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KUALA LUMPUR (Oct 31): The FBM KLCI rose with Asian shares today, driven by bargain hunting. At 5pm, the KLCI rose 23.33 points or 1.38% to close at 1,709.27 points. Gainers led losers by 611 to 176, while 430 counters traded unchanged. Top gainers included Ajinomoto (Malaysia) Bhd, Dutch Lady Milk Industries Bhd and Tenaga Nasional Bhd. "The Malaysian stock market is oversold and I expect the market shall continue to recover some losses as bargain hunters will continue to pick up [those] at cheaper valuations," Malacca Securities head of research Victor Wan told theedgemarkets.com . "Key level of resistance to look at is 1,720. Conversely, support levels can be identified at 1,680 and 1,700," Wan added. Across Asia, Japan's Nikkei rose 2.16%, while Hong Kong's Hang Seng rose 1.6% and South Korea's Kospi climbed 0.74%. Reuters reported that Asian stocks clawed up from 20-month lows on Wednesday amid pledges by China to sup...

KUALA LUMPUR (Oct 30): The FBM KLCI closed up 2.21 points or 0.13% at 1,685.94 points today, as investor sentiment remained cautious and uncertain on domestic and global factors. “It may have just been a technical rebound as the underlying tone is still volatile,” said Kenny Yee, head of research at Rakuten Trade Sdn Bhd. Yee told theedgemarkets.com that Wall Street stock movements are still likely to lead the way for local investors, while they keep a lookout for Budget 2019 to be announced on Friday. Market breadth was slightly positive with 390 counters outpacing 316 decliners. A total of 1.94 billion shares were traded for RM1.58 million. Gainers were led by Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd and Airasia Group Bhd, while top decliners were Nestle (Malaysia) Bhd, Ajinomoto (Malaysia) Bhd and United Plantations Bhd. Most actively-traded counters were Datasonic Group Bhd, Seacera Group Bhd and Sapura Energy Bhd. Across...

KUALA LUMPUR (Oct 29): The FBM KLCI managed to close in positive territory today after six straight days of decline, thanks mainly due to buying at the 11th hour in IHH Healthcare Bhd. The key index closed 0.67 points or 0.04% higher at 1,683.73. Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng said there were still uncertainties in the market due to external issues like the US-China trade war and the mid-term elections in the US, and also domestic matters. “Looking at the current [global] market, it’s still uncertain and volatile as the direction is still not clear,” Wong told theedgemarkets.com, stressing that there is a need for a clearer resolution on the trade war. “Basically, investors are waiting for the D-day on Nov 2 or Nov 5,” said Wong, adding that IHH, DiGi.Com Bhd and Sime Darby Bhd contributed to the lift of the KLCI today. Top gainer IHH closed 26 sen or 5.42% higher at RM5.06, while losers were led by Malayan Banking ...

KUALA LUMPUR (Oct 26): The FBM KLCI closed at 1,683.06 points today, down 49.08 points or 2.83% for the week no thanks to current weak sentiment globally. "I don't think we've seen the bottom yet," said TA Securities senior technical analyst Stephen Soo, who opined that the choppiness seen in the local market is set to continue into next week. Share prices across the board were mixed with 414 losers versus 347 gainers. Total trading volume dropped below two billion mark at 1.82 billion for RM1.68 billion. Most actively traded counters were Seacera Group Bhd, Gamuda Bhd and Nova MSC Bhd, while top decliners were KESM Industries Bhd, Ajinomoto (Malaysia) Bhd and Malaysian Pacific Industries Bhd. Gainers were led by Selangor Properties Bhd, which announced a proposed selective capital repayment scheme to pave the way for privatisation, British American Tobacco (Malaysia) Bhd and Batu Kawan Bhd. Globally, stocks have been sliding towards the...

KUALA LUMPUR (Oct 25): Malaysian stocks were not spared a sweeping sell-off on Thursday as Asian markets tracked overnight losses on Wall Street, with the Dow Jones Industrial Average (DJIA) tumbling more than 600 points to wipe out its year-to-date gain. Earlier in the morning, the benchmark FBM KLCI plunged to a low of 1,670.34 points, and traded below the 1,690-point level for the rest of the day. It recouped part of its losses to finish at its intra-day high of 1,686.59 points for a 3.45-point or 0.2% decline. Dialog Group Bhd, Sime Darby Bhd, and Genting Bhd were the three biggest losers among the component stocks. The FBM Small Cap index plummeted another 253.32 points or 1.97% today to close at 12,592.22 points. Inter-Pacific Research Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that small cap stocks — generally the least liquid — tend to suffer the biggest drops as investors enter into a panic-selling mode. "Last night wa...

