Market Daily Report: KLCI closes lower as investors sentiment weighed by overnight tech sell-off on Nasdaq

 

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 decliners list (by value), as it slumped RM1 or 2.63% to RM37,  followed by KESM Industries Bhd (down 48 sen or 3.02% to RM15.42) and UWC Bhd (down 32 sen or 4.73% to RM6.45). 

Blue-chips stocks that dragged the FBM KLCI included Petronas Chemicals Group Bhd, DiGi.Com Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd and Top Glove Corp Bhd. 

Notable gainers included Nestle (M) Bhd, Hong Leong Financial Group Bhd,  Petronas Dagangan Bhd, Hap Seng Consolidated Bhd, Hong Leong Bank, PPB Group Bhd and Kuala Lumpur Kepong Bhd. 

The actively traded stocks included Dagang NeXchange Bhd, XOX Bhd, ManagePay Systems Bhd, Puncak Niaga Holdings Bhd and MSM Malaysia Holdings Bhd.

Across Asia, Japan's Nikkei 225 tumbled 3.99%, while South Korea's Kospi plunged 2.8%. In China, Hong Kong’s Hang Seng dropped 3.64%, while the Shanghai Stock Exchange Composite Index closed down 2.12%.

Bloomberg reported Asian stocks fell the most since March as losses in technology shares deepened amid a global selloff triggered by rising Treasury yields.

“Taiwan Semiconductor Manufacturing Co, Samsung Electronics Co and Tencent Holdings Ltd contributed the most to losses in the MSCI Asia Pacific Index, which dropped as much as 3.2%. A gauge of the region’s technology stocks tumbled more than 4%, also the most since March,” the report noted. 

It added that Friday’s selloff marks a sharp turnaround for equities which rallied for the most of January and February, pushing the Asian benchmark to a fresh record high. Equity benchmarks in South Korea, Taiwan and Japan slumped more than 3% each this Friday.

 

Source: The Edge

Market Daily Report: KLCI rises 1.54% on corporate earnings optimism

 

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 top gainers led by  Malaysian Pacific Industries Bhd (up RM2.94 or 8.39% to RM38).

Others included D&O Green Technologies Bhd, Pentamaster Corp  Bhd, Unisem (M) Bhd and Dufu Technology Corp Bhd.

The Bursa Malaysia Technology Index increased the most in percentage terms among the exchange’s indices, rising 5.48% to 90.86.

Decliners included Hartalega Corp Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Pharmaniaga Bhd and British American Tobacco (Malaysia) Bhd.

Permaju Industries Bhd was the most actively traded stock with 456.39 million shares done. It closed up 2.5 sen at 17.5 sen.

Other active stocks included Metronic Global Bhd, XOX Bhd, Key Alliance Group Bhd, Dagang NeXchange Bhd and  Hiap Teck Venture Bhd.

Asian stocks rose today after US Federal Reserve chair Jerome Powell soothed nerves over rising US bond yields and calmed inflation worries by reassuring markets for a second day that interest rates would be left unchanged for now, Reuters reported.  

South Korea's Kospi rose 3.5%, Japan's Nikkei 225 surged 1.67%. Hong Kong’s Hang Seng Index recovered from yesterday’s loss, rising 1.2%, while the Shanghai Composite Index closed up 0.59%.

 

Source: The Edge

Market Daily Report: Over 1,000 stocks in red; KLCI closes at intra-day low of 1,557.55

 

 

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 41 sen or 7.52% to RM5.04.

Some quarters noted that news of Hong Kong unveiling its first stamp-duty increase on stock trades since 1993 weighed on regional sentiment, including Bursa.

According to Bloomberg, the planned trading-tax increase to 0.13% from 0.10% was part of a raft of new measures announced in Hong Kong’s Budget that included increased spending to help residents weather the pandemic.

Hong Kong’s first stamp-duty increase on stock trades in almost three decades sparked a broad selloff in the US$7.6 trillion market and sent shares of the city’s exchange to their biggest plunge in more than five years,” it added.

Hong Kong’s Hang Seng Index fell 2.99% while the Shanghai Stock Exchange Composite Index closed down 1.99%. Other markets like Japan's Nikkei 225 sank 1.61% while South Korea's Kospi plunged 2.45%.

