MONEY MASTER

  KUALA LUMPUR (Aug 28): The FBM KLCI closed at the day’s low after some index-linked stocks came under selling in the final trading hour.  The index finished 29.57 points or 1.9% lower at 1,525.21, a near two-month low.  Areca Capital Sdn Bhd CEO Danny Wong Teck Meng said the late selling in selective KLCI stocks is likely due to portfolio restructuring.  The portfolio rebalancing action taken by institutional funds, he told theedgemarkets.com, comes in the wake of the inclusion of two glove counters as component stocks of the MSCI Global Standard index with effect from Sept 1.  MSCI Global Standard had announced on Aug 13 that Kossan Rubber Industries and Supermax Corp Bhd will be new constituents of the index, while IJM Corp Bhd will be removed from the list.   Among the KLCI component stocks that retreated in the final hour today are Hap Seng Consolidated Bhd, PPB Group Bhd and Petronas Chemical Bhd (PetChem).  Hap Seng closed 68 sen o...

    KUALA LUMPUR (Aug 27): The FBMKLCI closed higher today, snapping three consecutive days of declines, mainly lifted by Telekom Malaysia Bhd (TM) and Sime Darby Plantation Bhd, which announced strong quarterly results today. At 5pm, the benchmark index was up 5.2 points or 0.34% at 1,554.78. Market breadth, however, was negative, with 545 losers versus 503 gainers. Across the bourse, a total of 13.71 billion shares worth RM5.56 billion were traded. TM, which was among Bursa Malaysia’s top gainers of the day, closed 8.97% or 34 sen higher at RM4.13, after some 13.69 million shares were done. Sime Darby Plantation was up 1.18% or six sen higher at RM5.16. When contacted, Malacca Securities Sdn Bhd head of research Loui Low said the KLCI finished higher amid choppy trading, lifted mainly by TM. He said he continues to favour the telco sector, where he expects to see further upside as it benefits from the new norm of working from home following the COVID-19 outbrea...

    KUALA LUMPUR (Aug 26): The FBM KLCI continued to close lower today, for the third consecutive day, by 5.38 points or 0.35%, mainly dragged by banking and telecommunication stocks. At 5pm, the local benchmark index closed at 1,549.39 points — nearly a two-month low. In today’s session, it was mostly trading in the negative territory between the range of 1,538.26 and 1,558.95 points. Malacca Securities Sdn Bhd head of research Loui Low believes that the downward bias on the FBM KLCI will still remain until the conclusion of the reporting season. “The broader market especially the small caps and lower liners are the ones in focus,” he told theedgemarkets.com, adding that it could be due to ample liquidity in the markets and finding some short-term trading ahead of the busy reporting season. “We still think it is better to be cautious as stocks might trade higher until the results are released and should the results be weaker than expected, the share price might t...

  KUALA LUMPUR (Aug 25): The FBM KLCI continued to close lower today by 13.62 points or 0.87% mainly due to profit-taking activities seen across glove makers. At 5pm, FBM KLCI closed at 1,555.96 points. In today’s session, it was only trading in the red zone between the range of 1,552.92 and 1,569.58 points. Inter-Pacific Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that glove stocks retreated “quite badly” due to reports that the US may fast-track an experimental Covid-19 vaccine from the UK. “Overall, the other stocks, including the small caps, in the market also follow the sentiment from the glove [counters],” he added. “The market performance is not looking too healthy,” Wan said, adding that the benchmark index performance would be dependent on how corporate earnings results will pan out in the next three to four days. Noting that the immediate support level is 1,550 points, Wan said “it will definitely look more precarious if it does ...

   KUALA LUMPUR (Aug 24): The FBM KLCI underperformed the broader market to close 8.54 points or 0.54% lower today, mainly dragged by Petronas Chemicals Group Bhd (PetChem) and banking stocks. Despite opening in the positive territory, the index stood in the red zone for most of the trading session. It closed at 1,568.58 after moving between 1,567.10 and 1,581.27. TA Securities Holdings Bhd senior technical analyst Stephen Soo said most of the blue chips remained in consolidation. “In terms of performance [today], it has underperformed compared with the broader market,” Soo told theedgemarkets.com. The FBM ACE index was up 23.94 points or 0.22% at 10,945.82, while the Bursa Malaysia Small Cap Index grew 154.02 points or 1.12% to 13,881.35. Soo said banks are affected by the recent news that cruise ship operator Genting Hong Kong Ltd had suspended payments to creditors. "There are probably concerns on writebacks," he said. The company was scheduled ...

