 0.82% lower at 1,688.14, after moving between 1,680.84 and 1,690.76.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the market was jittery as sentiment was not only affected by the overnight fall on Wall street, but also the first decline in oil price in the past five days.

“Investors globally are watching out for the upcoming US corporate earnings growth, but the market seems to be pessimistic about the upcoming reporting season. We are expecting the KLCI to trend sideways and be limited to 1,700 points this week,” Leong told theedgemarkets.com. 

 

“We are not expecting a pre-Lunar New Year rally this year as well, simply because there is not much growth catalyst, unless we see some positive news flow, like an easing of tensions on the trade war.”
Reuters reported that Asian stocks trod water today as concerns over the outlook for global economic growth and the ongoing Sino-US trade war kept investors away from riskier assets.

Japan’s Nikkei closed 0.14% lower, while the Hong Kong Hang Seng Index inched up 0.01% and South Korea’s Kospi rose 0.47%.

Domestically, total trading volume was 2.07 billion shares, worth RM1.92 billion. There were 325 gainers versus 468 losers, with 376 counters remaining unchanged.

Notable gainers were KUB Malaysia Bhd and FGV Holdings Bhd, while the top loser was Petronas Dagangan Bhd.

Bumi Armada Bhd was the most actively traded counter, with 201.48 million shares done.


Source: The Edge

Market Daily Report: KLCI breaches 1,700pts on late buying in selected blue chips

KUALA LUMPUR (Jan 22): The FBM KLCI breached the 1,700-point mark for the first time in almost two months since Nov 26 last year, driven mainly by late buying interest on selected blue chips.

The benchmark index was weighed by regionally weak sentiment since the morning session today, but gained strength in the final trading hour.

At 5pm, the KLCI closed at its intraday high of 1,702.12 points, up 9.9 points or 0.59%. During the mid-day market break, the index had slipped to as low as 1,688.19 points.
 

Notwithstanding the last-hour boost, market breath remained negative with 332 gainers versus 556 losers, while 329 counters closed unchanged. 

 

According to Bloomberg data, the top five gainers of KLCI component stocks — by percentage — were Petronas Dagangan Bhd (PetDag), Hartalega Holdings Bhd, Genting Bhd, CIMB Group Holdings Bhd and Public Bank Bhd.

All of these stocks experienced a sudden spike in buying interest at the 11th hour.

CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that given the weak global market sentiment recently, Malaysian investor sentiment is expected to remain cautious in the near term before the pre-Lunar New Year rally takes place.

"Most European and Asian indices were dropping today, as sentiment was dragged by the lower IMF (International Monetary Fund) forecast of global economic growth, and weaker China GDP data. Although the KLCI ended higher, market breath was negative," he said over the phone.

Foo said the next resistance levels for the KLCI would be 1,725 points and 1,735 points, while the next supporting level would be 1,690 points.

Meanwhile, Reuters reported that most Southeast Asian stock markets edged lower on Tuesday, with Singapore leading the fall, as investors remained cautious after the IMF cut global growth forecasts on the eve of the World Economic Forum in Davos.

In its World Economic Outlook report released on Monday, the IMF lowered its forecasted global economic growth by 0.2 percentage points to 3.5% for 2019; the previous forecast was done in October last year.

Japan's Nikkei closed 0.47% lower today, while the Hong Kong Hang Seng Index declined 0.7%; the South Korean Kospi fell 0.32%.

In the local market, total trading volume stood at 3.32 billion today, worth RM2.12 billion. PetDag was the largest gainer today, while British American Tobacco (M) Bhd was the biggest loser.
Bumi Armada Bhd was the most actively traded counter, with 567.1 million shares done.


Source: The Edge

Market Daily Report: KLCI rises 0.55% on US-China trade relief

KUALA LUMPUR (Jan 18): The FBM KLCI closed higher for the second day running today following a news report that the Trump administration is considering easing tariffs imposed on Chinese imports.

The benchmark index closed up 9.25 points or 0.55 % at 1,692.22.

TA Securities Holdings Bhd technical analyst Steven Soo said the market’s performance was boosted by the report on the possible lifting by the US of the tariffs levied against China.

