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  KUALA LUMPUR (Feb 26): The FBM KLCI finished 0.24% lower today, as broader market sentiment was weighed down by the tech sell-off in Wall Street, and weaker regional performance.  At 5pm, the FBM KLCI lost 3.79 points to finish at 1,577.75. Market breadth was negative, with 906 decliners against 316 gainers, while 394 closed unchanged.  Some 9.79 billion shares worth RM6.91 billion crossed today, compared with 10.44 billion shares traded worth RM6.63 billion yesterday.  Remisier Jeffry Azizi Jaafar told theedgemarkets.com that the KLCI’s close in red territory today was partly due to the profit taking activities emerging on the local tech stocks as investors took cues from the overnight tumble of the Nasdaq due to the tech sell-off there. Among the indices, the Bursa Malaysia Technology Index fell the most in percentage terms, slipping 2.19% to 88.87. Yesterday, the index jumped 5.48% to 90.86. Malaysian Pacific Industries Bhd topped the top declin...

  KUALA LUMPUR (Feb 25): The FBM KLCI closed 23.99 points or 1.54% higher at 1,581.54 today as optimism on corporate earnings boosted investor sentiment. There was general optimism following encouraging results released by companies, Rakuten Trade's head of equity sales Vincent Lau told theedgemarkets.com He said the improved sentiment was also due to the rebound in global markets after yesterday's sharp  pullback. Blue-chips stocks that powered the FBM KLCI included Press Metal Aluminium Holdings Bhd, Axiata Group Bhd and Hap Seng Consolidated Bhd. Banking stocks also supported the KLCI, including CIMB Group Holdings Bhd, Malayan Banking Bhd, Public Bank Bhd, RHB Bank Bhd and Hong Leong Bank Bhd. A total of 10.44 billion shares, worth RM6.63 billion, changed hands on Bursa Malaysia, compared with 12.7 billion shares worth RM6.85 billion yesterday. Gainers outnumbered losers by 857 to 402, while 411 counters remained unchanged. Technology stocks were among the t...

    KUALA LUMPUR (Feb 24): The rollout of the country’s vaccination programme with Prime Minister Tan Sri Muhyiddin Yassin taking his first vaccine jab today did not boost local market sentiment. The FBM KLCI gave up its earlier gains and closed at its intraday low of 1,557.55 points, down 0.48% or 7.5 points. The benchmark index slid into negative territory in the afternoon trading session. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told The Edge that the continued selldown on the three glove counters pulled down the benchmark index. Across the board, trading volume was at 12.7 billion shares worth RM6.85 billion compared with 11.43 billion shares worth RM5.54 billion traded yesterday. Losers led gainers by 1,012 to 314 while 393 counters closed unchanged. Glove stocks were the top decliners including Hartalega Corp Bhd which fell 66 sen or 5.97% to RM10.40, Top Glove Corp Bhd which shaved 44 sen or 7.76% to RM5.23 and Supermax Corp Bhd which slid 4...

  KUALA LUMPUR (Feb 23): The FBM KLCI Index continued to end lower today following declines in its glove maker constituents, in contrast with other regional bourses trending higher in anticipation of insights from the US Federal Reserve. The local benchmark index closed 0.34% or 5.41 points lower today at 1,565.05, following declines in Hartalega Holdings Bhd, Top Glove Corp Bhd and Supermax Corp Bhd. Hartalega fell by 4.98% or 58 sen to RM11.06, valuing it at RM37.91 billion. Meanwhile, Top Glove was the local bourse’s 19th top value loser, finishing 1.9% or 11 sen lower at RM5.67, yielding a market value of RM46.51 billion. Supermax ended the trading day 1.45% or eight sen lower at RM5.45, valuing it at RM14.83 billion. When contacted by theedgemarkets.com , Areca Capital chief executive officer Danny Wong noted the fortunes of the FBM KLCI have been influenced by rubber glove stocks in the past 12 months. “When you look at the FBM KLCI, it was well supported by the...

