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KUALA LUMPUR (June 30): The FBM KLCI closed 6.54 points or 0.44% higher at 1,500.97 today, partly helped by share price gains in rubber glove manufacturers, amid news of a resurgence in global Covid-19 cases. Analysts said the KLCI's gain was also underpinned by China’s stronger-than-expected official manufacturing Purchasing Managers' Index (PMI) reading. "We may see [choppy trading prevailing] amid the rising number of Covid-19 cases across the globe, although it is very much contained in Malaysia,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com. Globally, it was reported that Asian shares advanced today as positive economic data from China and the US helped to close out a strong quarter, though a renewed surge in global coronavirus cases underlined a challenging investment climate. It was reported that China's official manufacturing PMI came in at 50.9 in June, compared with May's 50.6, National Bu...

KUALA LUMPUR (June 29): After starting off negatively, the FBM KLCI rebounded in the final hour of trading to close in positive territory amid fresh interest in glove and healthcare counters. The benchmark index ended the day 6.29 points or 0.42% higher at 1,494.43, while the broader market was down with losers outnumbering gainers by 662 to 371. The local market’s weaker start was in line with the rest of the region as sentiment was affected by concerns over the worsening global Covid-19 situation. Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar said news of a possible second outbreak of Covid-19, however, also resulted in fresh buying interest in glove makers and healthcare players. “The death toll from Covid-19 reached half a million people on Sunday, while reported deaths around the world reached 500,000 fatalities with more than 10 million reported cases,” he told theedgemarkets.com. This, he said, led to renewed buying of counters lik...

KUALA LUMPUR (June 26): The FBM KLCI marched into its fourth consecutive trading day of losses, bucking the trend of its regional peers, amid falls in key index-linked stocks like Top Glove Corp Bhd and Hartalega Holdings Bhd. The benchmark index closed 1.06 points or 0.07% lower at 1,488.14, after moving between 1,483.05 and 1,495.57. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the weak market sentiment was partly due to the World Bank’s downgrading of Malaysia’s economic growth for this year to -3.1% from -0.1% estimated in April. He told  theedgemarkets.com that the short-selling ban, which is expected to be lifted on July 1, has also caused investors to take a more cautious approach as they expect the market to experience more volatility ahead. Today’s major losers were Top Glove (down 3.87% or 60 sen at RM14.9) and Hartalega (down 1.32% or 16 sen at RM11.94). Leong said the fall in rubber glove counters was due to rumours that...

KUALA LUMPUR (June 25): The FBM KLCI fell 13.43 points or 0.89% to 1489.2 as investors reacted to the World Bank’s downgrade of Malaysia’s economic growth forecast with a larger contraction of 3.1% this year from 0.1% estimated in April. Market breadth was led by 713 losers to 249 gainers, with a total of 4.49 billion shares traded worth RM2.49 billion. Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar pointed out that the World Bank had also said that Malaysia’s economy remains resilient and rests on strong fundamentals such as diversified economic structure, sound financial system and effective public health response. “The bank also suggests that Malaysia will be able to ride out the storm better than many other countries,” Jeffry told theedgemarkets.com. He also noted that only two out of the 30 index-link stocks closed up, namely RHB Bank Bhd and PPB Group Bhd, with the rest of the 28 stocks closing lower. Laggards dragging the KLCI down toda...

KUALA LUMPUR (June 24): It was another bleak performance for the FBM KLCI today as it fell 4.41 points or 0.29% to close at 1,502.63 after trending lower for much of the day. An analyst said the benchmark index was dragged down by Petronas-related heavyweights following Petronas Nasional Bhd's move to withdraw its legal action over the 5% petroleum sales tax imposed by the Sarawak government. “At the same time, the pullback in crude oil prices due to the larger-than-expected weekly inventory build-up compounded the weakness,” Malacca Securities Sdn Bhd analyst Kenneth Leong told  theedgemarkets.com . Petronas Dagangan Bhd was the worst hit stock among the KLCI constituents, falling RM1.04 or 4.59% to close at RM21.64.  This was followed by Hap Seng Consolidated Bhd, which fell 19 sen or 2.17% to RM8.55, and Genting Malaysia Bhd, which was five sen or 1.87% lower at RM2.63. “For now, we will continue to observe the 1,500 level as the immediate s...

KUALA LUMPUR (June 23): The FBM KLCI pared losses for a 4.2-point or 0.28% drop to 1,507.04 at market close today after US President Donald Trump said the US-China trade deal was "fully intact” in an effort to clarify earlier confusing statements from the White House on the status of the agreement. At 5pm, the KLCI pared losses after falling to its intraday low at 1,492.32 in line with major global stock indices, which however erased losses when markets closed. Japan’s Nikkei 225 ended 0.5% higher while South Korea’s Kospi finished up 0.21%. In China, the Hang Seng rose 1.62% while the Shanghai Stock Exchange Composite climbed 0.18%. In Malaysia, Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com the KLCI started with a big drop this morning, mirroring regional sentiment which turned negative after White House trade adviser Peter Navarro said the trade deal with China was “over”.     It was reported that Na...

