MONEY MASTER

KUALA LUMPUR (March 27): The FBM KLCI continued to head south today in the absence of positive catalysts to spark buying interest. The benchmark index closed at the lowest level this year at 1,642.73 points today, down 7.21 points or 0.44%, after it had hovered between 1,641.89 points and 1,650.22 points. Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that while the Malaysian market is expected to remain volatile in the near term, investors could look for buying opportunities for companies that have a positive outlook. “The local market remained under pressure despite overnight rebound at Dow Jones Industrial Average, because there is not much catalyst, so the near-term prospect is largely depending on external factors.    “The inverted yield curve is still there and we expect the market to remain volatile for a while, but we see some opportunity now as the market was down from its recent high,” Wong said. He ...

KUALA LUMPUR (March 22): The FBM KLCI closed up three points or 0.18% today at 1,666.66 after the index rebounded at the 11th hour, buoyed by sharp increases in component stocks including Maxis Bhd and Petronas Gas Bhd. At 5pm, Maxis closed up 23 sen at RM5.56 while Petronas Gas added 16 sen to RM17.86. The KLCI closed higher after staying in negative territory for most of the day. The index, which opened higher, had risen to its intraday high at 1,673.45 before falling to its intraday low at 1,657.01. Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com today the continued decline in banking stocks weighed on the KLCI. Pong however said the fall in banking shares was not as significant as that of the previous day.    “Banking stocks continued to fall but it was not an outright disaster. There does not seem to be much reason for a further selldown given that oil prices are steady, so I think things will pick up next ...

KUALA LUMPUR (March 21): The FBM KLCI slid 20.55 points or 1.22% as investors sold banking shares on expectations that Bank Negara Malaysia may cut interest rates amid lower domestic consumer prices. Plantation and glove manufacturers' shares also fell as the ringgit strengthened. At 5pm, the KLCI settled at 1,663.66. Among the 30 KLCI stocks, worst hit, in percentage terms, was AMMB Holdings Bhd followed by PPB Group Bhd and Top Glove Corp Bhd. AMMB closed down 14 sen or 3.04% at RM4.47, PPB fell 50 sen or 2.73% to RM17.82 while Top Glove dropped 12 sen or 2.62% to RM4.46. The ringgit strengthened to 4.0610 against the US dollar at the time of writing after appreciating to its strongest intraday level at 4.0545 following the US' announcement of a more dovish monetary stance. Reuters reported that the US Federal Reserve's new projection knocked the number of interest rate hikes expected this year to zero from the two forecast in December in the ...

KUALA LUMPUR (March 20): The FBMKLCI Index closed 3.47 points lower to 1,684.21 points today on the back of profit taking amid investor caution over Malaysia’s implementation of development strategies in the months ahead after nearly a year of policy uncertainty. A total of 2.59 billion shares worth RM1.83 billion were traded on Bursa Malaysia. TA Securities Senior Technical Analyst Stephen Soo is of the view that the market is awaiting a catalyst or stimulus that can propel the economy — and the stock market — forward.     “We are still in profit-taking mode over the lack of catalysts coming from the second day of Invest Malaysia (conference), as whatever was mentioned by the Prime Minister is more or less the broad policy or strategy,” he said. He added that the Government’s plan to reduce corruption and improve transparency were well known in the market and that investors are waiting for more concrete developments. Soo expects the FBMKLCI i...

KUALA LUMPUR (March 19): The FBM KLCI closed 3.26 points or 0.2% lower today, mainly on profit taking and as investors appeared cautious ahead of Malaysia's February inflation data release on Friday. At 5pm today, the KLCI finished at its intraday low at 1,687.68 on profit taking after the index rose to its intraday high at 1,694.89. Yesterday, the index closed up 10.4 points or 0.62% at its intraday high at 1,690.94. Today, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that the market performance was a result of profit-taking interests, which may reflect investors' disappointment from the absence of market catalysts  from the two-day Invest Malaysia Kuala Lumpur 2019 conference, which started today. "As far as the index is concerned, it is still in consolidation mode. We think it will continue to trade sideways for the remainder of the week," said Soo, adding that the KLCI's immediate support ...

KUALA LUMPUR (March 18): The FBM KLCI closed up 10.4 points or 0.62% today at its intraday high amid speculation of a dovish US interest rate stance ahead of the  Federal Reserve Federal Open Market Committee meeting on Tuesday and Wednesday (March 19 and 20). Today, the KLCI finished at 1,690.94. Across Bursa Malaysia, 3.26 billion shares worth RM1.92 billion were transacted. Bursa Malaysia's top gainer was Tenaga Nasional Bhd followed by Petronas Dagangan Bhd and Maxis Bhd. The Malaysian stock market trend was in line with gains across Asian markets amid dovish US interest rate sentiment. Reuters reported that there is much talk that Fed policymakers will lower their interest rate forecasts, or "dot plots", to show little or no further tightening this year. In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that "gains in the local stock market were mainly due to the regional bourse...