Soo said the rise in oil prices after the Organisation of the Petroleum Exporting Countries (OPEC) members reported the biggest monthly drop in production in nearly two years also served as a positive catalyst to the stock market. 

 

“Should the market sentiment improve from here, the psychological resistant levels to watch are the 1,700 level, and this followed by 1,722 to 1,742 level,” Soo told theedgemarkets.com, adding that the key support level to look at is 1,680.

The Wall Street Journal reported yesterday that US Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan 30.

Some 3.05 billion shares worth RM 2.12 billion were traded on Bursa Malaysia today, with gainers leading losers by 450 to 341, while 429 counters closed unchanged.

Top gainers included Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd and United Plantation Bhd.

Among top decliners were Chin Teck Plantations Bhd, Lysaght Galvanized Steel Bhd and Muhibbah Engineering Bhd.

CNBC reported that Asia Pacific markets traded mostly higher today as investors cheered the WSJ report, with the Shanghai Stock Exchange Composite closing up 1.42%, and Hong Kong's Hang Seng up 1.25%.

In Japan, the Nikkei 225 rose 1.29% while South Korea's Kospi gained 0.82%.

According to Bloomberg data, Brent crude price rose 0.51% to US$61.51 per barrel, while US West Texas Intermediate was up 0.65% at US$52.41 per barrel as at 5.30pm.


Source: The Edge

Market Daily Report: FBM KLCI up 9.89 points, led by Genting Bhd, Hartalega

KUALA LUMPUR (Jan 17): The FBM KLCI rose 9.89 points or 0.59% today, led by Genting Bhd and Hartalega Holdings Bhd share price gains and after US equities' overnight rise on Wednesday.

At Bursa Malaysia today, the KLCI closed at 1,682.97 at 5pm. Genting Bhd was the biggest gainer in percentage terms, among the 30 KLCI stocks followed by Hartalega. Genting Bhd closed up 40 sen or 6.23% at RM6.82 while Hartalega rose 27 sen or 5.42% to RM5.25.

“There is improving sentiment based on year-to-date net inflow of foreign funds,” Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com.

Overnight in the US, Reuters reported that the Dow Jones Industrial Average rose 141.57 points, or 0.59 percent, to 24,207.16, the S&P 500 gained 5.8 points, or 0.22 percent, to 2,616.1 and the Nasdaq Composite added 10.86 points, or 0.15 percent, to 7,034.69. It was reported that Wall Street's major indexes hit one-month highs on Wednesday as strong earnings from Bank of America Corp and Goldman Sachs Group Inc boosted investor sentiment.

Today, China economic growth concerns emerged as a key theme for Asian stock markets. In China, the Shanghai Stock Exchange Composite closed down 0.42% while Hong Kong’s Hang Seng fell 0.54%. Elsewhere, Japan’s Nikkei 225 dipped 0.2%.

Reuters reported that Asian stocks see-sawed through a subdued session on concerns over China's economic outlook, while an anti-climactic end to the latest chapter in the Brexit saga offered sterling a moment's peace.


Source: The Edge

Market Daily Report: FBM KLCI down 0.38% on Brexit woes

KUALA LUMPUR (Jan 16): The FBM KLCI fell 6.34 points or 0.38% today after Asian shares took cue from the rejection of UK Prime Minister Theresa May’s Brexit deal at the UK Parliament on Tuesday.

At 5pm today, the KLCI closed at 1,673.08. Across Asia, Japan’s Nikkei 225 fell 0.55% while South Korea and Hong Kong stock indices erased losses to end higher. South Korea’s Kospi closed up 0.43% while Hong Kong’s Hang Seng rose 0.27%.

In Malaysia, MIDF Amanah Investment Bank Bhd head of research Mohd Redza Abdul Rahman told theedgemarkets.com that “the rebound did not happen [in the KLCI] due to profit taking on key banking and plantation stocks.”

Across Bursa Malaysia, 2.33 billion shares valued at RM1.88 billion were traded. 

 

Top decliners included Public Bank Bhd and Tenaga Nasional Bhd as global investors digested the latest Brexit development.

