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KUALA LUMPUR (Nov 30): The FBM KLCI fell 2.52 points or 0.1% after a sharp drop in the last few minutes of trade, weighed down by Genting Bhd, Petronas Gas Bhd and Public Bank Bhd share losses. At 5pm, the KLCI closed at 1,717.86 points. Genting declined 13 sen to RM8.80, Petronas Gas dropped 28 sen to RM15.88 while Public Bank fell 36 sen to RM19.90. Public Bank and Petronas Gas were Bursa Malaysia's fifth and ninth largest decliners respectively. Across Bursa Malaysia, 2.47 billion shares worth RM6.03 billion were traded. Decliners outpaced gainers at 461 to 340 respectively. Yesterday, the bourse registered a volume of 1.96 billion shares valued at RM2.8 billion. Today, analysts said banking stocks were in the spotlight. “There may be some added concern over the (financial) results of banks,” said Kenny Yee, head of research at Rakuten Trade Sdn Bhd. Yee said this as Malaysia's corporate financial reporting season for the July-to-September qua...

KUALA LUMPUR (Nov 29): The FBM KLCI closed 5.96 points or 0.3% higher, mainly due to index-linked Tenaga Nasional Bhd's share price rise. The ringgit appreciated to its strongest level over the last one year against the US dollar at 4.0815. At 5pm, the KLCI closed at 1,720.38 points. Tenaga shares ended 42 sen higher at RM15.40, to become the third-largest gainer on Bursa Malaysia. Across Bursa Malaysia, 1.96 billion shares worth RM2.8 billion were traded. There were 389 gainers versus 416 decliners. "The index (KLCI) closed slightly up mainly due to Tenaga," Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com. In the currency markets, the ringgit appreciated to 4.0815 against a weakening US dollar at 5:35pm, while investors speculated that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may extend oil supply cuts until the end of 2018 to support prices of the commodity....

KUALA LUMPUR (Nov 28): The FBM KLCI closed 5.44 points or 0.3% lower as China's move to curb shadow banking and other risky forms of financing hit Asian market sentiment. Malaysian shares also tracked crude oil losses. At 5pm, the KLCI closed at 1,714.42 points. China's Shanghai Stock Exchange Composite erased intraday losses to end 0.34% higher. Reuters reported that investor confidence in China has been dented by rising bond yields as Beijing stepped up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits. It was also reported that oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. Brent futures had fallen to US$63.72 a barrel by 0753 GMT, down 12 cents, or 0.2 percent, from their previous close. In Malaysia, Inter-Pacific Sec...

KUALA LUMPUR (Nov 27): Malaysian stocks closed higher today, driven largely by last minute bargain hunting in selected heavyweights, including DiGi.Com Bhd and Tenaga Nasional Bhd.   The benchmark FBM KLCI closed up 2.63 points or 0.15% at 1,719.86. Trading volume decreased to 1.64 billion shares, worth RM1.78 billion, compared with Friday’s 1.84 billion shares, worth RM2.52 billion. Losers led gainers 548 to 343, while 377 counters traded unchanged. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI closed higher today, despite trading mostly lower in early trade, due to last minute bargain hunting in selective heavyweights. “Today’s gain is also mainly due to the rally of last Friday’s crude oil prices and also a stronger ringgit against the US dollar," he told theedgemarkets.com. According to Bloomberg , Brent crude oil prices were at US$63.69 per barrel as of writing, while the ringgit appreciated to 4.1155 against the US doll...

KUALA LUMPUR (Nov 24): The FBM KLCI ended the week lower today as investors were either staying at the sidelines waiting for fresh leads ahead of the 14th General Election or switching to regional markets for higher returns. At 5pm, the benchmark index fell 4.04 points or 0.23% to close at 1,717.23 points, after ranging between 1,713.26 points and 1,720.38 points. The benchmark index has declined by 4.2% or 75.12 points from this year's peak of 1,792.35 points on June 14. Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that the Malaysia market weakness may persist for the next few weeks. “I think the sentiment will remain weak over the next few weeks because of uncertainties on the upcoming general election. If you look at the regional market, there are many other markets which look more attractive than us. As foreign investors, it is very normal for them to opt out of Malaysia and go to somewhere that gives them bett...