KUALA LUMPUR (June 22): The FBM KLCI closed 3.98 points or 0.26% higher at 1,511.24 after a final hour jump helped the index erased losses, following volatile trade, as concerns of a second wave in Covid-19-infections dented world market sentiment. At 5pm, the KLCI closed higher after dropping to its intraday low at 1,502.64. Across Bursa Malaysia, 6.33 billion shares worth RM3.11 billion were traded. There were 548 decliners and 434 gainers. Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com that the KLCI’s rise "reflected a cautious regional performance” amid concerns of a resurgence in Covid-19 cases globally. It was reported that emerging market stocks started the week on softer footing on Monday, after the World Health Organization reported a record global increase in Covid-19 cases, while South Africa’s rand weakened ahead of a local emergency budget later this week. "Fears of a second wave of coronavirus inf...

KUALA LUMPUR (June 19): The FBM KLCI managed to crawl back above the 1,500-level to end the week at 1,507.26 points after it hit an intraday low of 1,496.76 points. The index went up barely 2.35 points or 0.16% despite the news of a new breakthrough in trade talks between China and the US. For the week, the benchmark index dropped 38.76 points or 2.51%, the largest percentage drop in seven weeks, amid absence of fresh buying impetus to sustain the upward momentum.   Trading volume came in at 6.32 billion shares worth some RM4.92 billion, while gainers led losers by 610 to 400.    Among the 30 KLCI constituents, gainers were led by Petronas Dagangan Bhd, up RM1.10 or 5.22% to close at RM22.16 today, followed by Top Glove Corp Bhd which rose 70 sen or 4.8% to RM15.40 and Hartalega Holdings Bhd which was up 58 sen to RM12.08. The gains among the rubber glove stocks made the Bursa Malaysia Healthcare Index the best performer among all sectors...

KUALA LUMPUR (June 18): The FBM KLCI finished 21.41 points or 1.4% lower today at 1,504.91, as concerns over the resurgence of Covid-19 cases in China and the U.S. dented global stock market sentiment. Across Bursa Malaysia at 5pm, a total of 5.12 billion shares worth RM3.87 were traded. There were 685 decliners and 300 gainers, after broad-based selling across the exchange. “Concerns over Covid-19 and the potential of a second wave of infections continue to dominate investor sentiment,” Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com. All Bursa indices ended lower. Worst hit, in percentage terms, was the healthcare index, which usually rises on news of Covid-19 outbreaks. The healthcare index, which tracks share prices of companies including rubber glove manufacturers, closed down 3.16%. Across Bursa-listed stocks, top decliners included Top Glove Corp Bhd, Bursa Malaysia Bhd and Fraser & Neave Holdings Bhd. Leading...

KUALA LUMPUR (June 17): The FBM KLCI closed 8.61 points or 0.57% higher today at 1,526.32 after erasing losses along with other Asian stock indices. World stocks ended higher as economic recovery anticipations offset Covid-19 outbreak revival concerns. In Malaysia, Inter-Pacific Securities Sdn Bhd head of research Victor Wan old theedgemarkets.com that the reopening of the economy served as an impetus for local stocks. “It gives a bit of hope that some sort of normalcy is returning,” Wan said. Globally, it was reported that Chinese blue chips recovered from an early dip to finish steady following a robust session on Wall Street overnight during which the Dow ended yesterday up 2.04%, while the S&P 500 gained 1.9% and the Nasdaq was up by 1.75%. "Hopes for recovery had been bolstered by the data showing US retail sales data jumped by a record 17.7% in May, recovering more than half the losses in the previous two months, though industrial o...

KUALA LUMPUR (June 16): The FBM KLCI closed 18.88 points or 1.26% higher at 1,517.71, while small market capitalisation (small cap) stocks rose by a larger quantum as factors including US and Japan central banks' stimulus revived market optimism despite lingering Covid-19 pandemic concerns. At 5pm, Bursa Malaysia's small cap index ended up 488.88 points or 4.26% at 11,966.10 after broad-based buying across the exchange. The KLCI closed higher today, after falling 47.19 points or 3.05% to 1,498.83 yesterday, amid concerns of a second wave in the global Covid-19 outbreak. Globally today, it was reported that the global stocks rally was back on track on Tuesday, with more support from the Federal Reserve and the Bank of Japan helping end a bumpy few days for financial markets. It was reported that the Bank of Japan kept its monetary settings steady, as widely expected but increased the nominal size of its lending packages for cash-strapped firms to US...