KUALA LUMPUR (Oct 24): Selling persisted across the board on Bursa Malaysia, pulling the FBM Small Cap Index down to a five-year low of 12,845.54 points — the lowest closing since March 2013 — falling 245.74 points, or 1.88%. The FBM KLCI failed to sustain its early gain to close at 1,690.04 points, down 7.56 points or 0.45%. The three component stocks leading the fall of the KLCI, in percentage terms, were Sime Darby Bhd, DiGi.com Bhd, and Telekom Malaysia Bhd, which has tumbled 64% to an almost eight-year low of RM2.22. Across the local bourse, share prices were mostly lower at today’s closing bell with 620 decliners outstripping 245 gainers, while 348 counters were unchanged. Trading volume stood at a total of 2.25 billion shares worth RM1.87 billion, compared with Tuesday’s 2.01 billion shares worth RM2.01 billion.   The technology sector saw the biggest drop today. The technology index fell 3.06% or 1.13 points to 35.86 points followed by the e...

KUALA LUMPUR (Oct 23): The FBM KLCI sank 24.87 points or 1.44% today to close below the 1,700-point psychological level for the first time since July 11. The benchmark index had opened the day at 1,721.50 and rose to 1,721.91 before retreating thereafter to close at its intra-day low of 1,697.60. The KLCI has declined for 13 days out of the 17 trading days in October thus far, for a fall of nearly 100 points from its closing of 1,791.10 on Sept 28. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the downtrend this month is an unusual phenomenon compared with the past few years. He believes that the index could soon be heading towards its next support level of 1,660. "Generally, in the past couple of years, the October month is quite positive mainly due to the budget rally. But with the change of the government this year, and the government's hints of a less positive budget, I think there will be no budget rally this year. ...

KUALA LUMPUR (Oct 22): The benchmark FBM KLCI closed 9.67 points or 0.56% lower at 1,722.47 points on Monday, marking its third straight day of decline as investor sentiments were marred by ongoing external uncertainties. The index has lost 1.04% since it closed  at 1,740.59 points on Wednesday, and is down 4.14% on a year-to-date basis. Decliners outpaced gainers at 497 versus 315, while 354 counters settled unchanged. Total trading volume stood at 1.95 billion shares worth RM1.68 billion, lower than Friday's 2.41 billion shares worth RM2.3 billion.  “Investors in the market are still not too clear about [directions of] present issues [like] the US-China trade tension, the unstable geopolitical situation in the Middle East and some of the currency movements. It could also be due to talks about US’ December rate hike,” he explained. Wong also noted that the months of October and November are typically when fund managers move to the sidelines, in vi...

KUALA LUMPUR (Oct 18): The FBM KLCI fell 0.15% today in tandem with the day's general negative performance across the region. The benchmark index closed at 1,738.01, down 2.58 points from yesterday. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the decline reflected regional sentiments. "This is mainly due to concerns on rising interest rates. We also saw the China stock market tumble, as the Chinese yuan depreciated against the dollar by about 0.2%. "In Malaysia, there were some extended profit-taking as well," Leong told theedgemarkets.com. Reuters reported that US Federal Reserve's minutes for its September meeting showed all policy makers agreed to raise key interest rates for a third time in 2018, knocking global sentiments. The report added that heavy selling of Chinese shares also soured confidence in the Asian market day, leading to an extension of losses in Japanese stocks. Japan's Nikkei 225 closed 0...

KUALA LUMPUR (Oct 17): The FBM KLCI gained 3.75 points or 0.22% today with Asian shares after US equities' overnight rise. Reuters reported that US stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off. It was reported that Asian equities got some welcome relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies. At Bursa Malaysia today, the KLCI closed at 1,740.59 points. Across Asia, Japan’s Nikkei 225 closed 1.29% higher while South Korea’s Kospi rose 1.04%. In China, the Shanghai Stock Exchange Composite climbed 0.6% while Hong Kong markets were closed today for the Chung Yeung Festival holiday. In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com: ...

KUALA LUMPUR (Oct 16): The FBM KLCI gained 8.1 points or 0.47% to close at its intraday high after a sudden surge in the final trading hour. At a glance, the KLCI surged as prices of index-linked stocks Hong Leong Bank Bhd and MISC Bhd spiked. At 5pm, the KLCI closed at 1,736.84 points. Hong Leong Bank shares rose 44 sen to RM20.94 while MISC added 13 sen to RM5.68. Both Hong Leong Bank and MISC ended among Bursa Malaysia top gainers. “The interest has shifted to specific stocks, including some blue chips in the banking and transportation logistics sectors, signalling that it is now time to look at individual companies rather than a sectoral approach,” Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com. Consumer stocks Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd and Heineken Malaysia Bhd ended among Bursa top decliners as investors’ attention appeared to have shifted away from consumer stocks to selec...

