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KUALA LUMPUR (Nov 30): The FBM KLCI closed down 44.88 points or 2.79% at 1,562.71 today after diving in the final trading hour against a confluence of factors including lower crude oil prices and equity losses as investors weighed Malaysia's corporate financial results amid Covid-19 driven economic weakness. Across Bursa Malaysia at 5pm, 9.02 billion securities were traded for RM7.71 billion. Bursa’s Financial Services index fell the most in percentage terms at 3.22% among bourse gauges. Top declining stocks included KLCI entities Petronas Dagangan Bhd, Public Bank Bhd, Tenaga Nasional Bhd, Petronas Chemicals Group Bhd and Malayan Banking Bhd (Maybank). Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com that the drop in the KLCI today might have just been a minor pullback, after a favourable performance throughout the month of November.  "It was probably just the month-end rebalancing of portfolios [by investors]. Market sentiment ...

    KUALA LUMPUR (Nov 27): The FBM KLCI eased from its 11-month high, dropping 0.28% as profit-taking emerged. Still, the benchmark index ended the week above the 1,600-point level at 1,607.59 points — the highest weekly closing since July 31.  Across the board, persistent interest in penny stocks, which dominated the actively traded list today with handsome gains, lifted the FBM Small Cap Index to 14,588.15 points — the highest closing since end-August 2018.  The trading interest in penny stocks also boosted the trading volume in the local bourse to more than 10 billion at 10.36 billion shares. The last time that Bursa Malaysia’s trading volume exceeded 10 billion shares was more than a week ago on Nov 18, when it was at 14.41 billion shares. Gainers outnumbered losers by 621 versus 605, while 406 counters remained unchanged. TA Securities Holdings Bhd senior technical analyst Stephen Soo said there were some profit-taking activities today in the local...

  KUALA LUMPUR (Nov 26): The FBM KLCI closed up 14.53 points or 0.91% at its intraday high of 1,612.11 today after news reports indicated that Parliament had approved the Malaysian government's proposed Budget 2021 and as local equities took a cue from the global stock market rise. MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com today the biggest driver for the KLCI’s rise is the Parliament’s approval for Budget 2021. Across Bursa Malaysia today, sentiment was positive with 816 gainers versus 412 decliners. A total of 8.87 billion securities were traded for RM4.68 billion as global stocks took cue from encouraging news on Covid-19 vaccine trials and updates on the US Government transition to President-elect Joe Biden’s administration. It was reported today that Asian shares advanced on Thursday as market euphoria over Covid-19 vaccines and expectations that a Biden administration would deliver more economic stimulus and politic...

    KUALA LUMPUR (Nov 25): The FBM KLCI climbed 1.22% today, buoyed by the overnight record closing on Wall Street amid news that the Trump administration agreed to start the transition process for President-elect Joe Biden to the White House.  Furthermore, the optimism the economic landscape will turn more favourable underpinned the positive sentiment.  The FBM KLCI rose 19.19 points to 1,597.58, after moving between 1,582.31 and 1,600.20. Leading the climb on the KLCI today were banking stocks Public Bank Bhd, which surged 54 sen or 2.94% to RM18.892, and CIMB Group Holdings Bhd, which climbed 14 sen or 3.85% to RM3.78. Meanwhile, Hong Leong Bank Bhd rose 20 sen or 1.19% to RM17.04, Hong Leong Financial Group Bhd went up 60 sen or 3.77% to RM16.50, Malayan Banking Bhd increased nine sen or 1.11% to RM8.22 and RHB Bank Bhd rose seven sen or 1.41% to RM5.05. In contrast, Top Glove Corp Bhd continued to be under selling pressure as the world’s larges...

  KUALA LUMPUR (Nov 24): The FBM KLCI closed down 19.09 points or 1.2% at 1,578.39 today while the number of Bursa Malaysia decliners rose sharply to above 1,000 as the surge in the country’s new Covid-19 cases to a record high weighed on investor sentiment. Anticipation on the Budget 2021 vote in Parliament this Thursday (Nov 26) also led to profit taking in the stock market today. Analysts and remisiers said today the spike in the number of new Covid-19 cases in the country has increased the level of uncertainty over the outlook for the nation's economic growth.  "Stocks are likely to trade sideways ahead of the highly anticipated vote to pass Budget 2021 by Parliament this Thursday, with the uncertainty causing investors to be sidelined,” TA Securities Holdings Bhd analysts wrote in a note today. Across Bursa today, there were 1,093 decliners versus 250 gainers. A total of 8.36 billion securities were traded for RM4.28 billion. Top decliners included KLCI st...