KUALA LUMPUR (June 15): Mounting concerns over the second wave of Covid-19 infections, particularly in China, spooked the equity bears in Asian markets, including Bursa Malaysia whose benchmark index had its biggest single-day drop in three months. A plunge of over 900 points in the Dow Jones Industrial Average futures added fuel to the selling in the afternoon. The FBM KLCI shed 47.19 points or 3.05% to a two-week low of 1,498.93 points. The index was on a decline for the third consecutive day. The fall in the FBM Small Cap Index, excluding only the top 100 largest stocks in terms of market capitalisation, was even bigger. It skidded 610.76 points or 5.06% to 11,457.15 points. On the home front, the news of the unemployment rate soaring to a 30-year high of 5% in April 2020 compounded the selling on the local market. Rakuten Trade head of research Kenny Yee described the selling today as “drastic”. He pointed out that as the market had been overbought ...

KUALA LUMPUR (June 12): Mirroring the overnight performance of Wall Street, equities around the globe — including the FBM KLCI — slumped into a sea of red as the negative sentiment in the US spilt over into the rest of the markets. At 5pm, the FBM KLCI closed 11.23 points or 0.72% lower to settle at 1,546.02 points. Throughout the day, the benchmark index was only trading in negative territory. However, despite opening more than 40 points lower from yesterday’s close, the FBM KLCI managed to pare some of its losses. Inter-Pacific Securities Sdn Bhd head of research Victor Wan said the FBM KLCI was down on profit-taking activities as the market has been “overbought”. From the recent low of 1,219.72 on March 19, the FBM KLCI has risen some 27% to today’s closing. “The market needs to take a breather [from the rally] that was driven by liquidity and not so much of fundamentals,” Wan told  theedgemarkets.com , adding that fundamentals are not looking good for ...

KUALA LUMPUR (June 11): The FBM KLCI closed lower today in tandem with other regional benchmark indices, as the US Federal Reserve’s muted outlook on the economic giant presented a bitter pill to investors banking on a quicker economic recovery. The KLCI fell 18.02 points or 1.14% to 1,557.25 points. “Today’s performance follows broader regional sentiment, following the US Federal Reserve’s outlook on US economy,” said Rakuten Trade Research vice president Vincent Lau. Market breadth was broadly negative with 871 counters recording declines, 394 stocks remaining unchanged and 249 counters posting gains. Some 9.16 billion shares worth RM5.91 billion were traded today. Top actives included AT Systemization Bhd, Luster Industries Bhd and Pegasus Heights Bhd. Top decliners today were Allianz Malaysia Bhd, Carlsberg Brewery Malaysia Bhd and Nestle Malaysia. The day’s top gainers were Top Glove Corp Bhd’s TOPGLOV-C78 warrant, Tasek Corp Bhd’s TASEK PA warra...

KUALA LUMPUR (June 10): After being in the red for the most part of today’s trading session, the FBM KLCI closed marginally higher on late buying of selected counters. The benchmark index closed 0.11 point or 0.1% up at 1,575.16. Malacca Securities Sdn Bhd head of research Loui Low said the lacklustre market today in terms of trading volume, when compared with yesterday, could be due to the recovery movement control order (RMCO) coming into effect. This resulted in more people going back to work, Low told theedgemarkets.com. “It could also be because of Top Glove [Corp Bhd]’s results that are going to be out tomorrow, and therefore investors are on the sidelines for now to wait and see how the results will be,” he added. Shares in Top Glove, the darling of investors, rose to another record high today, closing at RM17.08, valuing the company at RM45.11 billion. Year to date, the counter has more than tripled from RM4.70. Low said political developments...

KUALA LUMPUR (June 9): The FBM KLCI has risen 18.83 points or 1.21% to a four-and-a-half-month high at 1,575.16 points as the country’s short-term economic recovery plan and the recovery phase of the movement control order, which starts tomorrow, spurred investor optimism. Today, the FBM KLCI only traded in positive territory, ranging between 1,567.97 to 1,590.83 points. This means the benchmark index has surged 29.14% since the low of 1,219.72 points on March 19 this year. Year-to-date (YTD), the FBM KLCI was down only 0.86% — nearly erasing all its losses seen this year. Malacca Securities Sdn Bhd analyst Kenneth Leong told  theedgemarkets.com  that the FBM KLCI resumed trading from the extended weekend break on a buoyant manner as the key index is playing catch-up with gains across global equities. “Market sentiment was also supported by the slew of measures announced under the Short Term Economic Recovery Plan that aims to support th...