Back on Bursa, healthcare-related stocks such as Pharmaniaga Bhd and Duopharma Biotech Bhd were also among the top losers (by value). Among the indices, Bursa Malaysia’s healthcare index fell the most in percentage terms, falling 3.86% to 3,247.91 from 3,378.15.

Other top decliners included Malaysian Pacific Industries Bhd, Carlsberg Brewery Malaysia Bhd and  Sam Engineering & Equipment (M) Bhd.

Reuters reported that falling tech stocks in China and Hong Kong pulled Asia’s markets sharply lower on Wednesday as recent gains in US Treasury yields put lofty equity valuations under pressure even as bond markets stabilised.

Meanwhile, Bursa’s top gainers' list (by value) were Kuala Lumpur Kepong Bhd, Press Metal Aluminium Holdings Bhd, Nestle (M) Bhd and Petronas Gas Bhd.

XOX Bhd was the most actively traded stock on Bursa, with 691.5 million shares traded after it closed up 0.5 sen at 9.5 sen.  

Other active stocks included Metronic Global Bhd, YKGI Holdings Bhd, Techna-X Bhd, AYS Ventures Bhd and Dagang NeXchange Bhd.

 

 

Source: The Edge

Market Daily Report: FBM KLCI falls as glove giants decline

 

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 rubber glove counters when their prices surged last year,” he said.

At the same time, he also noted that index-related financial services stocks such as Hong Leong Financial Group Bhd, Hong Leong Bank Bhd and Malayan Banking Bhd did not perform well either today. Given that they are proxies to the state of the economy, their performance signalled pessimism, he added.

That being said, he pointed out that while the FBM KLCI was down, the FBM70 and FBM Small Cap indices were up. The FBM70 closed 0.91% or 138.86 points higher at 15,429.48, while, the Small Cap Index was up 0.58% or 95.82 points at 16,497.5.

The broader market at Bursa Malaysia was slightly positive, with 594 counters closing up versus the 540 that went unchanged and 521 that declined.

Trading volume today consisted of 11.43 billion shares worth RM5.54 billion.

Top actives today included the likes of Techna-X Bhd, AirAsia X Bhd and DGB Asia Bhd. Top value gainers were Frontken Corp Bhd, Pimpinan Ehsan Bhd, and Muda Holdings Bhd. Top losers were Malaysia Pacific Industries Bhd, Gentec Technology Bhd, and Microlink Solutions Bhd.

Asian bourses were largely upward today. Japan's Nikkei 225 finished 0.46% or 138.11 points higher at 30,156.03, while Hong Kong's Hang Seng closed 1.03% or 312.81 points higher at 30,632.64. That being said, the Shanghai Composite was down 0.17% or 6.09 points at 3,636.36.

According to Reuters, Asian equities ticked higher today while bond yields remained elevated, in anticipation of comments from US Federal Reserve chairman Jerome Powell.

“Most Asian equities rose while bond yields remained elevated, as investors awaited US Federal Reserve chairman Jerome Powell's Congressional testimony later for clues into the central bank's thinking on inflation expectations and rising yields,” it reported.

 

 

Source: The Edge

Market Daily Report: Glove stocks pull down KLCI amid regional decline

 

 

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 signal on weekly stochastics show promise for return to uptrend mode, especially if the resurgent buying momentum sustain to encourage stronger retail participation in the lower liner and small cap space,” it said in a note.

On the broader market, decliners outnumbered gainers 704 to 427, with 558 counters closing unchanged.

Trading volume stood at 13.30 billion shares, with a total value of RM5.70 billion.

Active counters include Key Alliance Group, Nexgram Holdings and Velesto. 

Top decliners were Malaysia Pacific Industries, ViTrox Corp and Tasco, while top gainers were Heineken Malaysia, Carlsberg Brewery and MAHB. 

Elsewhere in Asia, Hong Kong’s Hang Seng Index was down 1.06% or 324.90 points at 30,319.83, and Shanghai’s Composite Index finished 1.45% or 53.72 points lower at 3,642.44.  Tokyo’s Nikkei 225 bucked the trend by closing 0.46% or 138.11 points higher at 30,156.03.

Reuters reported that regional equities were weaker today, amid a spike in the US 10-year Treasury yields.

