MONEY MASTER

KUALA LUMPUR (June 29): The FBM KLCI staged a technical rebound today to snap a four-day losing streak, finishing 25.82 points or 1.55% higher at 1,691.50 points, in tandem with the regional markets. Though it opened lower at 1,665.04 points this morning, the benchmark index rose steadily to briefly touch its intra-day peak of 1,701.65 points by noon break. At 5pm, the benchmark index pared some gains to settle below the 1,700 level. Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com when contacted that the surge today appears to be a technical rebound, after a period of downturn in the past two weeks impacted by external factors, especially the US-China trade spat. Excluding a marginal 0.1% gain it eked out on June 22, the FBM KLCI had been on a declining trend for the past 13 trading days. "The fundamentals of the Malaysian equity market is still intact," he said. "It is also because today is the last...

KUALA LUMPUR (June 28): The FBM KLCI erased earlier gains today to close down 0.4 points or 0.02% amid thin trading activity as investors stayed on the sidelines ahead of the first half window dressing activities. Malaysian stocks extended their loss for the fourth consecutive day to end the day at 1,665.68 points, after climbing to an intraday high of 1,670.85. Trading volume fell to 1.56 billion shares worth RM1.66 billion compared with yesterday’s 2.01 billion shares worth RM1.99 billion. "The market was a bit quiet. There was an absence of foreign sellers, but the bad news was the volume among bargain hunters was weak," TA Securities Research analyst Stephen Soo told theedgemarkets.com. "One possible explanation could be that investors are saving their bullets for the upcoming window dressing for the first half of the year," he added. Decliners led gainers by 419 counters against 365, while 650 counters were unchanged. British Am...

KUALA LUMPUR (June 27): Malaysian stocks extended their loss for the third consecutive day, dragged by telecommunication stocks and in line with broader Asia as further falls in Chinese equities and the yuan sent ripples across the region. The key FBM KLCI finished 9.78 points or 0.58% lower at 1,666.08 points today. The benchmark index was also dragged lower by a decline in blue-chip stock Malayan Banking Bhd, whose market value dropped below the RM100 billion mark to RM96.08 billion at closing bell. The counter closed at RM8.68, down 32 sen or 3.56%. According to Hong Leong Investment Bank Research analyst Loui Low Ley Yee, the imminent downward pricing of broadband packages that could intensify competition among telco players remained a concern for investors. Shares in Telekom Malaysia Bhd (down 1.63% to RM3.01), Maxis Bhd (down 3.47% to RM5.29), Axiata Bhd (down 0.98% to RM4.05) and DiGi.Com Bhd (down 1.93% to RM4.07) closed lower today. "Wh...

KUALA LUMPUR (June 25): The FBM KLCI continued to stay sluggish today with the benchmark index finishing at 1,675.86 points, down 2.24 points or 0.13% from yesterday's close, as investors remained concerned about the trade row between the US and China. The KLCI traded within a range of 1,673.26 and 1,681.54 throughout the day, with decliners leading gainers with 547 counters to 264. Trading volume decreased to 1.88 billion shares worth RM1.93 billion compared with yesterday's 2.04 billion shares worth RM1.97 billion. Gainers were led by Dutch Lady Milk Industries Bhd, Nestle (M) Bhd and British American Tobacco (M) Bhd, while decliners were led by Ajinomoto (M) Bhd, Carlsberg Brewery Malaysia Bhd and Petron Malaysia Refining & Marketing Bhd. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew opined that a spell of steep drops in recent weeks has encouraged some bargain hunting but any uptick in the short-term “might not last”. “...

KUALA LUMPUR (June 25): The FBM KLCI opened at its intra-day high of 1707.02 points today, but it went downhill from there as investors remained wary about the threat of the trade war between the two economic giants, US and China. At 5pm, the benchmark index settled at an intra-day low of 1678.10 points, down 16.05 points or 0.95%. When contacted, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that the KLCI was dragged mainly by the banking sector today, which saw CIMB Group Holdings Bhd leading the fall. The counter closed down 41 sen or 7.06% to settle at RM5.40, after seeing some 37.48 million shares done. It was the sixth most actively traded stock and the third largest loser on Bursa Malaysia today. “Aside from banking stocks like CIMB and Maybank (Malayan Banking Bhd), some telcos also fell, including Telekom Malaysia Bhd, Axiata Group Bhd and DiGi.Com Bhd. Mainly because sentiment was bad, partly due to the US-Chin...

KUALA LUMPUR (June 22): The FBM KLCI gained 1.83 points or 0.1% on bargain hunting and amid fund managers' window dressing ahead of the end of 2018's second quarter. Today, Malaysian shares also rose with a stronger ringgit in what appeared to be an immediate response to Prime Minister Tun Dr Mahathir Mohamad's comment that the ringgit is fairly valued at 3.8 against the US dollar. At Bursa Malaysia today, the KLCI ended at 1,694.15 after falling to its intraday low at 1,678.03 and rising to its intraday high at 1,699.95. Yesterday, the KLCI fell 17.43 points as investors evaluated the impact of the US-China trade spat on world markets. Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com: “The KLCI is going through a window dressing period. The sentiment is still negative, as both the macro and micro uncertainties are still lingering." In currency markets, the ringgit strengthened to 3.9975 aga...

