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KUALA LUMPUR (Sept 30): The FBM KLCI closed down 0.23 point or 0.01% today at 1,583.91, while Bursa Malaysia's ACE Market index fell by a significantly larger quantum, as speculation on the US' intention to delist Chinese firms from US stock exchanges led to escalating US-China trade war concerns. At 5pm, the KLCI closed flat after falling to its intraday low at 1,578.53. The ACE Market index ended down 57.71 points or 1.27% at 4,495.12. Across Bursa Malaysia, 1.86 billion shares worth RM1.5 billion were traded. Notable gainers included Maxis Bhd, Gamuda Bhd and Cahya Mata Sarawak Bhd, while decliners included PRG Holdings Bhd, Top Glove Corp Bhd and Petronas Gas Bhd. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that domestic trading sentiment was in line with Asian markets, which was weighed down by news saying China companies may be delisted from US stock exchanges. “KLCI pared some losses at 4pm today, likel...

KUALA LUMPUR (Sept 27): The FBM KLCI closed down 8.86 points or 0.56% today at 1,584.14 in an apparent response to FTSE Russell’s statement that Malaysia will be retained on its fixed-income watch list for potential downgrade and after China reported that August industrial profits fell 2% on-year. The KLCI fell with Asian markets amid a risk-averse global environment compounded by news on a whistleblower complaint against US President Donald Trump. Reuters reported that most Southeast Asian stock markets edged lower on Friday, with Philippines leading the fall, as a slew of political and trade-related concerns kept risk appetite in check. “A whistle-blower report released on Thursday said Trump not only abused his office in an attempt to solicit Ukraine's interference in the 2020 US election for his benefit, but that the White House tried to 'lock down' evidence about the conduct.   “Developments on the trade war front were quite mixed, with...

  KUALA LUMPUR (Sept 24): The FBM KLCI pared losses today to close 0.6 point or 0.04% down at 1,592.33 after investors bargain hunted for index-linked stocks including banking entities, which had earlier dropped in anticipation Bank Negara Malaysia (BNM) may further cut the overnight policy rate (OPR) this November, after the 25 basis point (bp) cut to 3% in May this year. At a glance today, these banking stocks included Malayan Banking Bhd (Maybank) and Public Bank Bhd. At 5pm, the KLCI pared losses after falling to its intraday low at 1,585.58. MIDF Amanah Investment Bank Bhd head of research Mohd Redza Abdul Rahman told theedgmarkets.com that "banking stocks, mainly Maybank and Public Bank, were affected by a report today that suggested that BNM may cut the OPR in November." Today, Maybank's share price closed down seven sen or 0.8% at RM8.65 while Public Bank was down four sen or 0.2% at its intraday low at RM20.10.   Maybank pared los...

KUALA LUMPUR (Sept 23): The FBM KLCI closed 4.48 points or 0.28% lower today, as external factors including Middle East political uncertainties and the Hong Kong civil unrest continued to impact global investor sentiment. At 5pm, the KLCI closed at 1,592.93. Across Bursa Malaysia, 2.03 billion shares worth RM1.39 billion were traded, as Asian shares fell. Reuters reported most Asian share markets slipped on Monday, as investors waited for more clarity on China-US trade talks, while oil gained more than 1% as Middle East tensions remained elevated. It was reported that market sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries a trade deal between the US and China could take a long time to materialise. It was reported that moves were further exaggerated by low volumes, as Japanese markets were shut for a public holiday.    "Tensions in the Middle East have escalated since the attack (on Saudi Arabia's oil...

KUALA LUMPUR (Sept 20): The FBM KLCI closed 1.13 points or 0.07% higher after erasing losses in the final trading minutes while share-trade value across Bursa Malaysia more than doubled as world markets cheered major central banks' stimulus measures. At 5pm, the KLCI closed higher at 1,597.41 on gains in index-linked counters including banking stocks AMMB Holdings Bhd and Malayan Banking Bhd (Maybank). The KLCI, which spent most of the day in the red, fell to its intraday low at 1,590.02. “Some of the banking stocks rebounded at the last minutes of trading which lifted the KLCI to positive territory, such as AMMB which is a heavyweight,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com. AMMB closed up eight sen or 1.94% at RM4.21 after a last-minute spike in its share price. Maybank rose nine sen or 1.04% to RM8.73.    Across Bursa today, 3.1 billion shares worth RM3.29 billion were crossed amid oil and...

