MONEY MASTER

KUALA LUMPUR (June 27): The FBM KLCI continued its losing streak for the third day in a row due to profit-taking activities in selected heavyweights, in anticipation of the G20 summit this evening. The benchmark index closed 0.57 points or 0.03% lower at 1,672.13. The index was mostly in the positive territory during the second half of the trading session today, before the last minute selling. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI has erased all its earlier gains in the final trading hour as investors took profits in selected index heavyweights. "The negative performance today is as investors opt to stay out of the market due to the uncertainty of the Sino-US talks' progress," Leong told theedgemarkets.com.    He noted that the weakness today was also in line with the negative performance across other Asian benchmark indices. Among decliners, Maxis Bhd fell 23 sen or 3.97% to close at RM5.57. Overall, some...

KUALA LUMPUR (June 27): The FBM KLCI today closed 0.11% lower due to last-minute selling in selected heavyweights. This led to the KLCI ending 1.79 points lower at 1,672.7 points. Hong Leong Investment Bank Bhd's head of retail research Loui Low told theedgemarkets.com that the last-minute selling was within a narrow range as traders have adopted a risk-averse mode ahead of the two-day G20 meeting, which will begin tomorrow. “The KLCI has been trading sideways over the couple of days ahead of the US-China trade talks. Not much activity has been seen in the market as traders are avoiding the volatility ahead,” said Low. Notably, nearly half of the bluechips settled in the red today, led by Petronas Gas Bhd as the biggest decliner after losing 40 sen or 2.29% to close at RM17.10. Petronas Gas was also the third biggest loser across Bursa Malaysia today. The local stock exchange saw a total of 1.84 billion shares, worth RM1.9 billion traded throughout the d...

KUALA LUMPUR (June 26): The FBM KLCI lost ground today as market sentiment was weak ahead of the G20 summit later this week. The benchmark index closed 2.12 points or 0.13% lower at 1,674.49. An analyst said he believes the market would not see any big movements in the next two days. “Investors are turning risk averse ahead of the G20 summit," said Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng. "This is for risk management purpose." Buyers are not willing to take any position now, Wong told theedgemarkets.com.  “We view that it (US-China trade dispute) is unlikely to have a full resolution [from the G20 meeting],” added Wong, noting that as long as there is no escalating tension between the US and China, then that will be “a good news”. Among the days's leading decliners were KLCI components Press Metal Aluminium Holdings Bhd and Tenaga Nasional Bhd (TNB). Both closed 1.57% lower at RM4.38 and RM13.78 respectively. ...

KUALA LUMPUR (June 25): After moving in negative territory for the most of the day, the FBM KLCI closed higher today on 11th hour bargain-hunting activities in selected heavyweight stocks. The benchmark index ended the day 0.48 points or 0.03% higher at 1,676.61. Rakuten Trade Sdn Bhd deputy head of research Vincent Lau said the KLCI's higher closing was due to bargain hunting in oversold component index stocks such as Telekom Malaysia Bhd (TM) and Nestle (M) Bhd. The late buying interest came despite most regional equity markets trading in the red amid a weaker sentiment ahead of the G20 summit later this week, Lau told theedgemarkets.com.  Japan's Nikkei 225 dropped 0.43% today, South Korea's Kospi fell 0.22% and Hong Kong's Hang Seng was down 1.15%. On the local front, however, half of the KLCI components were in the green. TM closed 10 sen or 2.47% higher at RM4.15, while IOI Corp Bhd and CIMB Group Holdings Bhd both closed up six sen ...

KUALA LUMPUR (June 24): The FBM KLCI closed 6.1 points or 0.36% lower today on profit taking as Malaysian shares appeared overbought after four straight days of gains. At 5pm, the KLCI closed at 1,676.13. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told   theedgemarkets.com   that the profit taking today followed the KLCI's more-than-40-point gain last week. "We see this positive momentum tapering as investors keep an eye on clues regarding the trade dispute between the US and China at the G20 summit later this week," said Leong. TA Securities Holdings Bhd said today technical momentum indicators on the KLCI are flashing overbought signals following last week's strong rally, implying more potential for profit-taking correction this week to tame the overbought condition. "Nevertheless, trend indicators signal improving upward momentum, which should counter the short-term overbought condition. Meantime, increasing optimism for a US-China...

KUALA LUMPUR (June 20): The FBM KLCI closed at its intraday high of 1,675.43 points today as positive external factors continue to support market sentiment, but an analyst does not rule out profit taking activity tomorrow ahead of the weekend. At market close, the benchmark index settled 8.89 points or 0.53% higher. When contacted, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the increment in KLCI this week was largely sentiment-driven, and investors seem to have overbought amidst optimism over US-China trade talks. "With the recent uptrend, Malaysian market is very much fairly valued now, maybe there will be some profit taking tomorrow before the weekend," he said. Reuters reported that Asian stock markets rallied on Thursday while the US dollar dropped and global bond yields plunged, with the 10-year US yield falling below 2%, after the Federal Reserve signalled possible interest rate cuts later this y...