“Yields on the benchmark US 10-year Treasury notes rose to a one-year high, as falling infection rates, expectations of a stronger economic recovery and higher government borrowing in the US dented their lustre,” it said.

 

Source: The Edge

Market Daily Report: FBM KLCI breaks declining streak to close 0.57% higher

 

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. Market breadth was barely positive, as 579 gainers outnumbered 527 decliners.

Several semiconductor stocks were among the gainers, with Malaysian Pacific Industries Bhd topping the list, gaining RM1.50 to close at RM38.40. ViTrox Bhd and Unisem Bhd were also among top gainers.

The losers were led by Hong Leong Bank Bhd, which fell 34 sen to close at RM17.78.

The top active stock was Dagang NeXchange Bhd, which saw a total of 582 million shares exchanged.

Across the region, markets were mixed. Japan’s Nikkei 225 fell 0.72%, while South Korea’s Kospi and Hong Kong’s Hang Seng Index rose 0.68% and 0.16% respectively.

Reuters reported that Asian stocks pulled back from all-time peaks on Friday as higher longer-dated bond yields and underwhelming US data dented investor confidence in a faster economic recovery from the Covid-19 pandemic, while gold hit a seven-month trough.

MSCI’s broadest index of Asia Pacific shares outside of Japan was last down 0.1% at 733.9 from a record high of 745.89 touched on Thursday, it said.

 

 

Source: The Edge

Market Daily Report: Bursa Malaysia ends lower, mirroring fall in most regional markets

 

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 that, all banking counters under the FBM KLCI recorded losses, with CIMB recording the largest loss of 3.1% to RM4.13.

“As such, the Bursa Malaysia Financial Services Index was the biggest loser among sectoral indices after dropping by 1.9%. However, on the bright side, the rally in oil prices led the oil and gas counters to be actively traded including Velesto and Sapura Energy, which were in the top five of the most actively traded stocks,” he told Bernama today.

Among the heavyweights, Maybank eased 16 sen to RM7.93, Public Bank shed eight sen to RM4.11, PetChem declined six sen to RM7.47, Tenaga was down one sen to RM9.85, and Top Glove trimmed 12 sen to RM6.07.

Of the actives, Dagang NeXchange soared 22 sen to 77 sen, Techna-X rose 2.5 sen to 18.5 sen, Velesto Energy added 1.5 sen to 18 sen, Sapura Energy rose half a sen to 15.5 sen, and Ta Win gained 6.5 sen to 28.5 sen. 

On the index board, the FBM Emas Index slid 113.39 points to 11,569.96, the FBMT 100 Index decreased 121.7 points to 11,247.71, and the FBM Emas Shariah Index was 61.93 points lower at 13,056.32.

The FBM 70 fell 99.05 points to 15,231.02 while the FBM ACE dipped 178.6 points to 11,087.95.

Sector-wise, the Financial Services Index retreated 292.56 points to 14,803.12, the Industrial Products and Services Index declined 1.53 points to 181.05, while the Plantation Index climbed 66.18 points to 7,175.88.

The Main Market volume rose to 10.59 billion shares worth RM5.73 billion from 6.65 billion shares worth RM4.32 billion recorded at Wednesday’s close.

Warrants turnover was higher at 373.73 million units valued at RM57.8 million from 294.97 million units valued at RM43.76 million.

Volume on the ACE Market widened to 3.52 billion shares worth RM949.71 million from 3.18 billion shares worth RM854.56 million previously.

Consumer products and services accounted for 690.98 million shares traded on the Main Market, industrial products and services (1.57 billion), construction (281.25 million), technology (4.38 billion), SPAC (nil), financial services (111.65 million), property (290.04 million), plantations (68.01 million), REITs (13.76 million), closed/fund (33,500), energy (2.74 billion), healthcare (60.08 million), telecommunications and media (93.5 million), transportation and logistics (234.04 million), and utilities (42.55 million).

 

Source: The Edge

Market Daily Report: FBM KLCI extends losses amid muted regional markets

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 1,680. Key uptrend support will be the 100-day moving average at 1,574, with better supports at 1,550 and the 200-day ma at 1,544,” TA Securities Research said in a note today.