KUALA LUMPUR (March 15): Supported by share price increases in Hartalega Holdings Bhd and Top Glove Corp Bhd, the FBM KLCI gained 6.02 points or 0.36% to close at 1,680.54 points today. Shares of glove makers had recently been battered due to the depreciation of the ringgit against the US dollar. However, the ringgit appreciated to 4.088 against the dollar today, its first uptick since Tuesday. The local market’s performance was in line with other Asian markets, buoyed by news of progress in US-China trade talks, according to Reuters. However, according to Rakuten Trade head of research Kenny Yee, the increase in the benchmark index was likely due to domestic buying as foreign investors have reportedly continued to pull money out of the country. Market breadth was positive across Bursa Malaysia, with 445 counters up versus 374 decliners. Total volume topped 4 billion shares, valued at RM3.67 billion. Sapura Energy Bhd, Bumi Armada Bhd and Priceworth I...

KUALA LUMPUR (March 14): The FBM KLCI closed down 3.72 points or 0.22% at 1,674.52 after Asian share markets stumbled as news of China's slower industrial output growth, which missed analysts' forecasts, raised concerns about the world’s second-biggest economy. Malaysian oil and gas-related shares rose in active trade to partly help propel volume across Bursa Malaysia higher at 4.77 billion shares amid higher crude oil prices. As investors closely watch external factors, Lee Cherng Wee, a senior analyst at JF Apex Securities Bhd, told theedgemarkets.com that Malaysian shares are trading at current levels "pending more clarification from the Government to boost sentiment”. In China markets, the Shanghai Stock Exchange Composite closed down 1.2% while Hong Kong's Hang Seng erased losses to finish up 0.15%. Elsewhere across Asia, Japan's Nikkei 225 closed down 0.02%, while South Korea's Kospi erased losses to gain 0.34%. Reuters , qu...

KUALA LUMPUR (March 13): Led by banking and oil and gas stocks, the benchmark FBM KLCI closed up 6.96 points today to 1,678.24 points, defying a selldown in most major North Asian markets. "The KLCI was lifted by positive sentiment across banking stocks such as RHB Bank Bhd, CIMB Bank Bhd and Public Bank Bhd," said Malacca Securities Sdn Bhd analyst Kenneth Leong. Across Bursa Malaysia, energy counters surged as the price of Brent crude oil rose for the fourth consecutive day, Leong said. Most actively traded stocks were Sapura Energy Bhd, Perdana Petroleum Bhd and KNM Group Bhd, with the energy index up 2.6% to a four-month high. This was despite negative market breadth today with 407 counters finishing lower against 391 higher. A total of 4 billion shares valued at RM2.39 billion changed hands. Leong opined that the KLCI could continue to rise after "having fallen quite a bit since February". Reuters reported across Asia, shares en...

KUALA LUMPUR (March 12): The FBM KLCI climbed 6.65 points or 0.4% today to close at 1,671.28 on bargain hunting and as Asian stocks rose after the European Commission agreed to changes in an updated Brexit deal. Stronger oil prices spurred Malaysian oil and gas shares. According to Kenny Yee, head of research at Rakuten Trade Sdn Bhd, the KLCI closed up on bargain hunting today after the index fell 15.27 points yesterday. Today, Yee told theedgemarkets.com : "I think oil and gas stocks are the flavour of the day or flavour of the week due to OPEC talks." He said this as crude oil prices rose, spurred by Saudi Arabia Energy Minister Khalid al-Falih's comment that an end to OPEC-led supply cuts was unlikely before June. Across Bursa Malaysia today, trading volume stood at 3.02 billion shares with a value of RM2.1 billion. Oil and gas counters Sapura Energy Bhd, Bumi Armada Bhd and Velesto Energy Bhd were the most-actively traded stocks. Top ga...

KUALA LUMPUR (March 11): The FBM KLCI closed down 15.27 points or 0.91% at its intraday low, led by glove manufacturers Hartalega Holdings Bhd and Top Glove Corp Bhd's share price drop and amid less-optimistic economic cues from China besides the US and eurozone countries. At 5pm, the KLCI closed at 1,664.63. Hartalega ended down 24 sen or 4.81% at RM4.75 to become the top decliner, in percentage terms, among the 30 KLCI stocks followed by Top Glove, which fell 14 sen or 3.05% to RM4.45. Major decliners included banking stocks CIMB Group Holdings Bhd and Hong Leong Bank Bhd. "Banking stocks and glove makers dragged the index down," MIDF Amanah Investment Bank Bhd head of research Mohd Redza Abdul Rahman told theedgemarkets.com. “Sentiment was negative driven by a slew of lower Gross Domestic Product forecasts from (the) eurozone and China, as well as concerns over key macro indicators such as US job numbers that fell below expectations,” Redz...

