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KUALA LUMPUR (July 30): The FBM KLCI recouped earlier losses to close 7.67 points or 0.48% lower after tanking by some 25 points in reaction to Umno's departure from the Perikatan Nasional alliance. At 5pm, the benchmark index ended at 1,603.75. It had opened at a high of 1,614.35 before falling below the 1,600 level to 1,584.95 at 4pm. A total of 11.92 billion shares were traded for RM6.16 billion, led by 688 losers and 390 gainers. Umno president Datuk Seri Dr Ahmad Zahid Hamidi earlier announced in a statement that the party would be leaving the informal Perikatan Nasional (PN) coalition and would instead strengthen its Muafakat Nasional (MN) pact with PAS, and the other component parties of Barisan Nasional (BN). He added that Tan Sri Muhyiddin Yassin met with BN lawmakers at the Parliament yesterday afternoon and expressed Parti Pribumi Bersatu Malaysia's desire to join MN. Ahmad Zahid said that Bersatu's wish to join the coalition will ...

KUALA LUMPUR (July 29): The FBM KLCI closed 1.48 points or 0.09% higher at 1,611.42 today on a final-hour nudge after volatile trades, which charted a rare V-shaped recovery for Malaysia's equity benchmark. At 5pm, the KLCI closed up after rising to its intraday high of 1,618.01 in the morning before plunging to its intraday low at 1,589.98 at lunchtime. Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar told theedgemarkets.com that the KLCI's performance today "was largely influenced" by index constituents including Top Glove Corp Bhd, IHH Healthcare Bhd and Malayan Banking Bhd. At a glance, notable KLCI movers included Hartalega Holdings Bhd and Petronas Dagangan Bhd. Hartalega's share price closed up 22 sen or 1.11% at RM20.12, Top Glove ended down 26 sen or 0.98% at RM26.14, while Petronas Dagangan fell six sen or 0.28% to RM21.48. Earlier today, Hartalega and Top Glove had during morning trades risen to record highs at RM20...

KUALA LUMPUR (July 28): The FBM KLCI closed up 18.46 points or 1.16% at its intraday high of 1,609.94 today as investors weighed corporate earnings against the possibility of a second wave of global Covid-19 infections. Spectre of the second wave helped share prices of rubber glove manufacturers rise to all-time highs today. Meanwhile, news on former prime minister Datuk Seri Najib Razak being found guilty by the High Court here today of all seven charges involving abuse of power, criminal breach of trust and money laundering in relation to the RM42 million belonging to SRC International Sdn Bhd, could have also influenced investor sentiment. Inter-Pacific Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com : “As the earnings forecast is rather fluid, the broader theme hinges on recovery, whether there is room for upside after what market expects to be an uninspiring second quarter.” Across the bourse, trading volume stood at 11.85 billi...

KUALA LUMPUR (July 27): The FBM KLCI closed 1.87 points or 0.12% higher today, thanks to a rush for glovemakers in the final minutes of trading, after declining on the back of losses in banking counters. The benchmark index dipped to a low of 1,588.98 amid profit-taking in Top Glove Corp Bhd, but the late buying in that stock and other glovemakers lifted the index to 1591.48 at the close. Public Bank led the banking stocks' decline, while Malayan Banking Bhd shares also slipped. This follows news that the banking sector is estimated to see losses of RM6.4 billion during the loan moratorium period, and that the government and Bank Negara Malaysia are in talks with banks on whether the six-month moratorium will be extended beyond September.    “Looking ahead the focus now will be on 2Q results, which many already see to be weaker,” Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com when contacted. “Investors are now gau...

KUALA LUMPUR (July 23): The FBM KLCI closed up 19.44 points or 1.22% at 1,606.42 today while trade volume across Bursa Malaysia rose past 12 billion securities again this week as the rubber glove- and healthcare-related sectors continued to be a major theme in the local equities market due to the Covid-19 pandemic. Across Bursa at 5pm, 12.12 billion securities were traded for RM6.65 billion. Gainers outpaced decliners at 599 to 452 respectively. Trading volume across Bursa rose past 12 billion securities again today after climbing to its record high at 12.5 billion securities on Monday. Today, Bursa top gainers included KLCI-linked rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd, the share prices of which closed up at their intraday highs. Leading gainer Top Glove closed up RM1.42 or 5.75% at RM26.12 while Hartalega ended 62 sen or 3.57% higher at RM18. TA Securities Holdings Bhd technical analyst Stephen Soo said glove counter...