Reuters reported that global share markets and the sterling weathered a UK political storm as investors wagered that London will have no choice but to delay its Brexit deadline to avoid a disorderly exit from the European Union.

It was reported that British Opposition Labour Party leader Jeremy Corbyn called a vote of no confidence in May's Government, to be held at 1900 GMT, after her Brexit plan was soundly defeated in Parliament on Tuesday. But many investors expect May to survive, and to subsequently pursue delaying the planned March 29 departure date, even as few investors have any clarity on what that would mean in the longer run.


Source: The Edge

Market Daily Report: KLCI posts last-minute gain as China proposed tax cut lifts sentiment

KUALA LUMPUR (Jan 15): The FBM KLCI closed 3.26 points or 0.19% higher after an 11th hour spike due to the sharp rise in Public Bank Bhd's share price in the final minutes of trading.

Malaysian shares also took cue from Asian equity gains in anticipation of China's stimulus, which include proposed tax cuts.

At Bursa Malaysia, the KLCI closed at 1,679.42 at 5pm. KLCI-linked Public Bank shares rose 28 sen to RM24.98.

“Our country is highly exposed to developments in China, considering it is one of our biggest trade partners among other Asian markets,” Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com. 

Bloomberg reported that shares in Hong Kong and Shanghai were among the biggest gainers after senior Chinese economic policy officials vowed tax cuts to boost growth, while lending data from the country suggested December estimates may be exceeded. Reuters reported that Asian stocks rose on Tuesday, supported by a bounce in Chinese shares amid hopes for government stimulus, while sterling braced for the vote in Parliament over the British Government's plan to exit the European Union.

In China, Hong Kong’s Hang Seng closed up 2.02% while the Shanghai Stock Exchange Composite rose 1.36%. Elsewhere, Japan’s Nikkei 225 climbed 0.96%.

At Bursa Malaysia, the KLCI closed higher after being in the red for most of the trading period today. The KLCI had earlier fallen to its intraday low at 1,672.55 after crude oil prices fell more than 2% overnight on Monday.

Across Bursa Malaysia today, Petronas Dagangan Bhd and Petronas Gas Bhd closed among top decliners. Leading gainers included Selangor Properties Bhd and Public Bank.


Source: The Edge

Market Daily Report: KLCI down on China trade slump; PetDag, PChem and Top Glove fall

KUALA LUMPUR (Jan 14): The FBM KLCI closed down 7.06 points or 0.42% at 1,676.16 today after news on the shock contraction in China exports hit global shares and crude oil markets.

Across Bursa Malaysia, 2.18 billion shares worth RM1.42 billion were traded. A total of 523 stocks ended lower compared with 257 gainers. Top decliners included Petronas Dagangan Bhd, Petronas Chemicals Group Bhd and Top Glove Corp Bhd.

Petronas Dagangan shares closed down 60 sen at RM25.40, Petronas Chemicals dropped 35 sen to RM8.35 while Top Glove fell 14 sen to RM4.66. Petronas Chemicals and Top Glove fell amid a strengthening ringgit against the US dollar.

At the time of writing, the ringgit was traded at 4.1010 against the US dollar. Over the past year, the ringgit strengthened to current levels after depreciating to its weakest point against the US dollar at 4.2020.

Across Asian share indices today, the Shanghai Stock Exchange Composite declined 0.71%, Hong Kong's Hang Seng dropped 1.38% while South Korea's Kospi fell 0.53%.

Reuters reported that latest data from China showed imports fell 7.6 percent year-on-year in December when analysts had predicted a 5 percent rise while exports unexpectedly dropped 4.4 percent, confounding expectations for a 3 percent gain. The disappointing numbers reinforced fears US tariffs on Chinese goods were putting a big strain on China's already cooling economy.

It was reported that oil prices fell by almost 1 percent on Monday, with Brent crude slipping below US$60 per barrel, after Chinese data showed weakening imports and exports in the world's biggest trading nation and second-largest crude oil consumer.

International Brent crude oil futures were at US$59.91 per barrel at 0403 GMT, down 57 cents, or 0.9 percent from their last close. US West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.9 percent, at US$51.12 a barrel.

