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KUALA LUMPUR: The FBM KLCI closed down 0.5% or 9.16 points to 1,740.09 on profit taking as well as a lack of window dressing. TA Securities Holdings Bhd senior technical analyst Stephen Soo said the index’s performance for the day fell below the firm’s expectations, and the lack of upside in window dressing signalled continued weak sentiment. “The local stock market is underwhelming. We expected some upside in window dressing but that did not happen. The subdued momentum indicated that sentiment is still weak,” Soo told the edgemarkets.com. However, Soo said TA Securities foresees a rebound in the FBM KLCI next week following reports that Malaysia Rail Link Sdn Bhd (MRL), the operator of the East Coast Rail Line (ECRL), could announce the breakdown of its tenders as early as early April. “The announcement of contractors that will take part in the ECRL project will trigger the local stock market. It is a bit quiet now but things could (shake up) soon,” he sa...

KUALA LUMPUR (March 29): The FBM KLCI fell 4.01 points or 0.2% on index-linked British American Tobacco (M) Bhd (BAT) and Petronas-related share losses. BAT shares fell on speculation Malaysia may raise cigarette prices, a move which could affect BAT's sales volume. Petronas Dagangan Bhd and Petronas Gas Bhd shares declined on profit taking after both stocks rose yesterday. At 5pm today, the KLCI closed at 1,750.41 points. BAT shed RM2.46 to RM45.44, Petronas Dagangan dropped 94 sen to RM23.90 while Petronas Gas was 16 sen lower at RM19.80. BAT was Bursa Malaysia's top decliner. Petronas Dagangan and Petronas Gas were the second and eighth-largest decliners respectively. “There was a knee-jerk reaction on BAT as a deputy minister had suggested that cigarette prices may be increased to RM21.50 per pack, while everyone will be monitoring how Petronas Dagangan will adjust to the weekly ceiling price (for petrol),” Maybank Investment Bank Bhd chartist Ni...

KUALA LUMPUR (March 28): Malaysian stocks rebounded today, mirroring movements among regional counterparts, after Wall Street and the US dollar stabilised following US President Donald Trump’s failure to push through a healthcare reform Bill.   The benchmark FBM KLCI index closed 9.47 points or 0.54% higher at 1,754.42 points, with gains led by Petronas Dagangan Bhd and Panasonic Manufacuring Malaysia Bhd. However, trading volume fell to 3.07 billion shares worth RM2.42 billion compared with Monday’s 3.97 billion shares worth RM2.49 billion. Market breadth was positive, with 513 gainers versus 366 losers. “The stock market rebounded slightly (today), but there isn’t anything too spectacular happening in Malaysia for now. However, we do expect the ongoing reversal of outflow to continue for at least the next two weeks,” Etiqa Insurance and Takaful research head Chris Eng told theedgemarkets.com. Eng said economy-wise, although Asean stock markets are ...

KUALA LUMPUR (March 22): The FBM KLCI fell 6.37 points or 0.4%,tracking Asian share losses after a weaker overnight performance in US stock markets. World equities fell on uncertainties over US President Donald Trump's policies for the US economy. At 5pm, the KLCI closed at 1,748.3 points after falling to its intraday low at 1,738.4 points. Across Asian share markets, Japan's Nikkei 225 declined 2.13%, Hong Kong’s Hang Seng fell 1.11% while South Korea’s Kospi was 0.46% lower. In overnight US share trades, the Dow Jones Industrial Average fell 1.14%, S&P 500 dropped 1.24% while Nasdaq Composite was 1.83% lower. Reuters reported that Asian stocks posted their biggest drop in two weeks on Wednesday as growing doubts about Trump's economic growth agenda prompted investors to dump risky assets and rush to safe havens such as gold and government debt. Wall Street fell sharply on Tuesday as investors worried that Trump will struggle to deliver ...