KUALA LUMPUR (June 20): The FBM KLCI slipped 5.61 points or 0.3% to its intraday low after investors sold KLCI-linked banking stocks in the final trading minutes. Lingering concerns on the US-China trade spat continued to dictate world market sentiment. At Bursa Malaysia, the KLCI closed at 1,709.75 points at 5pm as Public Bank Bhd and Hong Leong Bank Bhd shares ended among Bursa Malaysia top decliners. The KLCI erased gains after rising to its intraday high at 1,728.69 points. “Banks caused the (KLCI's) downturn in the last half an hour of trading,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com. Yesterday, the KLCI fell 28.07 points as news of the escalating US-China trade spat hit global markets. Across Bursa Malaysia today, 1.85 billion shares worth RM2.21 billion were traded. Public Bank shares closed 58 sen lower at RM22.78 while Hong Leong Bank fell 20 sen to RM18.46. Asian shares rose. In China, t...

KUALA LUMPUR (June 19): The FBM KLCI fell 28.07 points or 1.61% while the ringgit weakened as the escalating US-China trade spat hit global markets. Analysts said foreign institutional investors sold Malaysian assets on expectation of further US interest rate hikes. At Bursa Malaysia, the KLCI finished at its intraday low at 1,715.36 points. In currency markets, the ringgit weakened to 4.0030 against a strengthening US dollar at the time of writing. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com: “KLCI fell today mainly due to blue chip stocks on Bursa Malaysia being heavily sold by foreign funds.” Pong said Inter-Pacific expects foreign selling of Malaysian assets to continue until the later part of this year in anticipation of US interest rate hikes. Asian shares fell today. In China, the Shanghai Stock Exchange Composite fell 3.78% while Hong Kong’s Hang Seng lost 2.78%. Elsewhere, Japan’s Nikkei 225 dropped 1....

KUALA LUMPUR (June 18): The FBM KLCI fell 18.35 points or 1.04%, tracking Asian share losses as investors evaluated the impact of the US-China trade spat on world markets. The ringgit weakened past the 4.0000 level against the US dollar. At Bursa Malaysia, the KLCI closed at 1,743.43 points at 5pm after falling to its intraday low at 1,735.30. Among Asian share markets, Japan’s Nikkei 225 fell 0.75% while South Korea's Kospi sank 1.16%. China markets were closed today for the Dragon Boat Festival holiday. Reuters reported that Asian shares fell to a 2-1/2 week low on Monday after US President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind. It was also reported that emerging Asian exchange rates slipped broadly on Monday with heightening global trade tensions sparking sharp falls in the region's export-correlated currencies. The dollar index, measuring it agai...

KUALA LUMPUR (June 13): The FBM KLCI fell 0.59 point to close at 1,763.57 points while the ringgit depreciated to its weakest level against the US dollar today at 3.9992 as investors awaited the US Federal Reserve's interest rate decision later today. Reuters reported that the US Federal Reserve is holding a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018. In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong said Malaysian shares took cue from US markets as investors awaited the outcome of the Federal Reserve meeting while evaluating Malaysian government policies. “The (Malaysian) market is getting more clarity moving forward on local policies. [On the external front] there is some [reassurance] on geopolitical risks following the meeting between the US and North Korea le...

KUALA LUMPUR (June 12): The FBM KLCI fell 11.64 points or 0.7% while the ringgit weakened as investors anticipated major central banks' monetary policies this week. At 5pm, the KLCI finished at 1,764.16 points after the ringgit depreciated to its weakest level today against the US dollar at 3.9940. Reuters reported that the US Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018. It was reported that the European Central Bank (ECB) meets on June 14, when it could signal intentions to start unwinding its massive bond purchasing programme. Also, the Bank of Japan on Friday concludes a two-day meeting at which it is widely expected to keep its loose monetary policy intact. In Malaysia today, JF Apex Securities Bhd senior research analyst Lee Cherng Wee said that catalyst...

KUALA LUMPUR (June 11): The FBM KLCI fell 2.52 points or 0.1% to close at 1,775.8 points after profit taking in the final trading minutes dragged the index lower. At 5pm, the KLCI closed lower after touching its intraday peak at 1,788.16 points. Analysts said investors continued to evaluate Malaysia' outlook after Prime Minister Tun Dr Mahathir Mohamad-led Pakatan Harapan's win in the country's 14th General Election. “Investors are still treading cautiously at this moment because they are looking beyond what is going to happen subsequently in Malaysia, because of all these construction projects being reviewed. "Most of the sectors are quite dampened in the outlook for the time being,” Loui Low, head of retail research at Hong Leong Investment Bank Bhd, told theedgemarkets.com. Across Bursa Malaysia, volume traded was 2.62 billion shares for RM2.41 billion. Top decliners included Heineken Malaysia Bhd and Public Bank Bhd while leading gain...