CNBC reported that Asia Pacific markets started off the trading week mostly on the back foot as China's disappointing trade data spooked investors. Major indexes in South Korea, China and Singapore tumbled Monday afternoon. The market in Japan was closed today for a public holiday.

In Malaysia, TA Securities Holdings Bhd technical analyst Steven Soo told theedgemarkets.com that the KLCI's decline was caused by disappointing Chinese export and import data. Soo said investors saw this as a negative surprise.

“Due to the [sluggish performance], Chinese trade data has also pulled down [Brent] oil price to below US$60 per barrel, as the slower growth in China has raised concern on oil demand,” he said.


Source: The Edge

Market Daily Report: FBM KLCI trails small-cap rise amid rotational play

KUALA LUMPUR (Jan 11): The FBM KLCI closed up 4.34 points or 0.26% at 1,683.22 after Asian shares ended higher today. World equities took cue from the US Federal Reserve's dovish stance and news that US and Chinese officials are preparing for higher-level trade talks.

Bursa Malaysia small market capitalisation (small-cap) stocks rose by a larger quantum as investor interest appeared focused on Bursa Malaysia small-cap stocks. The small-cap index closed up 113.33 points or 0.94% at 12,104.83.

“We’re seeing a rotational play into small-cap (companies), particularly into technology-linked stocks and the oil and gas sector,” said Stephen Soo, senior technical analyst at TA Securities Holdings Bhd.

Across Bursa Malaysia, 2.89 billion shares were traded for RM2.17 billion. There were 526 gainers and 283 decliners.

Sapura Energy Bhd, Bumi Armada Bhd and VS Industry Bhd were among the most-actively traded stocks. Leading gainers included KESM Industries Bhd, Fraser & Neave Holdings Bhd and TIME dotCom Bhd. 

 

Soo said a stronger ringgit against the US dollar and higher crude oil prices also supported stock markets. At the time of writing, the ringgit strengthened to 4.0960 against the US dollar amid news crude oil prices were on track for weekly gains.

Reuters reported that oil prices were on track for solid weekly gains on Friday after financial markets were lifted by hopes the US and China may soon resolve their trade disputes, and as OPEC-led crude output cuts tightened supply.

It was reported that Brent crude futures were traded at US$61.62 per barrel at 0749 GMT while US West Texas Intermediate (WTI) crude futures changed hands at US$52.63 per barrel. It was reported that Brent and WTI are set for their second week of gains, rising nearly 8 percent and 10 percent respectively.



Source: The Edge

Market Daily Report: FBM KLCI up 11.05 points after Maxis, Tenaga spike

KUALA LUMPUR (Jan 10): The FBM KLCI closed up 11.05 points or 0.66% after a late spike in Maxis Bhd and Tenaga Nasional Bhd share prices led to the KLCI's sharp rise in the final trading minutes.

At 5pm, the KLCI closed at 1,678.88. Maxis closed up 18 sen or 3.3% at RM5.64 while Tenaga rose 20 sen or 1.46% to RM13.86.

On the KLCI, Public Investment Bank Bhd analyst Lee Siao Ping said: “The buying interest is there, but the selling interest is equivalent. A bullish trend can only be confirmed if the KLCI breaks the 1,700 barrier next week.”

Across Bursa Malaysia today, 3.45 billion shares worth RM2.66 billion exchanged hands. Top gainers included Nestle (M) Bhd, Petronas Gas Bhd and MISC Bhd. 

 

In currency markets, the ringgit strengthened to 4.099 against the US dollar at the time of writing. The exchange rate reached 4.0935 earlier today.

Bloomberg reported that the ringgit rose to the highest in more than four months after WTI crude entered a bull market and the dollar faltered again.

Reuters reported that Asian shares edged up on Thursday on a weaker dollar and hopes of more economic stimulus in China, but many stocks see-sawed as markets awaited some details on this week's US-China trade talks amid hopes an all-out trade war can be averted.


Source: The Edge

Market Daily Report: KLCI down, small caps up as Bursa volume tops three billion shares

KUALA LUMPUR (Jan 9): The FBM KLCI closed down 4.93 points or 0.29% at 1,667.83 today after profit taking pushed the index into the red during the final trading hour.