KUALA LUMPUR (Nov 23): The FBM KLCI closed 2.27 points or 0.1% lower, tracking China's share drop on concerns about China's bond selloff. Malaysian crude palm oil (CPO) selling pressure also affected market sentiment. At 5pm, the KLCI closed at 1,721.27 points on losses in KLCI-linked plantation counters Sime Darby Bhd, IOI Corp Bhd and Kuala Lumpur Kepong Bhd (KLK). In China, the Shanghai Stock Exchange Composite fell 2.29% while Japan markets were closed for the Labour Thanksgiving Day holiday. US markets are also closed today for the Thanksgiving Day holiday. In Malaysia, Malacca Securities Sdn Bhd research analyst Kenneth Leong told theedgemarkets.com: “Selling pressure in CPO is one of the sources of market weakness today. The other reason was China's bond selloff. It had affected local market sentiment as well." Reuters reported that Chinese shares tumbled on Thursday with the blue-chip index suffering its worst fall in nearly 1½ y...

KUALA LUMPUR (Nov 22): The FBM KLCI rose 2.86 points or 0.2% as the ringgit appreciated amid crude oil price gains. Malaysian shares rose with Asian equities today after US stocks closed at record highs overnight on Tuesday. At Bursa Malaysia today, the KLCI settled at 1,723.54 points at 5pm. In currency markets, the ringgit appreciated to 4.1110 against the US dollar at 5:30pm. The ringgit appreciated as crude oil prices rose. Reuters reported that oil prices rose on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC-led production cut also offered support. Brent crude futures, the international benchmark for oil prices, were at US$62.97 per barrel, up 40 cents, or 0.6 percent. In Malaysia, CIMB Investment Bank Bhd analyst Nick Foo Mun Pang told theedgemarkets.com that “market sentiment in Asia was boosted by strong global corporate earnings and economic gro...

KUALA LUMPUR (Nov 21): The FBM KLCI climbed 2.32 points or 0.1% after Petronas Gas Bhd's share price spiked in the final trading minutes. The ringgit strengthened to a new one-year level against the US dollar at 4.1390. At 5pm, the KLCI closed at 1,720.68 points. KLCI-linked Petronas Gas added 48 sen to RM17.14 to become Bursa Malaysia's top gainer. Across Bursa Malaysia, decliners led gainers by 640 against 231 respectively. A total of 2.27 billion shares valued at RM2.37 billion exchanged hands. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said that market breadth across Bursa Malaysia was still rather negative as corporate earnings growth failed to attract investors. “It’s a continuity of trends," Pong told theedgemarkets.com. In currency markets, the ringgit was traded at 4.1400 against the US dollar at 5:40pm. The ringgit had earlier today appreciated to its strongest level in a year against the US dollar at 4.1390....

KUALA LUMPUR (Nov 20): The FBM KLCI slipped 3.3 points or 0.2% on weaker technical indicators and after China shares fell during intraday trades on the country 's new guidelines to regulate asset management products. At 5pm, the KLCI closed at 1,718.36 points. China's Shanghai Stock Exchange Composite erased intraday losses to end 0.28% higher. Reuters reported that China stocks fell sharply on Monday and were heading for their biggest daily loss in three months after Beijing set sweeping new guidelines to regulate asset management products, which analysts said will dampen investors' appetite for riskier assets. The central bank issued the new guidelines on Friday to more strictly regulate asset management businesses, in the government's latest effort to rein in the risky shadow banking sector which had been channeling money into Chinese stocks, bonds and property. In Malaysia, Kenanga Investment Bank Bhd analyst Muhammad Afif Zulkaplly t...

KUALA LUMPUR (Nov 17): The FBM KLCI inched up 3.55 points or 0.2% on what appears to be a technical rebound following four consecutive days of losses. Meanwhile, the ringgit strengthened against the US dollar. At 5pm, the KLCI ended at 1,721.66 points. Yesterday (Thursday), the index fell 4.88 points to 1,718.11 points. Today, TA Securities Holdings Bhd wrote in a note: "Persistent profit-taking on index heavyweights pressured the local bluechip benchmark lower for a fourth straight session Thursday. (Today) The cautious market undertone and bearish momentum should continue to pressure the index lower, before oversold conditions spark a technical rebound." Despite the KLCI's rise today, analysts are still mindful of the  sustainability of the index's gain. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that the market is cautious as investors had taken the brunt of foreign funds' outflow from ...