KUALA LUMPUR (June 19): The FBM KLCI rose on the back of positive global market sentiment, boosted by optimism on US-China trade talks ahead of the G20 summit as well as Eurozone’s fresh stimulus signal. However, the KLCI climbed at a slower pace compared with its regional peers, to close 13.78 points or 0.83% higher at 1,666.54. Japan’s Nikkei index went up 0.72%, Hong Kong Hang Seng rose  2.56% and South Korea’s Kospi gained 1.24%.   CIMB Research analyst Nick Foo Mun Pang said that apart from the optimism on US-China trade talks and the European Central Bank’s (ECB) stimulus programme, Asian stocks were poised for positive performance ahead of a widely expected US policy rate cut. However, Foo said there is “too much” optimism in the market that a US-China trade deal would be reached at the G-20 meeting. “If nothing good is going to happen at the G-20 summit that begins next week in Japan, the buying momentum will likely taper off,” he said when c...

KUALA LUMPUR (June 18): The FBM KLCI closed up 14.36 points or 0.88% today with Asian stock indices amid anticipation of the US Federal Reserve's interest rate decision ahead of the conclusion of its Federal Open Market Committee's two-day meeting on Wednesday (June 19). At 5pm today, the KLCI closed at its intraday high at 1,652.76 as world equity markets priced in potential US interest rate cuts this year. Across Asian stock markets today, South Korea's Kospi closed up 0.38% while Hong Kong's Hang Seng was up 1%. It was reported that the US central bank may leave interest rates unchanged during the two-day meeting, which is deemed crucial for investors looking for US rate cut hints in 2019. Lower US interest rates bode well for Asian markets in anticipation that global fund managers will shift their money into higher-yielding Asian assets such as stocks, bonds and currencies. In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leo...

KUALA LUMPUR (June 17): The FBM KLCI closed 0.23 point or 0.01% lower today while Bursa Malaysia's small market capitalisation (small cap) and technology stocks fell by a larger quantum as US-China trade war concerns sidelined investors further in Malaysia's already thinly-traded equities market. Investors are also closely anticipating the US Federal Reserve's interest rate decision following the conclusion of its Federal Open Market Committee's two meeting on Wednesday (June 19). At 5pm today, the KLCI closed at 1,638.40 following an 11th-hour plunge on profit taking after rising to its intraday high at 1,644.04. "Now that the KLCI comes below the level of 1,650 points, we foresee further downside selling pressure to around 1,630 points, as there are no other catalyst," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com . Bursa's small cap index ended down 104.87 points or 0.82% at 12,741.18 while...

KUALA LUMPUR (June 14): The FBM KLCI finished lower for the fourth straight day, as the market continued to undergo a correction after rallying last week. The benchmark index closed 0.31% or 5.11 points lower at 1,638.63. The KLCI opened 5.68 points higher at 1,649.42 and hovered between 1,636.32 and 1,649.57, while cooling off from an overbought situation. “The weakness in the benchmark index today is well expected, due to the  overbought situation from the rally last week,” Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com. Wan added that the downside pressure was also contributed by the rising geopolitical tensions, after two oil tankers were reportedly attacked yesterday in the Gulf of Oman. Across Bursa Malaysia, 1.75 billion shares worth RM1.67 billion exchanged hands. Losers beat gainers 463 to 276, while 403 counters traded unchanged. Top decliners included Nestle (Malaysia) Bhd, British American Tobacco (M) ...

KUALA LUMPUR (June 13): Malaysia stocks finished lower for the third straight trading session today amid lingering US-China trade woes and lack of fresh catalysts. The FBM KLCI fell 7 points or 0.42% to end at 1,643.74. The benchmark index was trading between 1,640.30 and 1,646.22 throughout the day. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI has breached its estimated immediate support level of 1,650. “The weakness in the KLCI today mirrors the weaker performance across regional markets, given the external headwinds arising from the US-China trade war concerns and lack of fresh catalysts on the local front,” he said.  With the breakout of the support level, Leong foresees some weaknesses for the benchmark index in the near term, with its new immediate support level being 1,630. However, the resistant level is expected to remain at 1,665. Greatech Technology Bhd, Sapura Energy Bhd, Ekovest Bhd and Pri...