KUALA LUMPUR (March 21): The FBM KLCI rose 5.26 points or 0.3% on late buying of index-linked plantation entities Kuala Lumpur Kepong Bhd (KLK) and IOI Corp Bhd shares. The KLCI had also tracked Asian share gains. At 5pm, the KLCI closed at 1,754.67 points after falling to its intraday low at 1,748.82 point during its final trading minutes. KLK shares added two sen to RM24.82 while IOI Corp rose two sen to RM4.70. KLK and IOI Corp shares had earlier fallen with lower crude palm oil prices as a stronger ringgit versus the US dollar made the commodity more expensive for foreign buyers. At 5.37pm, the exchange rate was at 4.4255. Reuters reported that benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 0.3 percent at RM2,772 (US$626.16) a tonne at the midday break. Palm also tracks the movement of other related vegetable oils as they compete for a share in the global edible oils market. In Malaysia, analysts told theed...

  KUALA LUMPUR (March 17): The FBM KLCI rose 8.06 points or 0.5% as Bursa Malaysia's volume neared five billion shares on expectation of a more moderate pace in US interest rate hikes this year. Such US rate sentiment augurs well for Asian markets in anticipation of foreign demand for higher-yielding Asian assets. At Bursa Malaysia today, the KLCI closed at 1,745.2 points, after rising 19.78 points yesterday. Across Bursa Malaysia today, 4.98 billion shares worth RM5.04 billion changed hands. In August 2014, the bourse's volume reached a record high at 7.67 billion shares. Today, Malaysian shares rose to current levels after the US increased its benchmark interest rate by 25 basis points last Wednesday (March 15) to between 0.75% and 1%. Reuters reported today that while the Federal Reserve raised interest rates by 25 basis points on Wednesday as widely expected, it kept its original forecast of three rate hikes this year, disappointing investors wh...

KUALA LUMPUR (March 16): The FBM KLCI jumped 19.78 points or 1.15% after the US Federal Reserve took a decisive step in tightening monetary policy by raising the key interest rate by 25 basis points. The benchmark index closed at 1,737.14 points, its highest level in 12 months. “The local market has slightly outperformed itself, but this is expected,” said Etiqa Insurance and Takaful’s head of research Chris Eng. “Expect to see inflow of funds, now that foreign brokers like Credit Suisse and CLSA are generally positive on Malaysia,” Eng told theedgemarkets.com. The FBM KLCI’s rally was in line with the rise on Wall Street, with the Dow Jones Industrial Average gaining 0.54%, and the Standard & Poor’s S&P500 Index rising 0.84%. Some 3.4 billion shares worth RM3.62 billion were traded on Bursa Malaysia, while gainers outpaced decliners by 666 to 286. Priceworth International Bhd continued to be the most actively-traded counter with 102.89 milli...

The US stock market opened higher ahead of the widely anticipated rate hike by the US Federal Reserve, the first of the anticipated three hikes for 2017. The recovery in the stock market was buoyed by the rebound in oil prices. The Dow Jones Industrial Average rose 0.21% to 20,880.15 while the S&P 500 gained 0.36% to 2,373.98. The Nasdaq Composite added 0.18% to 5,867.125. One of the stock market that we have been keeping an eye on is Microsoft since 2014, which continued to move higher along with the broader market, gaining 0.16% to US $64.51, giving it a market capitalization of US $497.7 billion. 

KUALA LUMPUR (March 14): Trading of shares on Bursa Malaysia ended on a positive note today, with the country’s equity benchmark index — FBM KLCI — inching up by a marginal 0.55 point or 0.03% on last-minute interest in index-linked Genting Bhd, Genting Malaysia Bhd, Hong Leong Financial Group Bhd and Hong Leong Bank Bhd. At 5pm today, the FBM KLCI closed at 1,722.47 points, which is the ninth consecutive trading day that it stayed above 1,700 points since March 2, data from Bloomberg showed. Some 3.92 billion shares worth RM3.25 billion exchanged hands in the local bourse, exceeding the average 2.8 billion shares in the last 20 trading days. As for market breadth, 444 counters closed higher versus 473 counters that ended lower, while 363 stocks closed unchanged and 23 counters were suspended. Borneo Oil Bhd was the most actively traded counter with 265.63 million shares traded, after it announced a bonus issue and warrants. Priceworth International B...