    KUALA LUMPUR (Feb 22): The FBM KLCI closed lower, dragged by glove counters and in line with a regional decline that was induced by a sudden increase in the US 10-year treasury yields. The local benchmark index closed 0.91% or 14.47 points lower at 1,570.46.  Rubber glove stocks came under selling in the wake of the arrival yesterday of the first batch of Covid-19 vaccine in Malaysia.  Of the major glove players, Supermax was down 4.66% or 27 sen at RM5.53, valuing the group at RM15.05 billion.  Top Glove declined 4.46% or 27 sen to RM5.78 for a market value of RM47.41 billion, and Hartalega closed 3.48% or 42 sen lower at RM11.64, valuing the group at RM38.9 billion. Kossan Rubber, however, managed to finish 1.01% or four sen higher at RM3.99, valuing the group at RM10.21 billion. TA Securities Research said given the lack of firm trending indicators, the KLCI should trade sideways this week as the month draws to a close. “However, the fresh buy...

  KUALA LUMPUR (Feb 19): The FBM KLCI closed 9.09 points or 0.57% higher today, lifted by gains among component stocks including Kuala Lumpur Kepong Bhd and Nestle (Malaysia) Bhd, amid mixed performance in regional markets. At 5pm, the benchmark index ended the week at 1,584.93, after it had been in the negative zone for three consecutive days.  On a week-on-week basis, however, the KLCI was down 0.9% against last week’s closing of 1,599.42. In a note, Hong Leong Investment Bank analyst Ng Jun Sheng said the benchmark index is vulnerable to further consolidation amid the fourth quarter of 2020 (4Q2020) reporting season. “Nevertheless, downside risk could be limited near the 1,545-1,561 zones on the back of the Fed’s dovish outlook, huge US stimulus package, falling Covid-19 infections globally, and the planned vaccination programme in Malaysia starting Feb 26,” he said. Across the bourse, a total of 14.37 billion shares were traded, valued at RM6.36 billion...

  KUALA LUMPUR (Feb 18): The Kuala Lumpur stock market gave up early gains to close 1.22% lower today, mirroring the fall in most regional bourses, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 19.45 points to 1,575.84 from 1,595.29 at Wednesday’s close. The index opened 4.02 points higher at 1,599.31, its intraday high, and hit its lowest level of 1,575.84 at closing. On the broader market, losers thumped gainers 823 to 448, while 392 counters were unchanged, 514 untraded and 10 others suspended. Total volume was higher at 14.49 billion units worth RM6.73 billion compared with 10.13 billion units worth RM5.22 billion yesterday. Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said other regional peers were also in the red as jitters over the spread of Covid-19 variants appeared to have slightly dampened sentiment on the anticipated economic recovery, underpinned by the planned vaccination programmes in many countries.   “With...

KUALA LUMPUR (Feb 17): The FBM KLCI continued to extend its losses today, with the broader market barely in positive territory today. At market close, the local benchmark index finished 0.68% or 10.85 points lower at 1,595.29, led by selldowns in Axiata Group Bhd, Hap Seng Consolidated Bhd and Petronas Chemicals Group Bhd (PetChem). Shares in Axiata declined by 4.78% or 17 sen to RM3.38, valuing the telco at RM30.99 billion, while Hap Seng Consolidated was down 3.43% or 28 sen at RM7.88, translating into a market capitalisation of RM19.62 billion. PetChem closed 2.84% or 22 sen lower at RM7.53, giving it RM60.24 billion in market capitalisation. “Resurgent buying momentum in oil and gas-related stocks should encourage stronger retail participation, helped further by improving global sentiment as vaccine progress fuels recovery hopes. "Immediate overhead resistance for the index stays at the 50-day moving average at 1,618, with stronger hurdles coming from 1,660 and ...

  KUALA LUMPUR (Feb 16): A final-hour selldown that hit rubber glove stocks led to the FBM KLCI breaking its several-session gaining streak. The benchmark index finished 1.93 points or 0.12% lower at 1,606.14. Glove counters Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd declined as investors reacted to news that Malaysia will receive the Pfizer-BioNTech Covid-19 vaccine on Sunday for rollout from Feb 26. Supermax fell 3.93% or 24 sen to RM5.86, valuing the company at RM15.94 billion. Top Glove dropped 1.78% or 11 sen to RM6.06, for a market capitalisation of RM49.71 billion, and Hartalega lost 0.16% or two sen to RM12.44, for a market value of RM42.64 billion. Other index-linked decliners included IOI Corp Bhd (down 2.98% or 13 sen at RM4.24, giving a market value of RM26.65 billion) and Telekom Malaysia Bhd (down 2.41% or 16 sen at RM6.47, for a market value of RM24.42). The broader market, however, finished in positive territory, with 706 g...