KUALA LUMPUR (March 7): The FBM KLCI closed up 0.13 point today at 1,686.95 after paring gains as investors took cue from losses across Asian stock markets amid global economic growth concerns. The KLCI pared gains at 5pm after rising to its intraday high at 1,690.23. Across Asia, Japan's Nikkei 225 closed down 0.65%, South Korea's Kospi fell 0.45% while Hong Kong's Hang Seng fell 0.89%. Reuters reported that Asian shares eased on Thursday, as investors showed caution over the outlook for global growth as they awaited the outcome of Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting. In Malaysia, Hong Leong Investment Bank Bhd head of retail research Loui Low told theedgemarkets.com that dampened market sentiment does not bode well for heavyweight stocks. Against such a backdrop, he observed that smaller market capitalisation stocks (small cap) perform better compared to big cap equit...

KUALA LUMPUR (March 6): The FBM KLCI closed up 1.2 points or 0.07% today while small market capitalisation (small cap) stocks rose by a larger quantum amid a rotational play from big cap equities to smaller entities across Bursa Malaysia. At 5pm, the KLCI closed higher at 1,686.82 on bargain hunting while Bursa Malaysia's small cap index rose 158.29 points or 1.24% to 12,884.98. The KLCI saw bargain hunting after losses in recent days on China's economic growth forecast revision and as investors sold Malaysian shares after analysts said corporate earnings for 2018's fourth quarter were weak and disappointing. Today, TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com: “There is some rotational play going on mainly on the small cap companies for sectors such as oil and gas.” Such sentiment helped Bursa Malaysia register a larger share trade volume and value today compared with a day earlier. Today, share trade ...

KUALA LUMPUR (March 5): The FBM KLCI closed down 8.37 points or 0.5% today following China's economic growth forecast revision announcement and as investors continued selling Malaysian shares after analysts said corporate earnings for 2018's fourth quarter (4Q18) were weak and disappointing. At 5pm, the KLCI closed at 1,685.62 after KLCI stocks Nestle (M) Bhd, Tenaga Nasional Bhd and Hartalega Holdings Bhd were among Bursa Malaysia's top decliners. The KLCI extended losses today after falling 6.77 points yesterday. Globally today, Reuters reported that Asian shares took cue from China after the country lowered its economic growth target for this year to between 6% and 6.5%, as expected, from around 6.5% last year. It was reported that China offered more stimulus, including cuts in taxes and social security fees, increases in infrastructure investment and lending to small firms. In Malaysia, Malacca Securities Sdn Bhd senior analyst Ke...

KUALA LUMPUR (March 4): The FBM KLCI had today closed 6.77 points or 0.4% lower, after analysts said Malaysia's corporate earnings for 2018's fourth quarter (4Q18) were weak and disappointing. At 5pm today, the KLCI closed at 1,693.99. The KLCI ended down despite gains across world stock markets amid signs the US and China were close to reaching a deal to end their trade war. In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the KLCI was down mainly due to weaker corporate results announced recently. “News reports suggested that the [US-China trade war] is close to finding a resolution and if it is, it is definitely going to be good news for the market. Having said that, the Malaysian market has not really reacted, which is in a way a surprise,” said Wan. Earlier today, CIMB Research analyst Ivy Ng Lee Fang wrote in a note that Malaysia's 4Q18 corporate earnings were disappointing, as 39% of compa...

KUALA LUMPUR (March 1): The FBM KLCI closed down for a fourth consecutive trading day today to end the week at 1,700 — a key psychological level, as investors grow wary of corporate earnings prospects following a string of weaker quarterly results. The benchmark index recovered from an intraday low of 1,696.71 points to finish at 1,700.76 points at 5pm, down 6.97 points or 0.41% from Thursday's close. Some 20.66 points or 1.2% was shed over the trading week. Market breadth was largely negative before reversing ahead of market close, with 486 gainers versus 460 losers at the end of the day. A total of 329 counters were unchanged. Total turnover stood at 2.90 billion shares worth RM2.35 billion.    Top gainers included VS Industry Bhd, while Tenaga Nasional Bhd and MNRB Holdings Bhd were among top decliners. Areca Capital Sdn Bhd CEO Danny Wong Teck Meng said this week's weakness was largely because of growing concerns over corporate earnings f...