  KUALA LUMPUR (Nov 23): The FBM KLCI closed up 3.73 points or 0.23% at 1,597.48 today to trail Bursa Malaysia’s Energy index’s 5.55% gain as the Brent crude oil price rose past the US$45 (RM184.07) per barrel level following news of successful Covid-19 vaccine trials.  The KLCI’s gain was, however, limited by investors' caution ahead of Malaysia's parliamentary voting on the proposed Budget 2021 on Wednesday (Nov 25), according to analysts. Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that higher crude oil prices lifted sentiment on the local bourse and helped the KLCI close in positive territory today.  "The gain in the KLCI, however, was seen capped as local investors stayed wary as they were waiting for the final result of the Budget 2021 vote this week," he said. Across Bursa today, 9.43 billion securities were traded for RM4.52 billion as oil and gas (O&G)-related shares ro...

  KUALA LUMPUR (Nov 20): The FBM KLCI ended 10.07 points or 0.64% higher at 1,593.75 today, to snap two straight days of losses, as the rise in global Covid-19 cases spurred buying of rubber glove manufacturers’ shares. Across Bursa Malaysia at 5pm, 9.01 billion securities were traded for RM5.16 billion. Top gainers included glove manufacturers Top Glove Corp Bhd and Supermax Corp Bhd on bargain hunting and as the rise in the number of global Covid-19 cases checked investors’ vaccine-driven optimism. Top Glove’s share price closed 35 sen or 5.04% higher at RM7.29, while Supermax added 32 sen or 4.12% to RM8.08. Bursa’s Healthcare index, which includes rubber glove manufacturers as constituents, ended up 1.43%. Top Glove and Hartalega Holdings Bhd are also members of the 30-stock KLCI. The KLCI snapped its two-day losing streak today, after falling 21.07 points and 5.4 points respectively yesterday (Nov 19) and Wednesday (Nov 18). “At this juncture, the index is anticipa...

  KUALA LUMPUR (Nov 19): The FBM KLCI closed down 21.07 points or 1.31% at its intraday low at 1,583.68 today, while trading volume across Bursa Malaysia slipped below 10 billion securities as the rising number of global Covid-19 cases checked vaccine-driven market optimism. At 5pm, 9.53 billion securities were traded for RM4.48 billion across Bursa. "The local market should pause for a profit-taking breather following the recent rally due to economic recovery plays, which will be healthy to check extreme overbought momentum and excessive gains,” TA Securities Holdings Bhd analysts wrote in a note earlier today. Rakuten Trade Sdn Bhd head of research Kenny Yee told theedgemarkets.com today that the weakness in the KLCI was due to the sell-down in banking and rubber glove counters. Yee said: "The sell pressure seen in banking stocks was due to profit-taking activities as their share prices have surged beyond some research houses' target prices following the re...

   KUALA LUMPUR (Nov 18): The FBM KLCI fell 0.33% on Wednesday as local institutional investors took profit following two days of strong gains. According to remisier Jeffry Aziz, the sell-down in the benchmark index today was due to healthy correction with the local bourse experiencing a good run amid a switch from pandemic-themed plays to a recovery-focused theme given the positive sentiment from vaccine newsflow last week. He also attributed the weakness in the KLCI to the sell-off in blue chip stocks by the Employees Provident Fund (EPF), following the announcement that it is allowing eligible members to take an advance from their Account 1 under a scheme called i-Sinar starting December. At the closing bell, the local benchmark index was down 5.4 points at 1,604.75, after moving between 1,595.09 and 1,611.58. Market breadth was negative with losers thumping gainers 731 to 473, while 456 counters were unchanged. Trading volume narrowed to 14.41 billion compare...

  KUALA LUMPUR (Nov 17): The FBM KLCI extended its gains for the second consecutive day as investors, particularly institutional funds, were rejigging their portfolios in view of the positive news flow of Covid-19 vaccines. The benchmark index climbed above the 1,600-point level to close at 1,610.15, its highest since end-July, up 10.49 points or 0.66% for the day as market sentiment was boosted by the positive news.  Trading volume across the board was above the 16 billion mark for the second day in a row. Today’s volume was 16.4 billion shares. Turnover ballooned to RM7.96 billion from RM6.71 billion yesterday. Gainers outnumbered losers at 627 to 567, while 554 counters closed unchanged. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told The Edge that the benchmark index went up further following Moderna Inc’s announcement that its experimental Covid-19 vaccine was 94.5% effective in preventing infection based on interim late-stag...