The FBM KLCI's decline today was in line with those seen among other regional indices. Japan's Nikkei 225 was down 0.58% or 175.56 points at 30,292.19. South Korea's Kospi was down 0.93% or 29.52 points at 3,133.73.

Meanwhile, the Hong Kong's Hang Seng was up 1.10% or 338.28 points at 31,084.94. Markets in Mainland China are closed for the Lunar New Year holiday.

According to Reuters, Malaysia’s FBM KLCI closed lower following the extension of the movement control order in Selangor, Kuala Lumpur, Johor and Penang.

“Most Asian markets were hobbled by a firm [US] dollar, which benefited from benchmark ten-year US Treasury yields rising to their highest in a year on expectations of a stimulus-led economic recovery and lift-off in inflation,” it reported.

Across the local bourse, 10.14 billion shares worth RM5.23 billion were traded today.  

Market breadth was barely in positive territory, with 536 counters up versus the 529 counters that declined and 551 counters that went unchanged.

Top actives included DGB Asia Bhd, Sapura Energy Bhd and Dagang NeXchange Bhd. Top value gainers today were Carlsberg Brewery Malaysia Bhd, CI Holdings Bhd and Nestle Malaysia Bhd. In terms of top losers, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd and Hong Leong Financial Group Bhd made the top three.

 

Source: The Edge

Market Daily Report: KLCI breaks gaining streak as investors shun glove stocks on vaccine news

 

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 gainers against 456 decliners and 509 unchanged counters.

Trading volume was 12.6 billion shares worth RM5.79 billion.

Top actives included Dagang NeXchange Bhd, DGB Asia Bhd and ARB Bhd. Top gainers included Heineken Malaysia Bhd, BLD Plantation Bhd and Widetech (M) Bhd. Top losers included Malaysian Pacific Industries Bhd, PPB Group Bhd and Tasco Bhd.

Reuters reported that Asian shares rallied today as investors banked on a rollout of Covid-19 vaccines to keep the global economic recovery on track.

Hong Kong’s Hang Seng was up 1.90% or 573.09 points at 30,746.66, Japan’s Nikkei 225 rose 1.28% or 383.60 points to 30,467.75. The Shanghai market remains closed for the Lunar New Year holiday.

 

 

Source: The Edge

Market Daily Report: FBM KLCI kicks off the year of the Metal Ox with 0.5% gain

 

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 globally raised hopes of a rapid economic recovery amid new fiscal aid in the US, while oil prices rose on heightened tensions in the Middle East.

“Oil prices climbed to the highest since January 2020, on hopes the US stimulus will boost the economy and fuel demand.

"Prices were also buoyant after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.

"Brent crude rose US$1.20 to US$63.66 a barrel. US crude oil gained US$1.40 to US$60.88,” it reported.

Across Bursa Malaysia, 10.02 billion shares worth RM4.69 billion were traded today. Market breadth was firmly in the positive, with 798 counters posting gains, versus the 535 that went unchanged and 293 decliners.

Top actives included Dagang NexChange Bhd (DNeX), Luster Industries Bhd and Techna-X Bhd. Top value gainers today were Genetec Technology Bhd, Dutch Lady Milk Industries Bhd and UWC Bhd. Topping the biggest value losers list were Hartalaga Holdings Bhd, Time dotCom Bhd and Hong Leong Financial Group Bhd (HLFG).

From an index perspective, the FBM ACE, Energy and Technology indices were the top performers today. The FBM ACE Index climbed 3.2% or 348.01 points to 11,231.24 points. The Energy Index, which was buoyed by gains in oil prices today, was up 3% or 25.85 points at 887.65 points. The Technology Index closed 2.75% or 2.41 points higher at 90.08 points.

 

 

Source: The Edge

Market Daily Report: FBM KLCI pares gains as Malaysian economy contracts more than expected

 

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 higher at RM17.30, yielding a market capitalisation of RM19.85 billion.

Market breadth across the local bourse was positive, with 547 counters up compared to the 452 that went unchanged and 383 that posted declines.

Total trading volume today stood at 3.21 billion shares, with a turnover of RM2.05 billion.

Top actives included the Dagang NeXchange Bhd, Sapura Energy Bhd and Trive Property Group Bhd. Top value gainers were Malaysian Pacific Industries Bhd, UWC Bhd and Genetec Technology Bhd.