KUALA LUMPUR (July 22): The FBM KLCI closed 8.95 points or 0.56% lower at 1,586.98 today, as world equities took cue from the US-China spat, which resulted in Hong Kong’s Hang Seng falling the most in nearly six weeks. At Bursa Malaysia, the KLCI closed lower, partly due to index-linked glove makers’ Hartalega Holdings Bhd and Top Glove Corp Bhd's share price drop among Bursa top decliners. In a rare development, Bursa’s top four gainers comprising pharmaceutical companies Pharmaniaga Bhd, Apex Healthcare Bhd, Kotra Industries Bhd and Duopharma Biotech Bhd saw their share prices hit limit up after closing 30% higher, as investors continued to pin their hopes on a Covid-19 vaccine to curb the pandemic. Inter-Pacific Securities Sdn Bhd head of research Victor Wan said the KLCI slipped today as share prices of glove makers fell due to profit taking. Wan said the tension between the US and China also weighed on investor sentiment. “But the question right no...

KUALA LUMPUR (July 21): The FBM KLCI closed 6.48 points or 0.41% higher at 1,595.93 today, tracking global stock gains following news on hopes of a Covid-19 vaccine and the European Union (EU) stimulus package. Such hopeful sentiment on a Covid-19 vaccine also led to higher crude oil prices, which in turn lifted Bursa Malaysia-listed oil and gas (O&G)-related shares. Hopes for a Covid-19 vaccine also helped pharmaceutical company Duopharma Biotech Bhd’s share price spike to a record high. Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that the market is banking on the recovery in the global economy amid the news on Covid-19 vaccine hopes. “The positive news on vaccine trials also sent crude oil prices high, to a level similar [to] back in March,” he said. Across Bursa, the exchange saw 9.34 billion shares worth RM5.39 billion traded. Gainers led decliners by 634 to 428 respectively. Top gainers included pharmaceutical com...

KUALA LUMPUR (July 20): The FBM KLCI closed lower today, dampened mostly by weak interest in banking and telecommunication index-linked counters. Meanwhile, trading volume across Bursa Malaysia rose to another record high of 12.5 billion securities in less than two weeks, driven by strong buying interest in glove makers. At 5pm, the benchmark index settled 6.88 points or 0.43% lower at 1,589.45, from 1,596.33 last Friday. Telco stocks DiGi.com Bhd fell 15 sen or 3.35% to RM4.33, followed by Axiata Group Bhd, which shed eight sen or 2.37% to RM3.33, while Maxis Bhd trimmed eight sen or 1.49% to RM5.30. Among the banks, Public Bank Bhd fell 64 sen or 3.5% to RM17.64, CIMB Group Holdings Bhd sank eight sen or 2.22% to RM3.53, Malayan Banking Bhd dipped 12 sen or 1.51% to RM7.82, RHB Bank Bhd slipped seven sen or 1.38% to RM5, while Hong Leong Financial Group Bhd dropped 12 sen or 0.86% to RM13.82. Bursa saw 12.50 billion securities worth RM6.64 billion tra...

  KUALA LUMPUR (July 16): The FBM KLCI closed down 12.08 points or 0.76% at 1,573.48 today after a Bursa Malaysia trade halt and as Asian equity indices fell against a confluence of factors including deteriorating US-China ties and China's share plunge after announcing its latest economic growth data. Exchange operator Bursa said in a statement that trading across the bourse was halted at 3:30pm due to a technical issue. Interestingly and coincidentally, KLCI-linked Top Glove Corp Bhd's share price fell below RM20 in afternoon trade after the company confirmed the US Customs and Border Protection (CBP) had yesterday placed a detention order on disposable gloves manufactured by two of its subsidiaries, namely Top Glove Sdn Bhd and TG Medical Sdn Bhd. Trading in Top Glove's shares resumed following a suspension between 2:30pm and 3:30pm today in conjunction with the detention order announcement, which appeared on Bursa's website during the excha...

KUALA LUMPUR (July 15): The FBM KLCI finished down at its intraday low today after falling 13.19 points or 0.83% to 1,585.56 while Bursa Malaysia small market capitalisation (small cap) index rose more than 1% as Covid-19 vaccine hopes spurred world stock markets. Covid-19 vaccine hopes and profit-taking, however, appeared not to bode well today for shares of rubber glove manufacturers, which had earlier seen their stock prices increase substantially due to rising Covid-19 infections globally. Across Bursa Malaysia today, 8.24 billion shares worth RM5.02 billion were traded. There were 558 gainers and 456 decliners. The top four decliners were rubber glove manufacturers, led by Hartalega Holdings Bhd followed by Top Glove Corp Bhd, Supermax Corp Bhd and Kossan Rubber Industries Bhd. Hartalega and Top Glove are KLCI constituents. Hartalega's share price closed RM1.40 or 8.24% lower at RM15.60 while Top Glove finished down RM1.36 or 5.87% at RM21.80. ...