KUALA LUMPUR (Nov 16): The FBM KLCI closed 4.88 points or 0.3% lower amid bearish technical signals, acccording to analysts. At 5pm, the KLCI closed at 1,718.11 points. AmInvestment Bank Bhd analyst Lim Sae Wai told theedgemarkets.com that the KLCI had been showing bearish technical indicators since the middle of October this year. "My technical analysis has been showing a bearish signal in the FBM KLCI since the middle of October. So in the immediate term, we might see a potential technical rebound in the market. However, I am of the opinion that it may not last long," Lim said. Today, TA Securities Holdings Bhd wrote in a note: "The weaker tone on global markets and negative technical momentum should increase cautious sentiment and discourage investors to the sidelines." Across Bursa Malaysia, decliners led gainers at 614 against 265 respectively. A total of 2.44 billion shares worth RM2.48 billion exchanged hands. Top decliners incl...

KUALA LUMPUR (Nov 13): The FBM KCLI closed 4.79 points or 0.27% lower today, as regional exchanges turned in a mixed performance. The benchmark index had opened at 1,743.14 points and climbed to its intra-day high of 1,746.72 points in morning trade, before ending the day at its intra-day low of 1,737.49 points. At closing bell, Bursa Malaysia decliners led gainers at 594 against 319 respectively. A total of 2.89 billion shares worth RM2.24 billion exchanged hands. Top decliners were Petronas Gas Bhd, KESM Industries Bhd, and PMB Technology Bhd while top gainers for the day were Petronas Dagangan Bhd, Hengyuan Refining Company Bhd and Vitrox Corp Bhd. Analysts said there is a general air of uncertainty across Bursa Malaysia amid broader regional market weakness. “The Asian markets are quite mixed for various reasons. Several exchanges are quite volatile, such as in Australia and South Korea. It's the same in Europe and the US. Based on this sentimen...

KUALA LUMPUR (Nov 10): The FBM KLCI dropped 4.53 points or 0.26% today, taking a weak lead from the overnight lower closing on Wall Street following possible delays in its corporate tax cuts. The benchmark index opened at 1,746.53 points this morning, and was trading between 1,740.94 and 1,748.94 points, before it ended the week at 1,742.28 points. Inter-Pacific Securities head of research Pong Teng Siew told theedgemarkets that the KLCI traded between small gains and small losses today, mainly because investors were worried over the prospect of the landmark US tax bill which may be delayed until 2019. “Uncertainties around the US tax plans was a huge trigger for its market, the US market was down last night and it is not surprising that we are experiencing some spillover negative effects,” he said. Pong also noted some abnormalities on Bursa Malaysia today, as the strengthening of the ringgit against the US dollar to levels just below 4.20 sent export-o...

KUALA LUMPUR (Nov 9): The FBM KLCI closed up 2.61 points or 0.15% today at 1,746.81 points, as oil and gas (O&G) counters took centre stage on the back of rising Brent crude oil prices. Petronas Gas Bhd, Hengyuan Refining Co Bhd, and Petron Malaysia Refining & Marketing Bhd were among the top gainers after British American Tobacco (Malaysia) Bhd. However, the KLCI was rather choppy throughout the day, in line with other Asian markets as the geopolitical outcomes from US President Donald Trump's visit to Asian countries remains to be seen, said TA Securities technical analyst Stephen Soo. "It will be very tough for the market to clear the hurdle of 1,751 points, although there is good downside support above the 1,740 level," Soo told theedgemarkets.com. He added that oil price movements are likely to continue contributing to outperformance of O&G counters. Brent crude oil futures last traded at US$63.44 and have gained more than 40% ...

KUALA LUMPUR (Nov 8): The FBM KLCI closed 6.74 points or 0.4% lower on profit taking and after China announced October export growth slowed to 6.9% from a year earlier. At Bursa Malaysia, the KLCI closed at 1,744.2 points at 5pm. Investors took profit today after the index rose 8.65 points yesterday to 1,750.94 points. AmInvestment Bank Bhd research analyst Lim Sae Wai told theedgemarkets.com that Malaysian companies' quarterly earnings announcements had not been able to sustain the KLCI's uptick. “The KLCI needed a few more points to break (the) resistance. While technical indicators provide a slight bearish view, we can give it more time to see which direction the market is heading to," Lim said. Across Bursa Malaysia, decliners led gainers by 443 against 342 respectively. A total of 2.6 billion shares valued at RM2.14 billion changed hands. Top decliner was Petronas Dagangan Bhd followed by Petronas Gas Bhd. China's latest externa...