Top losers were Fraser & Neave Holdings Bhd, Nestle Malaysia Bhd and Malpac Holdings Bhd.

“While banks should continue to rise on economic recovery hopes, lower liners and small caps should extend consolidation as retail participation dwindled ahead of the Chinese New Year extended weekend holiday. Immediate overhead resistance for the index stays at 1,600, with next hurdle seen from the 50-day moving average at 1,617, and stronger hurdles from 1,660 and 1,680. Key uptrend support will be the 100-day moving average at 1,571, with better supports at 1,550 and the 200-day ma at 1,541,” TA Securities Research said in a note today.

At the time of writing, Asian bourses were largely up. Japan's Nikkei 225 was up 0.19% or 57 points at 29,562.93. The Hong Kong's Hang Seng was up 0.45% or 134.85 points at 30,173.57. The Shanghai Composite was 1.43% or 51.60 points higher at 3,655.09.

Reuters reported that Malaysian shares pared gains today as its economy fell at a faster-than-expected pace in the fourth quarter, while other emerging Asian markets were muted in thin trade, with multiple countries already shut for the Lunar New Year holidays.

“Broader Asian shares rested at record highs as investors digested recent meaty gains and hoped for more global stimulus, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.1%.

Eyes were also on US President Joe Biden as he spoke to his Chinese counterpart Xi Jinping on Wednesday, his first direct contact with the leader since winning the November US presidential election and taking office last month,” the newswire reported.

Source: The Edge

Market Daily Report: KLCI finishes up at intraday high, Bursa volume slumps

 

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 Group Holdings Bhd and Hap Seng Consolidated Bhd during afternoon trades.

Hong Leong Bank finished 66 sen or 3.76% higher at RM18.22, Hong Leong Financial rose 20 sen or 1.19% to RM17, CIMB concluded the day 13 sen or 3.2% higher at RM4.19, while Hap Seng Consolidated closed at RM8.40, after rising 27 sen or 3.32%.

Bursa’s Financial Services index rose 1.82% to become the top-percentage gainer among bourse gauges.

Globally, it was reported that Asian stocks hit a record high on Wednesday, as upbeat earnings, hopes of a large US fiscal stimulus and a prolonged period of low interest rates, fanned optimism about a global recovery from the pandemic.

It was reported that MSCI's ex-Japan Asian shares index rose 0.86%, breaking above its January peak to reach its highest level ever.

"(In commodity markets, crude) Oil prices rose again on Wednesday, extending their more than week-long rally, after industry data showing a fall in US crude oil stocks added to optimism about an expected rise in global fuel demand. Brent crude was up by 11 cents or 0.2% at US$61.20 by 0110 GMT, after rising nearly 1% on Tuesday, when it touched a 13-month high. 

US crude added 2 cents to US$58.28,” Reuters reported.

In Malaysia tomorrow (Feb 11), the focus will be on Bank Negara Malaysia’s (BNM) announcement on the country’s economic performance for the fourth quarter of 2020 (4Q20).

For 3Q20, Malaysia’s economy, as measured by gross domestic product, contracted 2.7% from a year earlier, after a 17.1% on-year drop in 2Q20, according to BNM’s statement on Nov 13, 2020.

 

 

Source: The Edge

Market Daily Report: FBM KLCI finishes up amid regional gains, Wall Street rally

 

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 Pacific Industries Bhd (MPI), Press Metal and Carlsberg Brewery Malaysia Bhd.

Top losers included Hartalega Holdings Bhd, UWC Bhd and See Hup Consolidated Bhd.

The Financial Services Index was the best performing of the KLCI indices today, closing 1.29% or 187.34 points higher at 14,752.74.

Reuters reported most Asian stocks gained in line with a broader rally, as volumes remained thin ahead of the Lunar New Year holidays.

The Nikkei 225 was up 0.40% at 29,505.93, Hang Seng gained 0.53% to 29.476.19, and the Shanghai Composite rose 2.01% to 3,603.49. However, the Kospi finished 0.21% lower at 3,084.67.

 

Source: The Edge

Market Daily Report: KLCI trails healthcare drop, energy up the most as oil tops US$60

 

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 their shareholdings, especially in the rubber glove counters".