KUALA LUMPUR (July 14): The FBM KLCI closed down 7.68 points or 0.48% at 1,598.75 today after cutting losses following a sharp final-hour drop and as investors weighed a confluence of factors including fresh Covid-19 restrictions in the US besides the US-China trade tension. At Bursa Malaysia, share prices of KLCI-linked rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd slumped as much as 15% during the final hour of trading before paring losses when markets closed. Another KLCI constituent Hap Seng Consolidated Bhd closed down at its intraday low after a final-hour plunge. “Today's (Malaysian stock market) performance was (due to) a confluence of different factors, for example, you have fresh Covid-19 restrictions in the US, the overnight (share price) fall on Wall Street, US-China trade tension,” Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com. Across Bursa at 5pm, the bourse saw 8.76 ...

KUALA LUMPUR (July 13): The FBM KLCI finished up 14.59 points or 0.92% at 1,606.43 today, led mainly by rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd's share price rise amid rising Covid-19 infections globally. Malaysia Parliament newsflow also appeared to have influenced local share trade dynamics and as investors looked ahead to the corporate financial reporting season for the April-to-June quarter. “Currently there are only two sectors that have been supporting the KLCI, namely the rubber glove and financial services sectors,” Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com today. Across Bursa Malaysia, 9.55 billion shares were traded for RM5.7 billion.  The top three gainers were rubber glove manufacturers, led by Supermax Corp Bhd followed by KLCI-linked Top Glove and Hartalega. All three stocks' prices rose to their record highs today before paring gains when market closed. Supermax clo...

KUALA LUMPUR (July 10): The FBM KLCI bucked the regional trend to close 0.54% higher today, mainly on further gains recorded by glove makers Top Glove Corp Bhd and Hartalega Holdings Bhd. The index dipped into the red shortly after it opened at 1,578.92. But as trading progressed, it slowly inched up to end the day 8.59 points higher at 1,591.84. The healthcare index, which includes rubber glove manufacturers, was the biggest percentage gainer among Bursa Malaysia indices, closing 4.25% higher at 3,062.57. Public Investment Bank technical analyst Lee Siao Ping said he is positive about the healthcare sector, especially the glove counters. He said from a technical viewpoint, the KLCI could rise above 1,600 next week, buoyed by the continuing buying momentum in the sector. "Support can be found at 1,600, 1610 and 1,622. Conversely, resistance can be identified at 1,580 and 1,550, which is less likely," he told theedgemarkets.com. Glove stock...

KUALA LUMPUR (July 9): The FBM KLCI ended marginally lower today on a lack of fresh catalysts to prop up the market. The benchmark index closed 0.25 points or 0.02% lower at 1,583.25, after moving between 1,579.90 and 1,590.63. Market breadth today was mixed with 471 gainers versus 490 losers, while 505 counters closed unchanged. Turnover stood at 10.24 billion shares valued at RM5.18 billion, compared with yesterday’s record high volume of 11.81 billion worth RM4.36 billion. Fortress Capital Asset Management (M) Sdn Bhd investment adviser and director Geoffrey Ng said the market’s relatively lacklustre performance was mainly due to the absence of fresh leads. He also told theedgemarkets.com  that retail investors have played a major role in terms of market participation of late and this trend would likely persist given the low-interest rates environment.  Ng said some speculation activities are continuing, including in glove stocks, as evidenced...

KUALA LUMPUR (July 8): The FBM KLCI finished 16.78 points or 1.07% higher at 1,583.50 today in heavy trading on liquidity-driven buying. Trading volume across Bursa Malaysia rose to another record high at 11.81 billion shares, worth RM4.36 billion. The previous record was 11.21 billion shares, registered on May 18. Gainers surpassed losers at 619 to 353, while 482 counters closed unchanged. Inter-Pacific Securities Sdn Bhd head of research Victor Wan said there was strong buying interest as more investors shifted their funds to the market.     “The current low interest rates environment encourages investors to pour money into the equity market, as elsewhere the returns are pretty low,” Wan told theedgemarkets.com . Bank Negara Malaysia yesterday announced another cut in the Overnight Policy Rate (OPR) by 25bps to 1.75%, a record low since the floor was set in 2004. So far this year, the central bank has slashed the OPR four times for a ...