KUALA LUMPUR (Oct 15): The FBM KLCI closed two points or 0.12% lower after Asian equities declined on US-China trade dispute and US interest rate hike concerns. At 5pm, the KLCI closed at 1,728.74 points. In China, the Shanghai Stock Exchange Composite dropped 1.49% while Hong Kong’s Hang Seng fell 1.38%. Elsewhere across Asia, Japan’s Nikkei 225 declined 1.87% while South Korea’s Kospi fell 0.77%. In Malaysia, JF Apex Securities Bhd head of research Lee Chung Cheng said it was an uneventful day for the KLCI. Lee said investors had probably taken a wait-and-see stance in anticipation of greater policy clarity, against a background of various external factors. “Things are rather flat today. This might be due to investors holding back their positions ahead of the (tabling of the half-term review of the) 11th Malaysia Plan and the upcoming Budget announcement. “We expect the index to be volatile in the near term, due to external issues like the US rate hike...

KUALA LUMPUR (Oct 12): The FBM KLCI closed 22.25 points or 1.3% higher on bargain hunting and as Asian stock markets tracked US equity futures' rise. At 5pm, the KLCI ended at 1,730.74 points as KLCI-linked stocks Petronas Gas Bhd, Tenaga Nasional Bhd and Malayan Banking Bhd ended among Bursa Malaysia top gainers. The KLCI closed higher today on bargain hunting after the 30-stock index fell 26.69 points or 1.54% yesterday. Today, Asian stock markets tracked US equity futures' rise. Japan's Nikkei 225 closed up 0.46%, South Korea's Kospi increased 1.51% while Hong Kong’s Hang Seng rose 2.12%. At 5:.04pm, the US' S&P 500 and Nasdaq futures rose 21.5 and 84 points respectively. At 5.05pm, the Dow Jones Industrial Average futures climbed 174 points. In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said the Malaysian stock market's direction next week depends on US stocks' performance today (Friday...

KUALA LUMPUR (Oct 11): The FBM KLCI dropped 26.69 points or 1.54% today to end at 1,708.49 in tandem with Asian shares on what appeared to be a knee-jerk reaction to US stocks' overnight tumble. At Bursa Malaysia today, the five KLCI stocks leading the fall of the KLCI, in percentage terms, were Genting Malaysia Bhd, IHH Healthcare Bhd, Digi.Com Bhd, CIMB Group Holdings Bhd and Petronas Gas Bhd. Across Bursa Malaysia, 3.1 billion shares worth RM3.7 billion were traded. Top decliners included United Plantations Bhd, Nestlé (M) Bhd and Petronas Gas. Top gainers included Gamuda Bhd, Top Glove Corp Bhd, and Axiata Group Bhd. Across Asia, Reuters reported that share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields. MSCI's broadest index of...

KUALA LUMPUR (Oct 10): The FBM KLCI fell 38.97 points or 2.2% as anticipation that the Government will devise new taxes and sell assets to reduce debt affected market sentiment. Expectation that Malaysia will reform crucial sectors, and external factors including the International Monetary Fund's (IMF) reduction of its global economic growth estimate could have also hit Malaysian market sentiment. At 5pm, the KLCI settled at 1,735.18 after falling to its intraday low at 1,732.5. CIMB Research analyst Ivy Ng Lee Fang wrote in a note today: "At the various tracks in the conference (Malaysia: A New Dawn Investors' Conference), we gathered that the Ministries are working on potential reforms for the aviation, agriculture, power and property sectors. The potential changes could lead to short-term uncertainty for some listed companies in the near-term, but could be positive for the market in the medium- to long-term if the reforms yield results through...

KUALA LUMPUR (Oct 9): The FBM KLCI closed down 1.6 points or 0.09% along with Asian shares after China allowed its currency to depreciate. The yuan's devaluation raised concerns on China's economic growth. At 5pm, the KLCI settled at 1,774.15 points. Across Asia, Japan’s Nikkei 225 closed 1.32% lower while Hong Kong’s Hang Seng fell 0.11%. "With Chinese economic momentum continuing to weaken alongside increasing pressure from the United States, currency weakness is the obvious release valve," Reuters quoted JPMorgan analysts as saying in a note. In Malaysia, JF Apex Securities Bhd head of research Lee Chung Cheng told theedgemarkets.com that trading activities were “muted” today, and it is expected to be the same for the rest of the week. Lee added: "There are external factors affecting regional market sentiment." Reuters reported that Asian shares hit 17-month lows on Tuesday as China allowed its currency to slip amid recent ...