According to the Department of Statistics Malaysia’s statement, which was published at 12 noon today, Malaysia's IPI grew 1.7% in December 2020 from a year earlier but for the full year, the nation's 2020 IPI declined 4.2% from 2019.

"The IPI for the fourth quarter of 2020 fell 0.3% compared with the same period of the previous year,” the department said.

The IPI numbers are closely watched for clues on how Malaysia’s economy, as measured by Gross Domestic Product (GDP), had performed in 2020.

Bank Negara Malaysia is scheduled to announced this Thursday (Feb 11) the country’s 2020 fourth quarter and full-year GDP numbers.

The KLCI’s 0.34% drop trailed the 2.28% drop in the Health Care index, which tracks share prices of companies including glove manufacturers and pharmaceutical firms.

The Energy index closed up 3.15% after crude oil prices topped US$60 a barrel. It was reported that oil prices rose on Monday (Feb 8) to their highest in just over a year, with Brent futures nudging past US$60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures to boost demand.

"Brent crude for April touched an intraday high of US$60.06 a barrel, the highest since January last year. The front-month contract was at US$59.90 by 0728 GMT, up 56 cents, or 0.9%. US West Texas Intermediate crude futures for March advanced 60 cents, or 1.1%, to US$57.45 a barrel, the highest since January last year,” Reuters reported.

Across Bursa today, the bourse saw 7.04 billion securities worth RM4.5 billion traded.

There were 569 gainers versus 620 decliners.

Among decliners, HLFG’s share price closed down 34 sen or 1.99% at RM17.10, Top Glove fell 34 sen or 5.14% to RM6.27 while TNB dropped three sen or 0.31% to RM9.67.

The most-active stock was Dagang NeXchange Bhd (DNeX) after its share trade volume jumped to close at a record high of about 668 million units. DNeX’s share price rose nine sen or 32.14% to 37 sen after the company said in a Bursa filing today that Khazanah Nasional Bhd had on Friday (5 February 2021) informed DNeX and its strategic partner that Khazanah had accepted their bid for the proposed purchase of the entire issued share capital of SilTerra Malaysia Sdn Bhd from Khazanah, subject to the signing of a definitive agreement.

"Acceptance of the bid is still subject to strict confidentiality with Khazanah and no further details of the bid can be publicly disclosed until the signing of the definitive agreement,” DNeX said.

 

Source: The Edge

Market Daily Report: KLCI snaps three-day winning streak on glove, plantation slump

 

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 pandemic is curbed.

Meanwhile, higher palm oil inventory does not augur well for crude palm oil prices.

MIDF Amanah Investment Bank Bhd head of research Imran Yassin Md Yusof told theedgemarkets.com today that the "absence of fresh catalysts at the local bourse, coupled with profit-taking on blue-chip stocks by investors, especially in glove stocks” had affected broader market performance.

Top Glove's share price closed down 10 sen or 1.49% to RM6.61, Hartalega fell 12 sen or 0.9% to RM13.24 while Supermax was down 12 sen or 1.77% at RM6.67.

Meanwhile, KLK's share price closed down 50 sen or 2.1% to RM23.30, IOI Corp dropped five sen or 1.17% to RM4.24 while Sime Darby Plantation declined six sen or 1.21% to RM4.91.

The KLCI today snapped its three-day winning streak since Tuesday (Feb 2) when the index closed up at 1,580.49. 

Plantation shares fell today ahead of the Malaysian Palm Oil Board’s scheduled Jan 2021 report on Wednesday (Feb 10).

It was reported today that Malaysia's palm oil inventories at the end of January likely ticked up for the first time in four months, as a deep plunge in exports offset output which tumbled to a near five-year low, a Reuters survey showed.

It was reported that stockpiles in the world's second-largest producer is seen rebounding 1.75% from the previous month to 1.29 million tonnes, according to a median estimate of 11 planters, traders and analysts polled by Reuters.

Across Bursa Malaysia today, 6.09 billion securities were traded for RM4.16 billion.

There were 549 gainers and 532 decliners.

The KLCI closed down 0.4% today after rising to its intraday high of 1,590.47 and falling to its intraday low of 1,574.69.

At 0.4%, KLCI's drop trailed the decline quantum in Bursa's Palm Oil Plantation index and Health Care gauge.