  KUALA LUMPUR (Feb 15): The FBM KLCI kicked off the first trading day after the Lunar New Year break, with a gain of 0.54% or 8.65 points to settle at 1,608.07. The local benchmark index climbed after constituents MISC Bhd, RHB Bank Bhd and Genting Malaysia (GenM) posted gains. MISC finished 3.67% or 23 sen higher at RM6.49, valuing it at RM28.97 billion. RHB was up 3.01% or 16 sen higher at RM5.48, translating into a market value of RM21.98 billion. GenM was 2.61% or seven sen higher at RM2.75, giving it a market capitalisation of RM16.33 billion. Rakuten Trade’s Head of Equity Sales Vincent Lau said the FBM KLCI climb today was in line with other regional indices. The Nikkei 225 was up 1.91% or 564.08 points higher at 30,084.15 points. Across the causeway, the Singapore Straits Times Index concluded the trading day 0.27% or 7.89 points higher at 2,933.37 points. Reuters reported Asian shares advanced to record highs today, as successful Covid-19 vaccine rollouts glob...

  KUALA LUMPUR (Feb 11): The FBM KLCI pared some of its gains at the close of trade today, ahead of the Lunar New Year holiday, as sentiment turned tepid on a sharper-than-expected contraction of the economy. Malaysia’s gross domestic product (GDP) shrank further in the fourth quarter of 2020 (4Q20), registering a contraction of 3.4% compared to a decline of 2.7% in 3Q20, as the recovery of the economy was impacted by the tightening of movement restrictions. At 12.30pm, the FBM KLCI finished 0.16% or 2.57 points higher at 1,599.42. The index had earlier risen to a high of 1,602.50. At market close at today’s half-day of trading, the local index was up on account of gains seen in Tenaga Nasional Bhd (TNB), Axiata Group Bhd and Hong Leong Financial Group Bhd (HLFG). TNB finished the day 3.18% or 31 sen higher at RM10.06, valuing it at RM57.39 billion. Axiata was up 1.78% or six sen at RM3.43, translating into a market value of RM31.45 billion. HLFG was 1.77% or 30 sen h...

  KUALA LUMPUR (Feb 10): The FBM KLCI finished up 10.72 points or 0.68%  at its intraday high of 1,596.85 today after an afternoon spike as world equity indices rose with crude oil prices amid optimism about a global economic recovery from the impact of the Covid-19 pandemic. At 5pm today, share trade volume across Bursa Malaysia however slumped to 4.84 billion securities valued at RM3.62 billion compared with yesterday’s 7.18 billion securities worth RM4.71 billion. "The local market should extend recovery underpinned by firm global markets, and optimism over economic recovery potential, given the positive vaccine rollout globally which should eventually stall the coronavirus pandemic,” TA Securities Holdings Bhd analysts wrote in a note today. At a glance, the KLCI's afternoon spike today was seen between 2:30pm and 3pm. Specifically within the 30-stock KLCI, a sharp rise was seen in share prices of Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, CIMB Gr...

  KUALA LUMPUR (Feb 9): The FBM KLCI rose today in line with most regional benchmark indices, following the overnight rally on Wall Street that took the US market to a new record high. The KLCI closed 12.80 points or 0.81% higher at 1,586.13, shored up by counters such as Press Metal Aluminium Holdings Bhd, MISC Bhd and Genting Malaysia Bhd. JF Apex Securities said in a note to clients that US markets rallied overnight to extend their winning streak and record highs, following a strong earnings season, progress in vaccination and stimulus talks. “Similarly, European stocks advanced amid corporate earnings and developments in coronavirus vaccination,” the research house noted. On Bursa Malaysia, market breadth was broadly positive today, with 536 counters closing higher against 527 decliners. Some 7.18 billion shares worth RM4.71 billion were traded. Top actives included Dagang NexChange Bhd (DNeX), Iris Corp Bhd and Opcom Holdings Bhd. Top gainers were Malaysia Paci...

