MONEY MASTER

  KUALA LUMPUR (Jan 29): The FBM KLCI fell 14.22 points or 0.9% to close at 1,566.40 today as Bursa Malaysia tracked losses in regional markets. Malacca Securities head of research Loui Low said the negative regional trend and the possibility of the current lockdown being extended contributed to the index’s decline. “The KLCI’s movement next week should remain negative as investors are waiting to hear whether the movement control order (MCO) will be extended,” Low told theedgemarkets.com. He said the market will show further weakness if the MCO is expanded. Across Bursa, 6.53 billion securities were traded for RM6.37 billion, compared with 5.64 billion securities worth RM4.98 billion yesterday. Losers led gainers by 869 to 367, while 384 counters closed unchanged. Among the 30 index-linked stocks, the top losers were Nestle (Malaysia) Bhd (down RM1.50 or 1.08% to RM137), Hong Leong Financial Group Bhd (down 50 sen or 2.97% to RM16.36), and MISC Bhd (down 33 sen or

  KUALA LUMPUR (Jan 27): The FBM KLCI finished 5.31 points or 0.34% higher at 1,580.62, snapping a two-day losing streak. However, Hong Leong Investment Bank's head of retail research Ng Jun Seng opined that volatility remains. The index rose to a high of 1,593.08 earlier. Ng said investors were still assessing the impact of the recent Movement Control Order on the economy and corporates. He also reckoned that buying interest was weak ahead of the holidays (Thaipusam on Jan 28 and Federal Territory Day on Feb 1). “There is a cap on the upside at this juncture. Based on technical terms, if the market can’t reclaim above the 1,600 psychological level, the KLCI will be stuck at range bound,” he told thedgemarkets.com. He also noted the market was lacking a catalyst to move on as Covid-19 cases remained elevated. “Volatility will remain for a while, investors should be more short-term trading oriented,” he added. Across Bursa Malaysia, 5.64 billion securities were traded for RM

  KUALA LUMPUR (Jan 26): The FBM KLCI erased earlier gains and ended the day on a flat note, as investors remained cautious amid the rising Covid-19 cases. The FBM KLCI closed 1.31 points or 0.083% lower at 1,575.31 after rising to a high of 1,609.19 earlier. Rakuten Trade Sdn Bhd head of research Kenny Yee told theedgemarkets.com that bargain hunting was driving the market up earlier but sentiment remained jittery. He said the market is still volatile, as investor confidence remained low amid the rising Covid-19 cases. Across Bursa Malaysia, 5.93 billion securities were traded for RM4.74 billion, compared with 7.48 billion securities worth RM5.17 billion yesterday. Gainers led losers by 601 to 537, while 490 counters closed unchanged. Glove makers which surged yesterday saw profit taking today. Top Glove Corp Bhd fell 32 sen or 4.91% to RM6.20; Supermax Corp Bhd slipped 35 sen or 5% to RM6.65; Hartalega Holdings Bhd slid 56 sen or 4.31% to RM12.44. Meanwhile, banking

  KUALA LUMPUR (Jan 25): The FBM KLCI fell today as market sentiment was dampened by fears that the rising number of Covid-19 cases could lead to a more stringent lockdown. The benchmark index closed 20.12 points or 1.26% lower at 1,576.62. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said investor sentiment was affected by talk that the current lockdown measures would be tightened given the Covid-19 situation. “If the 1,600 level cannot be breached, we may see a further pull back going forward,” he told theedgemarkets.com.   Hong Leong Investment Bank's head of retail research Ng Jun Seng said in a note today that the KLCI is expected to further consolidate (supports 1,562-1,573; resistances: 1,600-1,618-1,633) as investors continue to weigh on the downside risks to the economy and corporate earnings growth from the second movement control order (MCO 2.0) coupled with the start of the upcoming 4Q20 results season. “Sentiment is also dampened by worries that