    KUALA LUMPUR (Aug 19): The FBM KLCI gave up earlier gains to close slightly lower today on profit-taking, against the backdrop of mixed regional markets.  The key index closed 2.47 points or 0.16% lower at 1,575.38. After coming down in the morning, it recovered in the afternoon only to retreat again towards the close. The market breadth was more positive, as gainers outpaced decliners by 589 to 411.  Rakuten Trade Research vice president Vincent Lau said investors took some cash off the table, especially in some rubber glove counters, following yesterday’s strong rally. Hartalega Holdings Bhd, which jumped 12.85%, gave up some of its gains yesterday, closing 36 sen or 2.05% lower at RM17.2. It was among the day’s top losers on Bursa Malaysia.  Top Glove Corp Bhd closed up 4.06% or RM1.06 at RM27.14 in volatile trading. It had fallen to as low as RM25.54 earlier in the day. Supermax also went down by 5% to RM19.76, before rebounding to close ...

    KUALA LUMPUR (Aug 18): The FBM KLCI closed 17.11 points or 1.10% higher at its intraday high of 1,577.8 points after a final hour jump, as bargain hunters returned for glove makers that had recently succumbed to profit taking. At a glance, notable KLCI movers included Top Glove Corp Bhd and Hartalega Holdings Bhd. Top Glove’s shares price reversed losses from the past two days, closing up 16.32% or RM3.66 at RM26.08, while Hartalega's share price ended 12.85% or RM2 higher at RM17.56. Both Top Glove and Hartalega were among the biggest gainers on the local bourse today. The other glove counters also made it to the top gainer list today, including Supermax Corp Bhd, which spiked 24.55% or RM4.10 to RM20.80, Kossan Rubber Industries Bhd, which jumped 16.96% or RM2.32 to RM16, and Rubberex Corp Bhd, which rallied 29.86% or RM1.29 at RM5.61.  Bursa Malaysia’s Healthcare Index, which includes rubber glove manufacturers, was the largest percentage gainer amon...

  KUALA LUMPUR (Aug 17): The FBM KLCI closed down 3.85 points or 0.25% at 1,560.74 today while trade volume across Bursa Malaysia dropped below 10 billion securities as investors continued selling shares of rubber glove manufacturers. At 5pm, Bursa volume stood at 8.8 billion securities worth RM4.95 billion. Bursa’s Healthcare Index, which tracks shares of companies including rubber glove manufacturers, ended down 2.83% to become the top percentage decliner among bourse gauges. Maybank Investment Bank Bhd analyst Anand Pathmakanthan wrote in the research firm’s latest Malaysia strategy note that the "market faces a difficult and uncertain economic and earnings recovery path, with 2H20 downside risks including a potential windfall tax levy on the gloves sector”. Anand said the powerful year-to-date share price rally in glove manufacturers is fundamentally grounded in sharply higher volume demand and average selling prices. However, news including updates on the dis...

   KUALA LUMPUR (Aug 14): The number of Bursa Malaysia decliners rose sharply to almost 1,000 today as investors weighed Malaysia’s worst quarterly economic performance since 1998 and as world markets pulled back after China announced a disappointing set of economic indicators. All Bursa indices closed lower at 5pm today. Worst hit was the Healthcare Index after the gauge fell 201.62 points or 5.09% to 3,762.49 as investors sold shares of rubber glove manufacturers.  Meanwhile, the FBM KLCI ended down 11.83 points or 0.75% at 1,564.59. Across Bursa today, there were 981 decliners versus 213 gainers. A total of 10.46 billion securities were traded for RM5.15 billion.  Yesterday, there were 491 decliners versus 607 gainers. Today, news reports, quoting Bank Negara Malaysia and the Statistics Department, said Malaysia’s economy, as measured by gross domestic product (GDP), contracted 17.1% in the second quarter of 2020 (2Q20) from a year earlier mainly due ...