  KUALA LUMPUR (Nov 16): The FBM KLCI ended 0.63% higher today on strong bargain hunting on blue chips as investors continued shifting to recovery play, stemming from the expected deployment of the COVID-19 vaccines. Meanwhile, the local bourse was moved in tandem with an uptrend in regional bourse thanks to positive momentum following Asia-Pacific nations signing the Regional Comprehensive Economic Partnership (RCEP). In Malaysia, Areca Capital Sdn Bhd CEO Danny Wong Teck Meng told theedgemarkets that investors have positioned themselves for post-pandemic recovery. Hence, the sentiment lifted stocks that were poised to benefit from economic recovery such as banks, gaming and aviation counters. “After the gloves and tech counters enjoyed a good run for more than half a year amid the pandemic, investors are starting to anticipate that conventional business will be coming back with hope stemming from the news of vaccines and recovery of businesses. “From the investors’...

  KUALA LUMPUR (Nov 13): The FBM KLCI erased most of its earlier losses to end the day on a flat note as investors engaged in stock picking in sector rotational play, especially in the glove stocks after the recent sell-down, and cheered the smaller-than-expected July-Sept Gross Domestic Product (GDP) contraction. At 5pm, the benchmark index closed 1.09 points or 0.07% lower at 1,589.69 points. The FBM KLCI opened lower at 1,588.38 this morning and fell by as much as 18.78 points or 1.18% to 1,572 points ahead of the announcement of third quarter GDP announcement. However, it started to recover slowly by one point, reentering positive territory at 1,592.19 after investors started to snap up index-linked banking stocks such as Malayan Banking Bhd and CIMB Group Holdings Bhd, heavyweight glove counters Top Glove Corp Bhd and Hartalega Holdings Bhd, Press Metal Aluminium Holdings Bhd and Genting Bhd. Among the 30 FBM KLCI constituents, 11 stocks were higher, with two ...

    KUALA LUMPUR (Nov 12): The FBM KLCI gained 1.32% or 20.70 points to a more than three-month high of 1,590.78, thanks to persistent buying interest in blue chips as investment funds are hedging their positions for the likelihood of sooner-than-expected economic recovery. Rakuten Trade Sdn Bhd research vice president Vincent Lau said the positive sentiment on KLCI was supported by investors’ optimism on the government’s efforts to contain the pandemic and that will help pave the way for economic recovery. On the broader market, some penny stocks have regained interest. One that has hogged the limelight is AT Systematization Bhd whose trading volume soared to 2.62 billion, making it the most traded stock on Bursa Malaysia today. Its trading volume accounted for 15.82% of the exchange’s total daily trading volume of 16.56 billion shares. Across Bursa Malaysia, there were 686 gainers versus 411 losers, while 536 counters were unchanged. Some 16.56 billion shares we...

    KUALA LUMPUR (Nov 11): The FBM KLCI closed down 0.32% or 4.99 points at 1,570.08 points on profit-taking as market optimism about the progress of a COVID-19 vaccine faded, after the index yesterday posted the strongest gains since March. Yesterday, the FBM KLCI surged 3.33% or 50.75 points to an over two-month high of 1,575.07 today — the biggest single-day gain since March 20 when the benchmark rocketed by 6.85%. MIDF Research head of research Imran Yassin Md Yusof told theedgemarkets.com that the selldown in the benchmark index today was due to profit-taking activities as well as investors realising that it will take time for a vaccine to be delivered to the public. According to him, the selldown was unexpected as he thought the positive sentiments from the development of Pfizer’s COVID-19 vaccine will continue to boost the market. The benchmark index stayed largely negative throughout the day, ranging between 1,550.44 points and 1,572.69 points. The bris...

    KUALA LUMPUR (Nov 10): It is a cheerful day for Asian equity markets. In tandem with the positive sentiment boosted by rising hope that a Covid-19 vaccine will be available sooner than later, the FBM KLCI surged 3.33% or 50.75 points to an over two-month high of 1,575.07 today — the biggest single-day gain since March 20 when the benchmark rocketed 6.85%. The benchmark index started the trading day lower, it was down by 7.78 points or 0.51% at 1,516.54 shortly after the opening bell amidst the selldown on the two heavyweights, namely Top Glove Corp Bhd and Hartalega Holdings Bhd.  However, it regained the lost ground soon after, when investors started to snap up banking stocks, which carry the most weightage on the KLCI, as well as casino operator Genting Malaysia Bhd and its parent Genting Bhd.   On the broader market, share prices were mixed. There were 675 gainers versus 510 losers, while 502 counters were unchanged. Across Bursa Malaysia, the ...

  KUALA LUMPUR (Nov 9): The FBM KLCI closed 4.68 points or 0.31% higher at 1,524.32 today with global stock indices while trading volume across Bursa Malaysia rose to 11.71 billion securities as US President-elect Joe Biden's election victory supported global stock market sentiment. Across Bursa at 5pm, 11.71 billion securities worth RM4.62 billion were traded as Malaysian markets also took cue today from the Budget 2021 announcement last Friday. Today TA Securities Holdings Bhd analysts wrote in a note: "With multiple buy signals triggered on momentum and trend indicators due to last week's strong sessions, the KLCI should enjoy further upside room this week, as optimism over economic growth increases with the Budget 2021 proposals likely to enhance recovery potential. On the external front, markets are rallying on hopes Democrat candidate Biden will eventually become the new US president, fuelling global recovery optimism as he should prove less combative ...