  KUALA LUMPUR (Jan 22): The FBM KLCI snapped its six-day losing streak today after closing up 1.94 points or 0.12% at 1,596.74 while Bursa Malaysia’s Technology index rose 3.44% to become the top percentage gainer among bourse gauges as investors weighed the economic impact from the reenforcement of Malaysia’s Movement Control Order (MCO) across all States and Federal Territories except Sarawak to control the Covid-19 outbreak. Investors also evaluated company earnings during the current corporate financial reporting season for the October-to-December 2020 quarter. At 5pm, the KLCI pared gains after rising to its intraday high at 1,605.7 as world markets took cue from news on US President Joe Biden and China’s Covid-19-driven restrictions. It was reported that Asian shares slipped off record highs on Friday as investors took profits after a recent rally that was driven by hopes of US economic stimulus under the Biden administration. It was reported that sentiment was

  KUALA LUMPUR (Jan 21): The FBM KLCI fell below 1,600 to close near its intraday low as the movement control order (MCO) expansion affected market sentiment. The index ended the day 6.74 points or 0.42% lower at 1,594.8, after having risen to a high of 1,615.22. Areca Capital Sdn Bhd CEO Danny Wong said investors were taking profit as they felt the MCO would delay economic recovery. “Big caps may need longer time to recover due to the MCO expansion and rising Covid-19 cases,” he told theedgemarkets.com. TA Securities also said in a note today that stocks would trade sideways in the near term, with the broader market consolidating amid the MCO expansion. Key chart supports for the index remain at last week's low of 1,590, followed by 1,574. Meanwhile, immediate resistance will be 1,635, followed by 1,660. Across Bursa Malaysia today, 6.72 billion securities were traded for RM4.29 billion, compared with 5.86 billion securities worth RM4.38 billion yesterday. Losers l

  KUALA LUMPUR (Jan 20): The FBM KLCI gave up its earlier gains and closed at its intraday low of 1,601.54, as investors took profit after Bank Negara Malaysia (BNM) maintained its overnight policy rate (OPR) at 1.75%. The index finished the day 0.34 points or 0.021% lower after rising to a high of 1,616.84 earlier. MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com the banking counters recovered and drove the market higher in earlier trade as they priced in BNM would maintain its OPR. “However, the market turned negative as investors took profit after the news,” he added. Amid the rising Covid 19 cases, he expects the market volatility to continue. TA Securities also said in a note today that the local market should trend lower as investor sentiment deteriorate on concerns over the adverse impact from expanding movement control order restrictions to the whole of Peninsular Malaysia, given the worsening local Covid-19 situation. Acro

  KUALA LUMPUR (Jan 19): The FBM KLCI erased all its gains earlier in the day and ended at its intra-day low, as the government’s RM15 billion Perlindungan Ekonomi dan Rakyat Malaysia (Permai) stimulus package was met with lukewarm response from investors. The benchmark index, which rose to a high of 1,618.41, finished the day 7.64 points or 0.48% lower at 1,601.88. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the market turned negative as investors remained cautious ahead of Bank Negara Malaysia's (BNM) decision on the overnight policy rate tomorrow. The continued increase in new Covid 19 cases has also dampened the market sentiment, said Leong. Amid the negative sentiment, he expects the market to be range-bound tomorrow. In a note today, CGS-CIMB said the stimulus package is broadly neutral for corporate earnings. “We see a muted impact on the consumer sector as consumers will remain cautious in their spending, despite the Wa

  KUALA LUMPUR (Jan 18): The FBM KLCI lost 17.49 points or 1.08% to 1,609.52 today, as investors took profit on banking stocks ahead of Bank Negara Malaysia (BNM)’s overnight policy rate (OPR) meeting on Wednesday. The index had slipped to a low of 1,608.64 points earlier. Hong Leong Investment Bank’s head of retail research Ng Jun Seng told theedgemarkets.com he expects range-bound trade ahead of BNM's OPR meeting and elevated Covid-19 infections. “I think everybody is watching whether there will be a rate cut in the upcoming OPR meeting. Banking stocks are taking a hit because the market expects BNM to cut rates,” he said. According to him, investors were also cautious as they were still assessing the impacts of the recent movement control order (MCO 2.0) and conditional movement control order (CMCO) on the market, economy and corporate earnings.   TA Securities also said in a note today, the choppy trading sessions in the past two weeks had forced technical momentu