KUALA LUMPUR (Oct 8): The FBM KLCI declined 1.4 points or 0.08% after China's share drop hit world markets. Bursa Malaysia's construction index fell 19.53 points or 10.06%. At 5pm, the KLCI settled at 1,775.75 points after falling to its intraday low at 1,769.72 points. In China, the Shanghai Stock Exchange Composite closed 3.72% lower while Hong Kong's Hang Seng was down 1.39%. Elsewhere across Asia, South Korea's Kospi declined 0.6% while Japan markets were closed today for the Health-Sports Day holiday. Reuters reported that shares in Asia slumped Monday as China's markets stumbled in their first trading day after a one-week holiday even though Beijing's central bank increased liquidity to offset the impact of an escalating trade dispute with the United States. It was reported that The People's Bank of China (PBOC) on Sunday cut the level of cash that banks must hold as reserves, aimed at lowering financing costs as policymakers ...

KUALA LUMPUR (Oct 5): The FBM KLCI closed down 12.96 points or 0.72% today after local institutional investors took profit and as higher US government bond or Treasury yields at above 3% hit Asian financial markets. It was reported that US Treasury yields surged to a fresh seven-year high as strong US economic data led to anticipation of faster-than-expected interest rate rise there. At Bursa Malaysia, the KLCI settled at 1,777.15 points at 5pm after falling to its intraday low at 1,776.52 points. Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com that "the negative market performance today could be due to profit-taking by local funds and increase in US bond yields". Across Bursa Malaysia, the biggest decliners included KLCI-linked stocks Nestle (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Axiata Group Bhd and Hong Leong Financial Group Bhd. Asian stock markets slipped. Japan's Nikkei 225 dropped 0.8...

KUALA LUMPUR (Oct 4): The FBM KLCI closed down 6.19 points or 0.34% as higher US government bond or Treasury yields at above 3% hit Asian financial markets. At Bursa Malaysia, the KLCI closed at 1,790.11 points at 5pm. Across Asian stock markets, Japan's Nikkei 225 dropped 0.56%, South Korea's Kospi fell 1.52% while Hong Kong’s Hang Seng was down 1.73%. US Treasury yields rose after news reports quoted the US Federal Reserve Chairman Jerome Powell as saying that while US interest rates are still accommodative, interest rates there may go past the neutral level. US interest rate hike expectation also took cue from US economic data including the Institute for Supply Management's report, which showed services sector activity hit a 21-year high in September. In Malaysia, Rakuten Trade Sdn Bhd vice president Vincent Lau told theedgemarkets.com: “Investors are concerned about the bond yields. The 10-year Treasury yield has gone up and also the US Fe...

KUALA LUMPUR (Oct 3): The FBM KLCI closed down 1.85 points or 0.1% in tandem with the fall in Asian share markets. At 5pm, the KLCI closed at 1,796.3 points. Across Asia, Japan’s Nikkei 225 declined 0.66% while Hong Kong’s Hang Seng was down 0.13%. “The FBM KLCI closed down slightly today from yesterday's closing price in tandem with the negative performance of regional peers,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com. Reuters reported that Asian shares slipped on Wednesday as oil prices near four-year highs at above US$85 a barrel threatened to roil emerging economies, while the euro rebounded from six-week lows on reports Italy will reduce its Budget deficit more quickly than expected. It was reported that the Indian rupee opened at a record low on Wednesday and further weakening of Indonesia's embattled rupiah prompted central bank intervention as an overnight spike in oil prices weighed heavily on the cur...

KUALA LUMPUR (Oct 2): The FBM KLCI rose 5.69 points or 0.32% to its intraday peak on local institutional support as global crude oil prices hit a four-year high. At 5pm, the KLCI closed at 1,798.15, lifted by gains across Genting-linked counters and certain oil-linked stocks including MISC Bhd and Dialog Group Bhd. “The index has not moved very much over the last few weeks, in line with my thinking that it is in consolidation mode. Local funds are quite focused on what we see as better bets, namely the KLCI component stocks,” said Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew. US crude oil prices hit a four-year high in anticipation of US sanctions on major oil producer Iran. Reuters reported that US oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year peak reached the previous day, with markets preparing for tighter supply once US sanctions against Iran kick in next month. It was r...

KUALA LUMPUR (Oct 1): The FBM KLCI closed down 0.69 point or 0.04% after volatile trade while Bursa Malaysia's energy index rose 46.79 points or 4.16% as Brent crude oil prices climbed to a four-year high at above US$80 a barrel. At 5pm, the KLCI closed at 1,792.46 points while the energy index settled at 1,172.08 points. "With short and medium-term momentum and trend indicators weakening after last week's decline, underscored by sell signals on both the daily and weekly slow stochastics indicators, the FBM KLCI looks to be topping out and set for further correction this week. "Weak buying momentum and market undertone, a consequence of rising fears over worsening US-China trade tensions following the latest round of tit-for-tat import tariffs, and the rising US interest rate trend should see stocks trending lower for the immediate term," TA Securities Holdings Bhd wrote in a note today. Malacca Securities Sdn Bhd senior analyst Kenn...