    KUALA LUMPUR (Aug 13): The FBM KLCI closed up 19.78 points or 1.27% at its intraday high of 1,576.42 today, lifted partly by banking and rubber glove manufacturers’ share price rise as the broader market took cue from US stocks’ overnight gain. Today, trade volume across Bursa Malaysia however ended sharply lower at 11.67 billion securities worth RM4.97 billion. Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar told theedgemarkets.com that the news on the planned inclusion of rubber glove manufacturers Kossan Rubber Industries Bhd and Supermax Corp Bhd into the MSCI Global Standard Indexes' MSCI Malaysia Index today lifted share prices of KLCI-linked glove manufacturers Hartalega Holdings Bhd and Top Glove Corp Bhd. MSCI said in a statement yesterday that changes in constituents for the MSCI Global Standard Indexes would take place as of the close of Aug 31. At Bursa today, Top Glove's share price closed up 50 sen or 2.04% at RM25 while Hartalega rose 4...

KUALA LUMPUR (Aug 12): The FBM KLCI pared losses after closing down 8.1 points or 0.52% at 1,556.64 today as COVID-19 vaccine hopes prompted investors to buy beaten-down shares of companies badly affected by the coronavirus pandemic and sell shares of rubber glove manufacturers. At 5pm, Bursa Malaysia notable gainers included KLCI constituents Genting Bhd and Genting Malaysia Bhd while leading decliners included KLCI-linked rubber glove manufacturers Top Glove Corp Bhd and Hartalega Holdings Bhd. The rotational shift was observed since yesterday when investors bought oil and gas shares. Today, TA Securities Holdings Bhd analysts wrote in a note: "The strong rebound in oil & gas related stocks yesterday augurs well for trading sentiment, given the healthy rotational shift from the red hot rubber glove and healthcare sector which need to consolidate and neutralise their excessive overbought condition after enjoying dizzying profits.”  Across Bursa Malaysia, 19....

    KUALA  LUMPUR (Aug 11): The FBM KLCI closed down 6.92 points or 0.44% at 1,564.74 today while trading volume across Bursa Malaysia rose to another record peak at 27.8 billion securities against a confluence of factors including global crude oil and equity price gains. At 5pm, Bursa saw 27.8 billion securities traded for RM7.8 billion. There were 722 decliners versus 552 gainers across the bourse. The Energy Index, which tracks shares in oil and gas-related firms, rose 12.27% to become the top percentage gainer among Bursa gauges while Sapura Energy Bhd was the most-active stock across the exchange with a record-high volume of over four billion shares. Areca Capital Sdn Bhd chief executive officer Danny Wong noted that Bursa's trading volume mostly comprised transactions of penny stocks. Although share volume was high, total trading value only stood at RM7.8 billion, he said. "I think the market is not certain about the direction. It's typically the retai...

    KUALA LUMPUR (Aug 10): The FBM KLCI pared some losses to close 6.48 points or 0.41% lower to 1,571.66 as profit taking was seen across glove counters today. The benchmark index had earlier fallen to a low of 1,558.07. Trade volume swelled to 19.76 billion, the second highest since crossing the 20-billion mark last Friday to hit 26.65 billion. Total value of shares traded today was RM7.55 billion. Despite negative trading throughout the day, there were 618 gainers and 449 losers in the market. Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar noted that Hartalega Holdings Bhd and Top Glove Corp Bhd led the decline of the benchmark index today. Hartalega fell 78 sen or 4.08% to RM18.36, while Top Glove ended 94 sen or 3.34% lower at RM27.20. “The reason is because investors were eyeing profit taking as both stocks and other glove counters make a correction today. The previous rally has been strong, which lasted the past one to two weeks and most of t...

    KUALA LUMPUR (Aug 7): The FBM KLCI closed down 10.43 points or 0.66% at 1,578.14 today as trade volume across Bursa Malaysia topped 20 billion securities for the first time ever while world markets took cue from the US-China spat. At 5pm, Bursa's trade volume ended at 26.65 billion securities worth RM9.05 billion. Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgmarkets.com that the local bourse was subject to profit-taking today. “This is specifically the case for the rubber glove and technology (stocks), which have seen handsome gains in the past one to two weeks,” Wong said. Across Bursa indices today, the technology index was the top percentage decliner after the gauge closed down 3.34% followed by the healthcare index's 3.28% drop. The healthcare index's constituents include rubber glove manufacturers. Rubber glove manufacturers Supermax Corp Bhd and Hartalega Holdings Bhd closed down among Bursa top decliners. Notable decliners ...