KUALA LUMPUR (Nov 7): The FBM KLCI rose 8.65 points or 0.5% to close at its intraday high today after US equities climbed to record highs overnight on Monday. Crude oil's overnight rise also supported Malaysian shares today. At 5pm today, the KLCI settled at 1,750.94 points on gains in blue-chip stocks including Petronas Gas Bhd, Genting Bhd and Genting Malaysia Bhd. "Oil prices continue to be front and centre for traders in a relatively quiet market. Brent crude surged 3.5% to trade above US$64 on Monday, after the arrests in Saudi Arabia raised investors’ concerns over the stability of the Middle East region," FXTM chief market strategist Hussein Sayed wrote in a note today. Across Bursa Malaysia, 3.02 billion shares worth RM2.67 billion were traded. There were 357 gainers and 456 decliners. Petronas Gas shares added 54 sen to RM17.64, Genting Bhd rose 48 sen to RM9.35 while Genting Malaysia Bhd was 25 sen higher at RM5.30. Petronas Gas w...

KUALA LUMPUR (Nov 6): The FBM KLCI rose 1.36 points or 0.1%, supported by blue-chip counters including MISC Bhd. Crude oil gains directed the spotlight on Bursa Malaysia's oil and gas-related stocks. At 5pm, the KLCI closed at 1,742.29 points. MISC added 30 sen to RM7.41 to become Bursa Malaysia's fifth-largest gainer. MISC shares rose after the shipping company declared a tax-free dividend of seven sen a share. MISC declared its dividend on Friday in conjunction with the announcement of its third quarter results. Across Bursa Malaysia today, three billion shares worth RM2.08 billion were traded. Despite KLCI's gain, there were more decliners than gainers — 429 versus 401 respectively. Top gainers included oil and gas-related companies Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that "Hengyuan and Petron have benefited f...

KUALA LUMPUR (Nov 3): The FBM KLCI erased gains at the 11th hour to close 0.12 point lower at 1,740.93 points on late selling of index-linked Petronas Dagangan Bhd shares. At 5pm, Petronas Dagangan fell 46 sen to close at RM23.44 to become Bursa Malaysia's largest decliner. Earlier, the KLCI had risen to its intraday high at 1,744.79 points. At 5pm, Bursa Malaysia decliners led gainers at 440 against 327 respectively. A total of 2.8 billion shares worth RM1.98 billion changed hands. Analysts said Malaysian shares fell amid muted market reaction towards US policy news. Reuters reported that the dollar held steady versus a basket of currencies on Friday, as investors shifted their focus to US jobs data, with President Donald Trump's nomination of Federal Reserve Governor Jerome Powell to be the next Fed chair coming as no surprise. It was reported that in Washington, House Republicans finally unveiled long-delayed plans for deep tax cuts that Tru...

KUALA LUMPUR (Nov 2): The FBM KLCI pared losses for a 2.88-point or 0.2% drop as investors bargain hunted for blue-chip stocks in the afternoon. The month of November is when Malaysia's July-September quarter corporate financial reporting starts in earnest. At 5pm today, the KLCI closed at 1,741.05 points after hitting its intraday low at 1,739.80 points. “Better third quarter results can provide a catalyst for the local market, which has lagged behind regional peers,” Areca Capital Sdn Bhd chief executive Danny Wong Teck Meng told theedgemarkets.com. Across Bursa Malaysia, 2.91 billion shares valued at RM2.09 billion exchanged hands. Decliners led gainers by 474 to 329 respectively. Elsewhere, Asian share markets closed mixed as strong earnings prospects lifted Japan’s Nikkei 225 by 0.53%. Hong Kong’s Hang Seng dipped 0.26% while South Korea’s Kospi slipped 0.4%. Reuters reported that Japan's Nikkei share average extended its strong rally to to...

KUALA LUMPUR (Nov 1): The FBM KLCI closed down 3.99 points or 0.2% partly on Sime Darby Bhd share losses and as foreigners sold Malaysian equities. At 5pm, the KLCI closed at 1,743.93 points. Sime Darby dipped 11 sen to RM9.09 after Moody's Investors Service downgraded Sime Darby's issuer rating to Baa3 from Baa1. "The rating outlook is stable. The rating action concludes Moody's review of the company's rating for downgrade, which was initiated on Feb 3 2017, after Sime Darby announced a plan to create three standalone businesses, by retaining its motors, industrial, logistics and other businesses and listing its plantation and property divisions on Bursa Securities Malaysia," Moody's said in a statement yesterday. Today, Kenanga Investment Bank Bhd analyst Muhammad Afif Zulkaplly told theedgemarkets.com that Sime Darby partly contributed to the outflow of foreign funds from Malaysian shares. “Locally, foreign outflow is most...