KUALA LUMPUR (June 5): The FBM KLCI pared some of its losses at the midday break, tracking the reversal at most regional markets, as investors awaited the announcement for the nation's short-term economic recovery plan for the June to December 2020 period later today. The reversal of losses at the local market was partly aided by resurgent glovemakers. The healthcare index of Bursa Malaysia rose 3.71% or 88.06 points to 2,460.85. The decliners included Nestle (M) Bhd, Malayan Banking Bhd, Can-One Bhd, PPB Group Bhd, Gas Malaysia Bhd, My EG Services Bhd, British American Tobacco (M) Bhd and Duopharma Biotech Bhd. The actives included Hibiscus Petroleum Bhd, Advanced Synergy Bhd, Sapura Energy Bhd, Careplus Group Bhd, Sanichi Technology Bhd, KNM Group Bhd and AT Systemization Bhd. The gainers were led by Top Glove Corp Bhd, Supermax Corp Bhd, UMW Holdings Bhd, UWC Bhd, Hartalega Holdings Bhd, Vitrox Corp Bhd, MBM Resources Holdings Bhd, Adventa Bhd and...

KUALA LUMPUR (June 4): The FBM KLCI closed up 23.31 points or 1.52% today at its intraday high after a spike in the final trading minutes, partly helped by sharp gains in prices of index-linked counters Hap Seng Consolidated Bhd and Nestle (M) Bhd. Rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd were also among stocks contributing to the KLCI’s rise. At 5pm, the KLCI finished higher at 1,561.84 points. Bursa Malaysia’s healthcare index, which includes rubber glove manufacturers, closed up 5.85% to be the largest percentage gainer among Bursa indices. The KLCI closed higher for the seventh consecutive day today. Across Bursa, 8.19 billion securities worth RM6.12 billion were traded. There were 634 gainers and 389 decliners. Hap Seng Consolidated’s share price closed up RM1.30 or 15.66% at RM9.60, while Nestle rose RM1.10 or 0.79% to RM140.40. Top Glove's share price closed up 74 sen or 5.03% at RM15.44, while Hartalega ended...

KUALA LUMPUR (June 3): The FBM KLCI jumped 30.84 points or 2.05% to 1,538.53 — the highest closing since Feb 14 — on buying interest in battered banking stocks that carry large weightage on the benchmark index. The FBM KLCI has been on the climb for six consecutive trading days. The selling wave that swept across the rubber glove sector did not seem to have dampened the local sentiment as much after a list of stockbrokers tighten margin financing on glove counters. The benchmark index marched higher for the sixth straight session today, with buying interest turned towards financial stocks amid their attractive valuations, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com . “Gains were also underpinned by the anticipation of The Short Term Economic Recovery Plan for June 2020 to December 2020 that is scheduled to be announced this month. At the same time, the stronger commodity prices (both the crude oil and crude palm oil) and f...

KUALA LUMPUR (June 2): The FBM KLCI closed 17.55 points or 1.18% higher at 1,507.69 today in an apparent reaction to Malaysia’s short-term economic recovery plan announcement, which led to share price spikes in KLCI linked companies like Genting Bhd, Genting Malaysia Bhd and Malaysia Airports Holdings Bhd (MAHB). Analysts said expectation that Malaysia’s movement control order (MCO) will end next Tuesday (June 9) is also boosting investor sentiment. Meanwhile, Bursa Malaysia’s Energy Index, which tracks shares of oil and gas (O&G)-related companies, was the top percentage gainer among the exchange’s indices. It finished up 5.15%. Within the 30-stock KLCI, Genting Bhd’s share price closed up 43 sen or 10.75% at RM4.43, Genting Malaysia settled up 24 sen or 10.17% at RM2.60 while MAHB ended 72 sen or  14.2% higher at RM5.79. At a glance, the KLCI and shares of these companies rose sharply at about 3pm when news broke that the short-term economic recove...

KUALA LUMPUR (June 1): The FBM KLCI closed up 16.89 points or 1.15% at 1,490.14 today, while trading volume across Bursa Malaysia topped 10 billion securities for the second time in less than a month, as global investors cheered news on the less-drastic-than-expected US measures in response to China’s new security legislation in Hong Kong. In Malaysia, rubber glove manufacturers powered the KLCI’s rise, analysts said. Across Bursa today, 10.31 billion securities worth RM6.73 billion were traded. There were 511 gainers and 574 decliners. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said investors cheered the softer stance from Trump's remarks on China. “Back home, the continuous rally in heavyweight glovemakers powered the KLCI,” Leong said. Globally, it was reported that Trump said he was directing his administration to begin the process of eliminating special treatment for Hong Kong in response to China's plans to impose new security leg...