Bursa Malaysia small market capitalisation (small-cap) stocks rose as share-trade volume across Bursa Malaysia breached three billion units.

At 5pm, the KLCI closed down at its intraday low on profit taking after the index rose to its intraday high at 1,684.08. The KLCI had earlier risen with global shares and crude oil prices amid optimism on the China-US trade talks.

Reuters reported that oil prices extended their gains, rising nearly one percent with US West Texas Intermediate crude oil futures rising above US$50 per barrel overnight for the first time in 2019. 

 

In Malaysia today, KLCI-linked stocks dominated Bursa Malaysia's top decliners at 5pm. Eight of Bursa Malaysia's 10 leading decliners were KLCI stocks, which included Petronas Chemicals Bhd, Maxis Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd.

“The stronger ringgit has negatively affected the export-oriented sector," Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com.

“Markets have been seeing improved liquidity around the world. This is partly due to the rebound in oil prices,” said Pong.

In currency markets, the ringgit was traded at 4.1143 against the US dollar at 5:32pm. Over the last one year, the ringgit had appreciated to current levels against the US dollar after depreciating to its weakest level at 4.2020.

Across Bursa Malaysia today, 3.02 billion shares changed hands for RM2.52 billion.
There were 631 gainers, more than double the 240 decliners. Yesterday, Bursa Malaysia saw 2.31 billion shares traded for RM2.03 billion.

Today, Bursa Malaysia small-cap stocks rose as investors took profit on big cap stocks. The small-cap index closed up 292.94 points or 2.52% at 11,937.87.


Source: The Edge

Market Daily Report: KLCI down 6.4 points led by glove makers

KUALA LUMPUR (Jan 8): The FBM KLCI dipped 6.41 points or 0.38% to close at 1,672.76 today, led by Hartalega Holdings Bhd and Top Glove Corp Bhd's share price decline partly due to an appreciating ringgit against the US dollar.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the decline in both rubber glove manufacturers' shares was also due to unresolved issues concerning foreign workers.

“Weakness in the benchmark index (KLCI) was led by Hartalega and Top Glove," Leong said. According to him, Hartalega and Top Glove accounted for a combined 4.2 point decline of the KLCI's 6.41 point drop.

Hartalega shares closed down 60 sen or 10.44% at RM5.15 to become the largest decliner in percentage terms among the KLCI's 30 stocks. Top Glove was the second largest decliner after the stock fell 27 sen or 5.09% to RM5.03. 

 

In currency markets, the ringgit was traded at 4.1182 against the US dollar at 5:34pm today. Over the last one year, the ringgit has strengthened to current levels after depreciating to its weakest point at 4.2020.

Across Bursa Malaysia today, 2.31 billion shares were traded for RM2.03 billion. The most-actively traded stocks included newly-listed Gagasan Nadi Cergas Bhd, Sapura Energy Bhd and Berjaya Corp Bhd.

Leading gainers included Malaysian Pacific Industries Bhd, Hong Leong Industries Bhd and Genting Bhd.


Source: The Edge

Market Daily Report: FBM KLCI up after China reserve requirement cut, dovish Fed comment

KUALA LUMPUR (Jan 7): The FBM KLCI closed up 9.39 points or 0.56%, tracking Asian peers, as investors took cue from the US' strong employment data and Federal Reserve's dovish turn.

China's move to cut bank reserve requirements also supported world stock markets as investors looked ahead at US-China trade talks today. At Bursa Malaysia, the KLCI closed at 1,679.17 at 5pm.
“I think the (Malaysian share) market also (saw an) oversold situation last week,” Danny Wong, chief executive officer of Areca Capital Sdn Bhd told theedgemarkets.com. “We might see some bargain hunting,” Wong said.

Wong said Federal Reserve Chairman Jerome Powell's dovish comments were also behind the more positive share-trade sentiment today. However, Wong expects volatile trading to continue until investors are more certain of earnings and growth expectations.