KUALA LUMPUR (Aug 6): The FBM KLCI closed up 20.44 points or 1.3% today at its intraday high of 1,588.57 while trade volume across Bursa Malaysia topped 16 billion securities to hit another all-time peak for the second time this week. At 5pm, Bursa's trade volume stood at 16.69 billion securities worth RM8.56 billion. There were 716 gainers and 468 decliners across the exchange. The KLCI closed up at its intraday high today after a final-hour jump. Maybank Investment Bank Bhd remisier Jeffry Aziz told theedgemarkets.com that notable KLCI movers today included Top Glove Corp Bhd and Petronas Chemicals Group Bhd. Top Glove’ share price ended up 46 sen or 1.65% at RM28.40 while Petronas Chemicals finished 19 sen or 3.32% higher at RM5.92. On the KLCI, CGS-CIMB Securities Sdn Bhd analysts Ivy Ng Lee Fang and Nagulan Ravi wrote in a note today that given the KLCI's sharp gains in the past four months and with August being typically a negative month for the index, CGS-CI...

KUALA LUMPUR (Aug 5): The FBM KLCI finished 0.5% lower today, weighed down by declines in Hap Seng Consolidated Bhd, Kuala Lumpur Kepong Bhd (KLK) and Hong Leong Financial Group Bhd (HLFG). At the closing bell, Malaysia’s benchmark index closed 0.5% or 7.81 points lower at 1,568.13 points. Rakuten Trade Research vice president Vincent Lau noted that pandemic-related stocks, such as those in the technology and healthcare sectors, are seeing more investor interest than those not directly boosted by the pandemic. “It is still very much a retail investor-driven market, with news driving its movements,” he noted. Hap Seng was down by 3.77% or 32 sen at RM8.18, valuing the group at RM20.37 billion. KLK closed 1.9% or 44 sen lower at RM22.76, giving it a market capitalisation of RM24.6 billion. As for HLFG, it finished 1.87% or 24 sen lower at RM12.62, valuing it at RM14.48 billion. Asian markets were mixed today. The Shanghai Composite posted minor gains of 0.17% or 5.88 points...

KUALA LUMPUR (Aug 4): The KLCI rose today as trade volume and value across Bursa Malaysia closed up at all-time highs of 15.62 billion securities and RM10.45 billion respectively while shares of rubber glove manufacturers climbed to record peaks amid lingering Covid-19 pandemic concerns. At 5pm, the KLCI finished up 3.33 points or 0.21% at 1,575.94. Bursa's top gainers included rubber glove manufacturers Supermax Corp Bhd and Top Glove Corp Bhd. Among Bursa indices, the FBM ACE was the top percentage gainer after the gauge close up 5.27% followed by the healthcare and technology indices, which rose 4.79% and 3.33% respectively. On the KLCI, EquitiesTracker head of research Lim Tze Cheng said the performance of the index today was mainly on account of rubber glove stocks. “That said, it is still a two-tier market where pandemic related counters are performing as compared to non-pandemic sectors,” he said. Lim said Bursa-listed technology stocks in particular did we...

KUALA LUMPUR (Aug 3): Only three out of the 30 component stocks chalked up gains today, indicating the selling across the blue chips amid mounting concern over the likelihood of a fresh wave of Covid-19 infection after the relaxation of the movement control order despite the low daily new infection figure. Stale bulls seem to be taking some profit off the table against the backdrop of neighbouring countries seeing rising new cases, raising concern that Malaysia might fall into a similar scenario sooner or later. The FBM KLCI shed 1.94% or 31.14 points to 1,572.61 points today — the biggest one-day decline since June 15, when the benchmark index dived 3.05%. However, there was strong buying interest in the lower liners, as reflected by the 7.52% surge in the FBMACE index to close at 9,176.82 points.    Banking stocks succumbed to selling pressure. In particular, Hong Leong Bank Bhd shed 4.67% or 70 sen to RM14.30, CIMB Group Holdings Bhd slid ...