  KUALA LUMPUR (Jan 15): The FBM KLCI finished 8.70 points or 0.53% lower at 1,627.01, dragged mainly by profit taking on banking counters. The index earlier rose to a high of 1,637.88. Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong told theedgemarkets.com that the local market will continue to be volatile as investor sentiment remained weak amid the reimposition of the movement control order (MCO 2.0). “The market today was mainly dragged by banks. Investors were worried that the [recent] increase in Covid-19 cases might delay the economic recovery,” he said.   Meanwhile, TA Securities said in a note today the local market should have stayed range-bound ahead of the weekend as mildly overbought condition after recent gains encouraged profit taking, and as caution prevailed due to the local Covid-19 situation. Immediate resistance for the index remains at 1,660, with the next hurdle at 1,680 and tougher resistance at the 21-month peak of 1,695, while supp

    KUALA LUMPUR (Jan 14): The FBM KLCI closed down 0.98 points or 0.06% at 1,635.71 today while Bursa Malaysia’s Technology Index rose over 3% to become the top percentage gainer among bourse gauges as investors weighed the economic impact of the nation’s reenforced Covid-19-driven Movement Control Order (MCO) across several states and federal territories. Analysts said the MCO is expected to hurt Malaysia's economic and corporate earnings growth although such restricted-movement policy is also seen as a boon for Bursa-listed technology companies such as semiconductor manufacturers due to anticipation of higher demand for computer-related products. “I think corporate earnings recovery and economic recovery will be slower over the next one to two quarters,” Inter-Pacific Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com today. Across Bursa today, 6.49 billion securities were traded for RM4.86 billion. There were 584 gainers versus 583 decliners.

    KUALA LUMPUR (Jan 13): The FBM KLCI rose 1.5% or 24.65 points to 1,636.69, lifted by bargain hunting, as measures seen as containing the coronavirus pandemic as well as ensuring political stability were put in place in the form of the second round of the movement control order (MCO 2.0) as well as the proclamation of the state of emergency.  The KLCI closed near its intraday high of 1,637.31, mainly driven by the banking index, with Public Bank Bhd leading the charge. Public Investment Bank Bhd head of research Ching Weng Jin told The Edge that the market may progressively go higher on anticipation of Covid-19 vaccines and an improved economy. “I suppose investors realised that the state of emergency and the MCO 2.0 are not as bad as they thought, thus they returned to the market again,” he said. According to him, the declaration of the state of emergency actually lessened political uncertainties, while the MCO 2.0 is not as strict as the previous one, with business ac

  KUALA LUMPUR (Jan 12): The FBM KLCI erased most of its losses in a topsy-turvy day for the local market as the reinstatement of the movement control order (MCO) and the declaration of the state of emergency to curb the coronavirus pandemic rattled investor sentiment. The benchmark index closed down 5.21 points or 0.32% at 1,612.04 today, having earlier in the day slipped to a low of 1,590.71. Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com the market today continued to remain in negative territory due mainly to the proclamation of the state of emergency. However, he opined that investors should see a “mild positive” trend for the KLCI going forward as funds continued to flow into the healthcare sector. He also believes the downside risk from the second round of the MCO will not be as painful as the first as most business activities are allowed to operate. Overall, gainers outpaced losers by 732 to 502 today, while 421 counters traded unchan

  KUALA LUMPUR (Jan 11): The FBM KLCI finished 15.94 points or 0.98% lower at 1,617.25 on Monday, as concerns of another possible lockdown amid rising Covid-19 cases dampened investor sentiment. The key index was in negative territory for most of the trading session. It fell to a low of 1,607.53 earlier. MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com that weaknesses seen in some of the regional markets could influence the Malaysian market, adding that the uncertainty of another movement control order (MCO) might also drag the market today. “We also saw some profit taking today because the market went up sharply in the last hour of [trading] last Friday,” he said. If another MCO is announced today, he expects a knee jerk reaction on the stock market. “However, the effect will not last long, and we will not see the same level of cautiousness as last year, because we are waiting for the vaccination program to be implemented,” he added