 Asian shares closed higher today. Japan’s Nikkei 225 rose 2.44% while South Korea's Kospi climbed 1.34%. In China, Hong Kong's Hang Seng added 0.82% while the Shanghai Stock Exchange Composite was 0.72% higher.

Reuters reported today the combination of a strong jobs report and a dovish Fed helped the Dow end Friday with gains of 3.29 percent, while the S&P 500 jumped 3.43 percent and the Nasdaq 4.26 percent. It was reported that risk appetite got a huge boost on Friday when the US payrolls report showed 312,000 net new jobs were created in December, while wages rose at a brisk annual pace of 3.2 percent.

It was reported that despite the strength, Powell sought to ease market concerns about the risk of a slowdown, saying the Central Bank would be patient and flexible in policy decisions this year.

In Asia today, it was reported that Chinese stocks firmed after the country's Central Bank announced an easing in policy on Friday, with 100 basis points of cuts to bank reserve requirements freeing up around US$116 billion for new lending. It was reported that Chinese officials also meet their US counterparts for trade negotiations starting later Monday, the first face-to-face talks of the year.


Source: The Edge

Market Daily Report: FBM KLCI tumbles 6.05 points; Bursa small-cap stocks up

KUALA LUMPUR (Jan 4): The FBM KLCI closed 6.05 points or 0.36% lower today after US stocks fell substantially overnight on Thursday amid weaker outlook on China's and US' economies.

At 5pm, the KLCI closed at 1,669.78. Overnight in the US, Reuters reported the Dow Jones Industrial Average fell 660.02 points or 2.83 percent, to 22,686.22, the S&P 500 lost 62.14 points, or 2.48 percent, to 2,447.89 and the Nasdaq Composite dropped 202.43 points, or 3.04 percent, to 6,463.50.

It was reported that a survey from the Institute for Supply Management (ISM) on Thursday showed US factory activity hit the brakes in December as new orders slowed sharply. It was reported that the dismal report came after Chinese data on Monday showed its manufacturing activity contracted in December for the first time in more than two years.

In Malaysia today, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that "weak global market sentiment, mainly due to the China-US trade war, weighed on Malaysian stocks."

Across Bursa Malaysia, the bourse saw 2.2 billion shares worth RM1.29 billion traded. Top decliners included Tenaga Nasional Bhd and Malaysia Airports Holdings Bhd.

Bursa Malaysia small market capitalisation (small-cap) stocks rose. Bursa Malaysia's small-cap index closed up 129.84 points or 1.16% at 11,333.73.

Wan said small-cap stocks saw a reprieve today after being “severely beaten down” for a year.


Source: The Edge

Market Daily Report: FBM KLCI up on bargain hunting, tech stocks down after Appple warning

KUALA LUMPUR (Jan 3): The FBM KLCI closed 7.72 points or 0.46% higher today on bargain hunting after the substantial decline yesterday.

Today, the KLCI closed at 1,675.83 at 5pm after investors bargain hunted for stocks including Sime Darby Plantation Bhd. Yesterday, the KLCI ended down 22.47 points at 1,668.11.

Today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarket.com: “The positive sentiment was mainly spurred by bargain hunting activities after the more than 20 point selloff in the previous session.”

Among the 30 KLCI stocks today, Sime Darby Plantation was the biggest gainer in percentage terms after the shares closed up 16 sen or 3.52% at RM4.71.

Across Bursa Malaysia, 1.76 billion shares worth RM1.22 billion were traded. Top gainers included KLCI stocks Hong Leong Financial Group Bhd and and Tenaga Nasional Bhd.

Bursa Malaysia leading decliners included Globetronics Technology Bhd after Apple Inc's revenue warning hit world stock markets. Globetronics closed down 24 sen or 13.95% at RM1.48 while Bursa Malaysia's technology index fell 1.31 points or 4.53% to 27.64.  

Globally, Reuters reported that US stock futures fell and Asian shares stumbled on Thursday after a rare revenue warning from Apple added to worries about slowing global growth and weaker earnings and jolted currency markets. It was reported that Apple blamed fewer iPhone upgrades and slowing sales in China in its most recent quarter, its first such warning since 2007. Its shares tumbled in after-hours trade.