KUALA LUMPUR (Sept 19): The FBM KLCI ended 3.21 points or 0.2% lower today after the US Federal Reserve cut interest rates on Wednesday but indicated a higher bar to further reductions. The ringgit weakened against such sentiment. In theory, interest rate cuts are good for the stock market and bad for currencies. At 5pm, the KLCI closed at 1,596.28. In currency markets, the ringgit weakened to 4.1912 versus the US dollar at the time of writing Reuters reported that Asian shares extended declines on Thursday after the Federal Reserve signalled a higher bar to further easings, while the Bank of Japan (BOJ) also held off from offering more stimulus as some had hoped.    It was reported that the Fed cut rates for the second time this year as global growth risks intensified, forcing policymakers around the world to step up efforts to stimulate their economies. It was reported that earlier in the day, the BOJ kept policy steady as expected, though there...

KUALA LUMPUR (Sept 18): The FBM KLCI settled down 4.81 points or 0.3% today at 1,599.49 as investors exercised caution ahead of the US interest rate decision and as crude oil prices fell. Reuters reported that with a 25-basis point US rate cut seen as near-certain upon conclusion of the US Federal Reserve's Federal Open Market Committee two-day meeting on Wednesday (Sept 18), investors will look at the Federal Reserve's statements for clues on the future policy direction of the central bank. It was reported that crude oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month's end following an attack on the nation's oil facilities. It was reported that caution ahead of an expected US interest rate cut kept wider financial markets in tight ranges. "Brent crude futures dipped 0.26% to US$64.38 a barrel, having conceded about 65% of their gains made after the weekend attack on Saudi Arabia's oi...

KUALA LUMPUR (Sept 17): The FBM KLCI closed 3.05 points or 0.19% higher at 1,604.30, while Bursa Malaysia's energy index rose by a larger quantum, as investors bought shares of oil and gas (O&G)-related companies. This followed the surge in crude oil prices after the attack on Saudi Arabia's oil facilities over the weekend led to world oil supply concerns. At 5pm today, Bursa's energy index rose 30.47 points or 2.79% to finish at 1,122.58. Among the 30 KLCI stocks, Petronas Chemicals Group Bhd was the top percentage gainer, after closing 36 sen or 4.86% higher at RM7.77. Leading gainers included Petronas Gas Bhd, after the stock rose 18 sen or 1.11% to RM16.42. “The gains in the KLCI was mainly led by Petronas Chemicals, Petronas Gas and Petronas Dagangan Bhd, due to Saudi’s oil production (disruption) after the drone attack. This also contributed to gains across the broader market, particularly in O&G counters,” Malacca Securities Sdn B...

KUALA LUMPUR (Sept 13): The FBM KLCI closed up 0.25 point or 0.02% at 1,601.25 after Asian shares ended higher as investors took cue from the European Central Bank's (ECB) interest rate cut and as the US-China trade war appeared to ebb. Reuters reported that Asian stocks advanced on Friday as hints of progress in US-China trade talks and aggressive stimulus from the ECB helped counter worries about a global economic slowdown. It was reported that the ECB delivered bigger-than-expected stimulus, cutting interest rates by 0.1 percentage point to minus 0.5%, promising that rates would stay low for longer and restarting bond purchases of 20 billion euros a month from November. According to Reuters, the US on Thursday welcomed China's renewed purchases of US farm goods while maintaining the threat of US tariff hikes as the world's two largest economies prepared for talks aimed at breaking their trade war impasse. US President Donald Trump was quoted a...

KUALA LUMPUR (Sept 12): The FBM KLCI finished 1.3 points or 0.08% lower today at 1,601 after volatile trade in the final trading hour in an apparent  reaction to Bank Negara Malaysia's (BNM) decision to maintain the overnight policy rate (OPR) at 3%. The ringgit strengthened. BNM's decision may have disappointed stock market investors, who had earlier anticipated an interest rate cut. In theory, interest rate cuts are good for the stock market and bad for currencies. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the "KLCI's pullback followed BNM's statement" at 3pm today that that its monetary policy committee (MPC) decided to maintain the OPR at 3%. At 5pm, the KLCI closed in the red after rising to its intraday high at 1,608.39.   Across Bursa Malaysia, turnover settled at 1.89 billion shares worth RM1.74 billion. Top decliners included KLCI components Petronas Dagangan Bhd and Tenaga Nasio...