  KUALA LUMPUR (Nov 6): The FBM KLCI closed 18.15 points or 1.21% higher, making it the third consecutive day of gains, as investors evaluate Malaysia's Budget 2021 announcement while awaiting the results of the US Presidential election. At 5pm, the local benchmark index closed at an intraday high of 1,519.64 points — a three-week high. Despite opening lower today, the FBM KLCI managed to quickly rebound strongly and was traded in the positive territory for most of the trading day. Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that investors are buying and looking ahead to what is expected in the Budget 2021 this afternoon, adding that everyone is looking for recovery play next year. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz is currently tabling Budget 2021 in Parliament. In a note today, TA Securities Holdings Bhd wrote that the immediate index upside hurdles are revised higher to the 50-day and 100-day moving averag...

  KUALA LUMPUR (Nov 5): The FBM KLCI closed 36.88 points or 2.52% higher at 1,501.49 while Bursa Malaysia’s indices for technology stocks and small market capitalisation (small cap) companies rose by a larger quantum as investors speculated on the outcome of the closely-watched US presidential election and as they looked ahead to the tabling of Malaysia’s Budget 2021 tomorrow. There were more than 1,000 gainers across Bursa today. At 5pm today, the KLCI closed at its intraday high while Bursa’s Technology Index ended up 5.36% to become the largest-percentage gainer among the exchange’s indices. The Small Cap Index finished up 4.01%. Bursa saw 6.92 billion securities worth RM3.89 billion traded across the exchange. There were 1,096 gainers versus 204 decliners as global stock markets rose ahead of a conclusive outcome from the US presidential election. It was reported that stocks and currencies in Asia's emerging markets rose on Thursday as Democrat Joe Biden pulled a...

   KUALA LUMPUR (Nov 4): The FBM KLCI closed 3.16 points or 0.22% higher at 1,464.61 today after declining for four consecutive trading days as investors weighed Bank Negara Malaysia’s (BNM) latest interest rate decision while waiting for the outcome of the US presidential election. At 5pm, Bursa Malaysia saw 7.3 billion securities worth RM3.36 billion traded across the exchange. Gainers outpaced decliners at 702 to 377 respectively after broad-based buying across Bursa today as retail investors were seen returning to the local share market after BNM maintained the Overnight Policy Rate (OPR) at 1.75% yesterday. It was reported that BNM decided to maintain the OPR as Malaysia’s economic activity is projected to improve further and as the central bank expects the nation’s underlying inflation to remain subdued as the world economy contends with the resurgence in Covid-19 cases. Today, analysts said BNM’s view on Malaysia’s economic outlook is deemed sanguine...

  KUALA LUMPUR (Nov 3): The FBM KLCI closed down 5.01 points or 0.34% at 1,461.45 today while Bursa Malaysia’s index for small market capitalisation (small cap) stocks rose 2.21% as investors weighed Bank Negara Malaysia’s (BNM) decision to maintain interest rates during an event-heavy week, which will see markets bracing for Malaysia’s Budget 2021 announcement besides the US presidential election. It was reported that BNM decided to maintain the Overnight Policy Rate at 1.75% today as Malaysia’s economic activity is projected to improve further and as the central bank expects the nation’s underlying inflation to remain subdued as the world economy contends with the resurgence in Covid-19 cases. Investors will also closely watch the US presidential election today as they anticipate Malaysia’s Budget 2021 announcement on Friday (Nov 6). Today, Rakuten Trade Sdn Bhd research vice president Vincent Lau said "investors are still staying on the sidelines, as they turned...

  KUALA LUMPUR (Nov 2): The FBM KLCI closed down 0.43 point or 0.03% at 1,466.46 after choppy trades in the final hour amid a confluence of factors including the rising number of Covid-19 infections globally and lower crude oil prices ahead of an event-heavy week, which will see investors bracing for Bank Negara Malaysia’s (BNM) interest rate decision and Malaysia’s Budget 2021 announcement besides the US presidential election. BNM is scheduled to deliver its final monetary policy decision for 2020 tomorrow, the same day the US presidential election will take place. On Friday (Nov 6), the Malaysian government is scheduled to table the country’s Budget 2021 in Parliament. "There is another rumour on the windfall tax on the glove sector, and hence, it has been driving the sector lower, which contributed to the lower KLCI position," Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com. Earlier today, TA Securities Holdings Bhd analysts wro...