The Palm Oil Plantation index closed down 1.24% while the Health Care gauge, which includes rubber glove manufacturers, fell 0.9%.

 

Source: The Edge

Market Daily Report: FBM KLCI ends higher on final-hour buying

 

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 scheduled at about 3:30pm, also appeared to help the KLCI close higher, according to remisiers.

Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar told theedgemarkets.com that the KLCI managed to finish the day with a positive performance "due to Muhyiddin’s announcement on the planned rollout of Malaysia’s Covid-19 vaccination programme by the end of February 2021".

Across Bursa Malaysia today, 8.04 billion securities were traded for RM4.18 billion. There were 626 gainers and 489 decliners.

Top gainers included Hong Leong Financial Group Bhd (HLFG), See Hup Consolidated Bhd and Unisem (M) Bhd.

HLFG’s share price closed up 76 sen or 4.59% at its intraday high at RM17.30, after a substantial rise in afternoon trades.

 

 

Source: The Edge

Market Daily Report: KLCI closes 0.16% higher, in line with gains on Wall Steet and regional markets

 

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 RM3.43) and Telekom Malaysia Bhd (up one sen at RM6.33).

Meanwhile, glove heavyweight counters hit the speed bump today on profit-taking, after a few sessions of gains. Top Glove Corp Bhd fell 23 sen or 3.26% to RM6.82, Supermax Corp Bhd fell 24 sen or 3.66% to RM6.80 and Hartalega Holdings Bhd fell 12 sen or 0.9% to RM13.18.

On the broader market, gainers triumphed losers by 735 to 424. A total of 6.10 billion securities were traded worth RM4.94 billion, compared with 6.63 billion securities worth RM5.12 billion yesterday.

Technology stocks dominated the top gainers list, led by MPI which rose 4.78% or RM1.64 to RM35.94.

UWC Bhd, the third largest gainer by value, closed up 5.17% or 64 sen at RM13.02, followed by Vitrox Corp Bhd (up 3.69% or 62 sen at RM17.4) and Greatech Technology Bhd (up 9.65% or 55 sen at RM6.25).

The active list was led by Iris Corp Bhd with 196.46 million shares traded. It closed up down one sen at 38 sen.

Others actively-traded stocks included Luster Industries Bhd, Metronic Global Bhd, Sapura Energy Bhd, P.A. Resources Bhd, QES Group Bhd and Vizione Holdings Bhd.

In other Asian markets, Japan's Nikkei 225 rose 1%, South Korea's Kospi gained 1.06% and Hong Kong’s Hang Seng Index climbed 0.2%.

Bloomberg reported most Asian markets built on the week's rally, boosted by US stimulus hopes and signs of easing virus infections — as well as improvements in vaccination programmes.

Support was also being provided by hopes that the social media-fuelled retail trading battle that rattled Wall Street last week, appeared to be fizzling, it added.

Market Daily Report: KLCI finishes 0.9% higher, lifted by oil and gas, glove heavyweights

 

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 see buying interest from retail investors. Top Glove Corp Bhd rose 31 sen or 4.6% to RM7.05; Supermax Corp Bhd climbed 28 sen or 4.12% to RM7.08; and Hartalega Holdings Bhd gained 44 sen or 3.42% to RM13.30.

Meanwhile, the top gainers were led by Malaysian Pacific Industries Bhd, which surged RM1.30 or 3.94% to RM34.30. This was followed by Petronas Dagangan Bhd (PetDag), which leapt 60 sen or 3.1% to RM19.96, and Kuala Lumpur Kepong Bhd (KLK), which added 56 sen or 2.41% to RM23.80.

The top losers, on the other hand, were led by Amtel Holdings Bhd, which slipped 42 sen or 10.19% to RM3.70. This was followed by UWC Bhd, which tumbled 40 sen or 3.13% to RM12.38, and Toyo Ventures Holdings Bhd, which lost 39 sen or 13.93% to RM2.41.

Reuters reported that Asian stocks rose today as signs of progress in US stimulus talks boosted Wall Street overnight.

Japan’s Nikkei 225 closed 0.97% higher at 28,362.17 points; South Korea’s KOSPI ended 1.32% higher at 3,096.81 points; and Hong Kong’s Hang Seng Index finished 1.23% higher at 29,248.7 points.

 

 

Source: The Edge