KUALA LUMPUR (June 8): The FBM fell 0.42% today as investors resorted to taking profit after a two-day rally and also due to the uncertainties on the external front. The benchmark index closed 7.49 points lower at 1,778.32. "This is a normal pullback, as investors monetise on their investment after a long rally since Wednesday," Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told theedgemarkets.com. Nik Ihsan said the market pullback is expected to continue into next week with no new catalyst in sight as the government embarks on various economic reforms and reviews current mega-infrastructure projects. Across Bursa Malaysia today, the trading volume stood at 3.1 billion shares valued at RM2.42 billion, compared with 4.17 billion shares worth RM3.39 billion yesterday. MY EG Services Bhd topped the active list with 170.98 million shares exchanging hands, equivalent to 4.74% of its share capital. Gainers were led by Dutch Lady Milk I...

KUALA LUMPUR (June 7): The FBM KLCI rose 8.68 points or 0.5% as Asian shares took cue from US equities' overnight rise. At 5pm, the KLCI closed at 1,785.81 points after climbing to its intraday high at 1,801.42 points. At 5pm today, the KLCI extended its gain after rising 21.99 points yesterday. Today, the KLCI closed higher partly on gains in KLCI-linked banking stocks like Malayan Banking Bhd, (Maybank) CIMB Group Holdings Bhd and RHB Bank Bhd. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com over telephone "the gain in the Malaysian stock market is in line with the overnight gain at Wall Street". Across Bursa Malaysia today, 4.06 billion shares worth RM3.25 billion were traded. Top gainers included Maybank, the shares of which, rose 28 sen to RM9.87. Notable gainers included KLCI-linked stocks Petronas Dagangan Bhd and Telekom Malaysia Bhd. Major Asian stock markets rose. Japan’s Nikkei 225 was 0.87% higher ...

KUALA LUMPUR (June 6): The FBM KLCI gained 21.99 points or 1.25% with Asian stock markets and as higher crude oil prices supported shares of Malaysia oil and gas (O&G) counters. Gains in KLCI-linked Astro Malaysia Holdings Bhd besides KLCI-linked banking stocks like Public Bank Bhd and Hong Leong Financial Group Bhd also suported KLCI's rise. At 5pm, the KLCI finished at 1,777.13 points after reaching its intraday high at 1,778.47 points. At 5pm, Astro closed 23 sen higher at RM1.83, Public Bank rose 98 sen to RM25 while Hong Leong Financial added 62 sen to RM19.82.   “Investors are bargain hunting for opportunities out there in the market. Also, there is not much of negative news that could spook investors, and all the negatives have been priced in,” Hong Leong Investment Bank Bhd head of retail research Loui Low Ley Yee told theedgemarkets.com today. “Investors are taking an interest in the penny stocks, and foreign funds have been selling les...

KUALA LUMPUR (June 4): The FBM KLCI slipped 1.21 points or 0.1% after volatile trade amid foreign selling as investors evaluated Malaysian Government policies and news on global trade and economic data. At 5pm, the KLCI closed at 1,755.17 points after rising to its intraday high and falling to its intraday low at 1,761.61 and 1,745.75 points respectively. Last Friday, the KLCI rose 15.76 points after climbing 21.34 points the day before. Today, Rakuten Trade Sdn Bhd vice president of research Vincent Lau told theedgemarkets.com that although regional market sentiment has improved as uncertainties following Malaysia's 14th General Election subsided, the KLCI remains pressured by foreign selling. Lau said while foreign funds still appeared to be net sellers of Malaysian shares, the selling pace has been tapering off. “If you look at the stock market, it has been rather mixed today. I believe the retailers and local funds are still supporting the market a...

KUALA LUMPUR (June 1): The FBM KLCI gained 15.76 points or 0.9% as bargain hunting extended the index's recovery following recent substantial losses. At 5pm today, the KLCI closed at 1,756.38 points. The KLCI extended its recovery today after yesterday's (Thursday) 21.34-point rise to 1,740.62 points. On Wednesday, the index fell 56.56 points to 1,719.28 points. Today, TA Securities Holdings Bhd senior analyst Stephen Soo told theedgemarkets.com: "The follow-through from yesterday looks quite strong." Across Bursa Malaysia today, trading volume stood at 2.88 billion shares valued at RM2.79 billion. Today's trading volume and value were down from yesterday's hefty 4.61 billion shares valued at a record high of RM9.27 billion. Today's top gainers included KLCI-linked stocks Malayan Banking Bhd and MISC Bhd. The most-active stocks included Sapura Energy Bhd and Opcom Holdings Bhd. Source: The Edge