KUALA LUMPUR (July 7): The FBM KLCI closed down 10.18 points or 0.65% at 1,566.72 today while the FBM ACE was the top percentage gainer after Bank Negara Malaysia (BNM) cut the overnight policy rate (OPR) by 25 basis points (bps) today to a record low of 1.75%. Across Bursa Malaysia, 7.78 billion shares worth RM4.93 billion were traded. There were 648 decliners and 428 gainers. The ACE index closed up 194.09 points or 2.75% at 7,246.90, while the healthcare and REIT indices rose 1.9% and 0.14% respectively. BNM cut the OPR by 25 bps today to a record low of 1.75%, saying the impact of the Covid-19 pandemic on the global economy is severe and that Malaysia’s economic activity contracted sharply in the second quarter of the year, due to measures introduced to contain the pandemic. In a statement today, the central bank said Malaysia’s inflationary pressures are expected to be muted in 2020. In theory, interest rate cuts are good for equities but bad for currencie...

KUALA LUMPUR (July 6): The FBM KLCI marked its sixth consecutive day of gains as it tracked regional markets, which climbed on sentiments of anticipated recovery to global growth, while strong buying interest seen among glove makers also boosted the benchmark index. Across Asia, Japan's Nikkei 225 rose 1.83% and South Korea's Kospi soared 1.65%. In China, the Hong Kong Hang Seng Index jumped 3.81% while the Shanghai Stock Exchange Composite Index closed up 5.71%. Reuters reported that Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to boost global economic growth, even as surging coronavirus cases delayed business re-openings across the United States. In Malaysia, Rakuten Trade Sdn Bhd research vice president Vincent Lau told  theedgemarkets.com  that the regional markets’ rally was a major driver to the KLCI's performance today, as it closed 24.25 points or 1.56% higher at 1,576.90, compared w...

KUALA LUMPUR (July 3): The FBM KLCI closed higher led by gains in glove counters which attracted fresh buying interest as prospects for the industry strengthened further amid rising COVID-19 cases globally. The benchmark index closed 1.07% or 16.37 points higher at 1552.65. Leading the KLCI today was Hartalega Holdings Bhd which rose 6.67% to RM16 and Top Glove Corp Bhd which climbed 5.49% to a new high of RM18.46. Supermax Corp Bhd also hit a new high of RM9.43 before closing at RM9.41. On the broader market, gainers outnumbered losers by 667 to 355, with 6.72 billion shares worth RM3.81 billion traded. Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar said Malaysia’s success in curbing the spread of COVID-19 also boosted investor sentiment, as this will lead to the reopening of more economic sectors. “Malaysia is aiming for zero cases for 28 days to be declared free of COVID-19. If Malaysia achieves the target, the economy can recover as soon...

KUALA LUMPUR (July 2): The FBM KLCI closed up 21.85 points or 1.44% at 1,536.28 today after broad-based buying across Bursa Malaysia as world equity indices rose on hopes of a vaccine for Covid-19. Across Bursa Malaysia, 5.9 billion shares were traded for RM4.03 billion. There were 701 gainers and 334 decliners. Leading the KLCI, in percentage terms, was Petronas Chemicals Group Bhd after its share price closed up 30 sen or 4.8% at RM6.55, followed by Genting Malaysia Bhd and Genting Bhd. Genting Malaysia was up 10 sen or 3.98% at RM2.61 while Genting Bhd closed 13 sen or 3.19% higher at RM4.21. Globally, it was reported that Asian stocks hovered near four-month highs on Thursday on hopes of a vaccine for COVID-19 while copper prices jumped to a more than six-month peak on a better global outlook and supply fears in top producer Chile. It was reported that all eyes are on US employment data, due later in the day, which are expected to offer further cue...

KUALA LUMPUR (July 1): The FBM KLCI closed up 13.46 points or 0.9% at 1,514.43 today, helped by a confluence of factors including share price gains for rubber glove manufacturers and higher crude oil prices. KLCI-linked glove manufacuturer Hartalega Holdings Bhd's share price rose to a record high. Meanwhile, better economic indicators for Malaysia also appeared to support broad-based buying across Bursa Malaysia as investors priced in a recovery of the local economy in the second half of 2020 as businesses reopen after the Covid-19 pandemic-driven disruption. "We believe there is a case for the KLCI’s multiple to stay elevated to reflect the robust domestic liquidity driven by the risk-on sentiment globally triggered by the massive monetary and fiscal stimulus packages put in place by central banks and governments around the globe, optimism about the economy reopening and the news flow of vaccine developments," AmInvestment Bank Bhd Malaysia...