KUALA LUMPUR (June 12): The FBM KLCI finished 0.46 point or 0.03% lower today at 1,650.74 amid persisting US-China trade war concerns and as mass protests in Hong Kong dented markets. Analysts said weaker crude oil prices had also sidelined investors. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI retreated amid negative performance across Asian stock indices, bogged down by the prolonged US-China trade standoff, besides Hong Kong's mass protests, during which protesters clashed with police in demonstration against laws that would allow citizens to be extradited to China. “Back home (in Malaysia), the lack of fresh catalysts and weakness in crude oil prices sent investors retreating to the sidelines with trading volume below the two billion mark," Leong said. At 5pm, the KLCI pared losses at 1,650.74 after falling to its intraday low at 1,642.11. Across Bursa Malaysia, turnover stood at 1.76 billion s...

KUALA LUMPUR (June 11): The FBM KLCI dropped 0.26% today, bucking the regional upward trend, as profit taking emerged on selected index-linked counters, for instance banking stocks. The benchmark index dropped 4.27 points at 1,651.20 points from 1,655.47 points on Monday. The benchmark index hovered between 1,649.81 and 1,657.36 throughout the trading session. Across the board, trading volume is lower today at 2.24 billion shares worth RM2.03 billion compared with 2.28 billion shares worth RM1.79 billion yesterday. Overall market breadth was positive, with 387 gainers versus 324 losers, while 493 counters remained unchanged.    "The FBM KLCI underperformed its regional peers (today) due to profit taking in selected heavy weights, such as Tenaga Nasional Bhd, Hong Leong Bank Bhd, RHB Bank Bhd and Malayan Banking Bhd (Maybank)," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com. "The immediate resistant level ...

KUALA LUMPUR (June 10): The FBM KLCI closed up 6.14 points or 0.37% today, tracking Asian stock market gains amid US interest rate cut speculation and after the US suspended plans to impose tariffs on Mexican imports. At 5pm, the KLCI settled at 1,655.47. Across Asia, Japan's Nikkei 225 closed up 1.2% while South Korea's Kospi gained 1.31%. In China, the Shanghai Stock Exchange Composite climbed 0.86% while Hong Kong's Hang Seng gained 2.27%. In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told theedgemarkets.com that "market speculation on US rate cut led to gains in the KLCI today as well as global markets". Lower US interest rates bode well for Asian markets in anticipation that global fund managers will shift their money into higher-yielding Asian assets such as stocks, bonds and currencies.    Reuters reported that Asian shares, European and US stock futures rose on Monday after the United States sh...

KUALA LUMPUR (June 7): Festive cheer helped to lift the mood, with Malaysian stocks closing in positive territory today. The FBM KLCI closed 0.32% higher after the two-day Hari Raya Aidilfitri break, but sell-side analysts see limited upside following less than encouraging corporate earnings in the first quarter of this year. At 5pm, the benchmark index settled 5.24 points higher at 1,649.33 points, after moving between 1,646.80 and 1,651.99 throughout the day. Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the KLCI uptrend since May 24 has largely reflected the market’s fair value.    “The uptrend over the past one to two weeks has pretty much reflected the market’s fundamental. Things are looking stable, with very little room left for market upside. Further upside has to be driven by corporate earnings, which have not been very encouraging thus far,” he said. Trading volume increased to 1.55 billion share...

KUALA LUMPUR (June 4): The FBM KLCI declined by 0.68% today, as overall market sentiment remained muted as expected. At market close, the benchmark index settled 11.22 points lower at its intra-day low of 1,644.09 points. The index went as high as 1,655.89 points during the half-day trading today. Bursa Malaysia opened for half-day trading until 12:30pm today, the usual practice on the eve of Hari Raya Aidilfitri. When contacted, CIMB Research analyst Nick Foo Mun Pang told theedgemarkets.com that disappointing corporate earnings for the first quarter and global trade concern, made investors risk-averse. “Overall sentiment remained muted as expected; the KLCI ended the half day trading on a weaker tone ahead of the Hari Raya break. Moreover, the disappointing corporate earnings for the first quarter and global trade tension [are] likely to have kept traders off risky bets today. “Come Friday, the KLCI is likely to remain lacklustre, because the holiday ...

KUALA LUMPUR (June 3): The FBM KLCI rebounded into positive territory at the 11th hour today, believed to be driven by foreign buying activities, after remaining subdued below its previous close for most of the day. At 5pm, the benchmark index closed 4.55 points or 0.28% higher at 1,655.31 points, with a day range between 1,642.66 points, and 1,656.68 points. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that market sentiment earlier today was dampened by intensifying trade tension between US and Mexico, and US and China. “The market was relatively quiet today, due to the mid-week Hari Raya break, and volume was lower as well.    "The climb in the final hour today was likely to be foreign buying, we are still waiting for today’s market participation details from Bursa, but foreign funds have been recording net buying since last Thursday,” he noted. Earlier, Reuters’ report on the Southeast Asian market mentione...