KUALA LUMPUR (Sept 11): The FBM KLCI finished up 6.45 points or 0.4% today at its intraday high amid ebbing US-China trade war concerns and as investors looked ahead to Bank Negara Malaysia's (BNM) interest rate decision tomorrow. At 5pm today, the KLCI closed at 1,602.3, mainly on Petronas Dagangan Bhd's share price spike in the final trading minutes. Petronas Dagangan ended up RM1.68 or 7.57% at RM23.88 to become Bursa Malaysia's top gainer. "As it is, sentiments on global indices are calmer as the US-China trade war is showing some signs of ebbing that is also giving some leeway for equities to head higher," Malacca Securities Sdn Bhd wrote in a note today. Across Bursa, turnover stood at 2.33 billion shares worth RM1.78 billion. Top gainers included Magni-Tech Industries Bhd and Hong Leong Financial Group Bhd. Metronic Global Bhd topped Bursa’s most-active list with 157.26 million shares traded. The stock closed down 1.5 sen or...

KUALA LUMPUR (Sept 10): The FBM KLCI closed lower today, dragged down by heavy selling of shares of Axiata Group Bhd and Digi.Com Bhd, following the termination of merger talks between Axiata and Telenor ASA. The benchmark index ended the day 8.62 points or 0.54% lower at 1,595.85. “The index today was dragged down by the termination of the Axiata-Telenor merger, with selling present for Axiata and Digi shares,” Nomura head of equity research Tushar Mohata told the theedgemarkets.com. Telenor ASA (which is the biggest shareholder of Digi) and Axiata, called off their proposed merger last week, citing complexity of the transaction involved. Axiata was the biggest loser on Bursa Malaysia, while Digi was the fifth largest loser. A total of 2.19 billion shares, worth RM1.93 billion, were traded across the bourse. In a note today, JF Apex Securities Research said the KLCI could move sideways above the 1,600-level. “Following the mixed performance in the US and E...

KUALA LUMPUR (Sept 6): Trading on the local bourse remained lacklustre amid lack of strong buying impetus. The FBM KLCI moved in a tight range between 1,599 points and 1,606 points. It managed to end in positive zone to close at 1,604.47 points — the highest level for the week. The benchmark index was up 0.3%. Week-on-week, however, the FBM KLCI fell 0.48% from its closing of 1,612.14 on Aug 30. Across the bourse, a total of 1.65 billion shares were traded, valued at RM1.43 billion. The low trading volume indicates the current poor appetite for Malaysian stocks. Market breadth turned positive, as 364 gainers outnumbered 309 decliners, while 478 counters were unchanged. The ringgit strengthened to 4.1790 against the greenback at the time of writing, continuing its recovery since touching a three-year low of 4.2203 on Sept 3. Hong Leong Investment Bank (HLIB) sees that the FBM KLCI has formed a base at the 1,600 level having been through the consolidation ph...

KUALA LUMPUR (Sept 5): News of a fresh round of trade talks between the US and China early next month failed to spur buying interest on Bursa Malaysia. The FBM KLCI was flat today no thanks to the foreign funds’ selling spree amid absence of buying impetus and disappointment on earnings performance for the quarter ended June 30. The benchmark index had earlier slipped 7.05 points to a low of 1,592.84 earlier today before finishing at 1,599.75 at market close today, still lower by 0.14 points from its Wednesday close. Meanwhile, the index for small market capitalisation stocks closed down 24.5 points or 0.19% at 12,872.33. Market breadth was negative with more losers than gainers at 431 versus 308 at the end of the trading day. Total turnover remained below the two billion mark at 1.85 billion shares worth RM1.58 billion. Priceworth International Bhd continued to top Bursa Malaysia’s most active list, after the company announced Innoprise Corp Sdn Bhd would ...

  KUALA LUMPUR (Sept 4): The FBM KLCI today pared earlier losses to close higher — albeit just below the 1,600 psychological level — buoyed by July trade data as exports returned to positive territory. At 5pm, the benchmark index closed 8.37 points or 0.53% up to 1,599.89, led by Petronas Dagangan Bhd, which rose 4.48% to RM22.38, and Petronas Gas Bhd, up 2.45% at RM15.92. All sub-indices, save for the barometers tracking Malaysian REITs and utilities, ended higher. The small-cap index rose 109.06 points or 0.85% to finish at 12,896.83 points. Market breadth was positive with more gainers than losers — 479 versus 308 — while total turnover stood at 2.49 billion shares worth RM1.73 billion.    Bursa Malaysia's most actively traded stocks included Priceworth International Bhd, which signed a memorandum of understanding with Innoprise Corp Bhd for the supply of logs. The proposal will also see Innoprise, which is the investment holding vehicle...