  KUALA LUMPUR (Jan 8): The FBM KLCI finished 30.24 points or 1.89% higher at 1,633.19 as glove stocks frenzy lifted the market amid growing fears of another lockdown, given the rising domestic coronavirus cases. The index slipped to a low of 1,595.12 points earlier in the day. JF Apex research head Lee Chung Cheng told theedgemarkets.com the FBM KLCI is expected to trade sideways next week amid the fear of another round of Movement Control Order. "Today there were some buying interests in glove stocks. The gloves' frenzy is coming back again. "People are speculating there will be another lockdown, so the market sentiment went back to the previous stage, when there was a thematic play on gloves," he said. However, across Bursa Malaysia the market breadth was negative, with 1,040 counters ending the day lower, versus 353 gainers and 283 that were unchanged. Meanwhile, 10.03 billion securities were traded for RM7.16 billion, compared to 6.51 billion sec

  KUALA LUMPUR (Jan 7): The FBM KLCI closed up 0.69% or 10.98 points at 1,602.95 on bargain hunting, tracking gains seen on regional bourses. The benchmark index slipped to a low of 1,572.62 earlier as domestic political uncertainties and record-high Covid-19 cases cast a shadow on the market. Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that investors might take into account the possibility of another round of political uncertainties that would impact the economy, so the market is expected to remain flat for at least this week. “The market [trading] was quite sideways today because people were speculating that businesses might go into another round of the movement control order (MCO). That’s why the selldown came in earlier. “But it turned flat for the KLCI, supported by plantation and glove stocks. Bargain-hunting activities were also seen in the banking sector,” he said.   Overall, market breadth was negative, with 889 counters e

  KUALA LUMPUR (Jan 6): The FBM KLCI closed below the 1,600 level today, after being in the negative territory throughout the trading session in line with weaker regional markets. The benchmark index closed 16.38 points or 1.02% lower at 1,591.97 after touching an intraday low of 1,586.25. MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof said market sentiment was weak as Fitch Ratings had turned negative in its outlook for the banking sector, while political uncertainties in Malaysia also cast a shadow on the market. “I expect the volatility to continue. Things can turn quite quickly at the moment,” he told theedgemarkets.com . Rakuten Trade Sdn Bhd's research head Kenny Yee opined that the market was consolidating possibly for the next uptrend. “I think there will be some buying soon especially when the KLCI hits 1,580,” he said when contacted On the broader market, 965 counters finished lower versus 287 gainers, while 386 others were unchanged. A tota

  KUALA LUMPUR (Jan 5): The FBM KLCI finished 0.36% or 5.78 points higher today at 1,608.35, tracking the gains seen among other regional indices, as index-linked glove makers advanced. The index earlier slipped to a low of 1,589.81. Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong told theedgemarkets.com the recent increase in Covid 19 cases had dampened market sentiment, causing some cautious trading in the past two days after high expectations for the new year run. “I think the market will be range-bound until it sees a strong catalyst to boost the sentiment,” he said, adding that strengthening Southeast Asian currencies may attract some funds back to the region. Rakuten Trade Sdn Bhd research vice-president Vincent Lau also said the rebound of glove makers lifted the overall market sentiment today. Overall, market breadth was still negative, with 676 counters ending the day in the red, versus 479 gainers and 429 that were unchanged. A total of 6.25 bil

  KUALA LUMPUR (Jan 4): The FBM KLCI slumped 26.64 points or 1.51% to 1,602.57 on the first trading day of 2021 amid heavy sell down in glove counters. Rakuten Trade Sdn Bhd head of research Kenny Yee attributed this to the resumption of regulated short selling on Bursa Malaysia with effect from today. The bourse had imposed a ban on short selling of equities from March 24 last year during the global market rout. “I think market volatility will continue until the volatility for glove counters subsides. We believe there will be buying support when index dips below 1,600,” Yee told theedgemarkets.com. On the broader market, 934 counters closed lower versus 360 that climbed, while 331 others were unchanged. Total share volume was 7.42 billion shares worth RM5.89 billion. Glove makers were among the top losers, with Top Glove Corp Bhd plummeting 62 sen or 10.13% to RM5.50. The counter, which saw 347.86 million shares changing hands, was the most actively traded stock today. H