  KUALA LUMPUR (Feb 8): The FBM KLCI ended down 5.3 points or 0.34% at 1,573.33 today on afternoon selling in an apparent response to Malaysia’s latest industrial output index (IPI) data, which saw the full-year 2020 reading declining 4.2% from a year earlier to register the first drop since 2009.   Bursa Malaysia’s Health Care index fell the most in percentage terms among exchange gauges while the Energy index was the top gainer as crude oil prices topped US$60 a barrel. At 5pm today, the KLCI closed lower after rising to its intraday high at 1,586.06 in the morning. Apart from selling in shares of KLCI-linked rubber glove manufacturers Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd, investors were also seen selling shares in other KLCI constituents including Tenaga Nasional Bhd (TNB) and Hong Leong Financial Group Bhd (HLFG). Rakuten Trade Sdn Bhd research head Kenny Yee Shen Pin told theedgemarkets.com that "investors continued to offload th...

  KUALA LUMPUR (Feb 5): The FBM KLCI snapped its three-day winning streak today after the 30-stock index closed down 6.27 points or 0.4% at 1,578.63, partly due to a slump in share prices of plantation firms and glove manufacturers. Share prices of KLCI-linked rubber glove manufacturers Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd closed lower on what analysts perceived as negative reaction to news on Covid-19 vaccination programmes being rolled out globally to curb the spread of the pandemic. Meanwhile, share prices of KLCI-linked plantation firms Kuala Lumpur Kepong Bhd (KLK), IOI Corp Bhd and Sime Darby Plantation Bhd ended lower possibly on investors' anticipation that Malaysia’s next monthly palm oil report may show that end-Jan 2021 inventory had risen compared with the preceding month. News on Covid-19 vaccination programmes do not bode well for rubber glove manufacturers due to expectation of lower demand for gloves when the spread of the...

  KUALA LUMPUR (Feb 4): The FBM KLCI closed up 1.91 points or 0.12% at 1,584.90 today, after erasing losses in the final trading hour on bargain hunting and as investors weighed Prime Minister Tan Sri Muhyiddin Yassin’s special televised message on the Malaysian government’s measures to curb the spread of the Covid-19 pandemic.  The KLCI had earlier today fallen to its intraday low at 1,576.33 with Asian equity indices, as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world's second-largest economy. "There's persistent speculation that the Chinese authorities may want to tighten its policy,” Reuters quoted Wang Shenshen, senior strategist at Mizuho Securities, as saying. It was reported that higher interest rates raised worries Chinese policymakers may be starting to shift to a tighter stance to rein in share prices and property markets. In Malaysia today, Muhyiddin’s special televised message, which was schedule...

  KUALA LUMPUR (Feb 3): The FBM KLCI closed higher for the second straight day, mirroring the uptrend in regional bourses, on positive sentiment emanating from the overnight surge on Wall Street. The index closed 0.16% or 2.5 points higher at 1,582.99, after moving between 1,582.54 and 1,597.93. The heavyweight stocks that powered the rise included Petronas Chemical Group Bhd (up 19 sen or 2.75% at RM7.10), and Genting Bhd (up eight sen or 2.01% at RM4.07). Remisier Jeffry Azizi Jaafar told theedgemarkets.com that the upswing today was influenced by the firm regional performance. Index-linked banking stocks also contributed to the KLCI’s higher close, with RHB Bank Bhd up nine sen or 1.76% at RM5.19, Malayan Banking Bhd up nine sen or 1.15% at RM7.94 and CIMB Group Holdings Bhd up four sen or 1.04% at RM3.90. Also recording gains were index-linked telco players Maxis Bhd (up three sen at RM4.91), Digi.com Bhd (up two sen at RM3.83), Axiata Group Bhd (up four sen at R...

  KUALA LUMPUR (Feb 2): The FBM KLCI finished 14.09 points or 0.9% higher at 1,580.49 points today, lifted by oil and gas (O&G) as well as glove heavyweights. The index rose to a high of 1,585.18 points earlier. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the market was mainly lifted by heavyweights in the O&G and glove sectors due to higher oil prices and positive corporate results. “The market was slightly on the positive note today, but we saw some profit-taking activities after news of the novement control order (MCO) being extended until Feb 18,” he said. He expects the market to continue to be range-bound this week as the MCO expansion continues to curb market sentiment. Across Bursa, 6.63 billion securities were traded for RM5.12 billion, compared with 6.53 billion securities worth RM6.37 billion last Friday. Losers led gainers by 670 to 502, while 435 counters closed unchanged. Glove stocks continued to s...