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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...

Market Daily Report: FBM KLCI retreats on glove, banking share selling pressure

  KUALA LUMPUR (March 30): The FBM KLCI finished down 2.09 points or 0.13% at 1,609.19 today, as investors weighed global news including the US Customs and Border Protection’s (CBP) directive to its personnel at all US ports of entry to begin seizing disposable gloves produced in Malaysia by Top Glove Corp Bhd, besides updates on Archegos Capital's equity derivative default, which hit international banking stocks overnight. Today, sentiment from the CBP’s directive to its personnel to begin seizing gloves produced by Top Glove over forced labour allegations appeared to have impacted share prices of rival glove manufacturers including  Supermax Corp Bhd and Hartalega Holdings Bhd. Rakuten Trade Sdn Bhd head of equity sales Vincent Lau told theedgemarkets.com today that the "decline in share prices of rubber glove manufacturers could be due to sentiment from the news on the CBP’s directive involving Top Glove”. Top Glove, Hartalega and Supermax, which are constit...

Market Daily Report: KLCI ends with 0.6% gain, sentiment boosted by export numbers

  KUALA LUMPUR (March 29): After remaining range bound in cautious trading, the FBM KLCI recovered to close at the day's high following the announcement of Malaysia's higher trade surplus in February. The index finished 9.86 points or 0.62% higher at 1,611.28, boosted by gains in Axiata Group Bhd, Petronas Gas Bhd and Hong Leong Financial Group Bhd. Areca Capital CEO Danny Wong said the index was generally on the uptrend, despite the bumps earlier in the session. “What could have also impacted the sentiment today is the better year-on-year trading data," he said, adding that the local market was also taking a cue from the higher opening in Europe. Top actives were Berjaya Corp Bhd, Macpie Bhd and Widad Group Bhd, while top gainers today were Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd and Hong Leong Financial Group Bhd. Meanwhile, the top losers were Nestle (Malaysia) Bhd, Cheetah Holdings Bhd and Heineken Malaysia Bhd. The government an...

Market Daily Report: Late buying pushes KLCI up 0.23% today but down 1.52% for the week

  KUALA LUMPUR (March 26): Late buying before the closing bell lifted the FBM KLCI by 0.23% today amid positive regional sentiment. On a week-on-week basis, the KLCI, however, shed 1.52% against last week’s closing at 1,626.19. Today, the benchmark index went up 3.69 points to 1,601.42, from 1,597.73 at yesterday’s close, supported by gains among selective component stocks, such as Digi.Com Bhd, Genting Malaysia Bhd (GenM) and Petronas Gas Bhd (PetGas). The index opened slightly higher at 1,598.74 today, and traded between 1,593.24 and 1,603.01. Remisier Jeffry Azizi Jaafar told The Edge he observed that foreign investors returned to the local bourse today. Across Bursa, trading volume stood at 5.96 billion shares, valued at about RM3.24 billion. Sentiment was positive with gainers outnumbering losers by 695 versus 346, while 460 counters were unchanged. Gainers by value included Malaysian Pacific Industries Bhd, Nestle (Malaysia) Bhd, Heineken Malaysia ...

Market Daily Report: KLCI trails Palm Oil Plantation Index drop as crude oil prices fall

  KUALA LUMPUR (March 25): The FBM KLCI shed 4.67 points or 0.29% to close at 1,597.73 today, while Bursa Malaysia’s Palm Oil Plantation Index fell the most at 1.67%, as crude palm oil (CPO) prices tracked lower crude oil prices. According to analysts, investors had also weighed a confluence of factors including rumours of political uncertainty in Malaysia, besides the pullback in technology stocks. TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that the "KLCI faced a setback today, amid confluence of factors including (rumours on) Malaysia’s political uncertainty, pullback in technology stocks and lower crude oil prices." Soo said the confluence of factors affecting Malaysian share market sentiment include concerns on "rising inflation in the US and Europe against the backdrop of economic recovery”. Across Bursa, trading volume stood at 6.01 billion shares, valued at about RM3 billion. Decliners led gainers by 580...

Market Daily Report: KLCI snaps three-day losing streak, swings back to 1,600 level amid bargain hunting

    KUALA LUMPUR (March 24): The FBM KLCI snapped its three-day losing streak as investors jumped in to scoop up battered stocks and sent the benchmark index solidly above the key 1,600 level. At 5pm, the FBM KLCI was up 7.11 points or 0.45% to 1,602.24. Earlier, the index opened 3.63 points lower at 1,591.66 against yesterday’s closing of 1,595.29. On the broader market, turnover was at 6.95 billion shares worth RM3.52 billion, lower compared to yesterday’s trading volume of 7.05 billion shares worth RM4.05 billion. However, sentiment was mixed with losers leading gainers by 631 to 435, while 482 counters remained unchanged. Rakuten Trade Research head of equity sales Vincent Lau told theedgemarkets.com that the FBM KLCI closed in positive territory today mainly due to bargain hunting following three consecutive days of sell-off since last Friday (March 19). He also noted that the sentiment has improved from yesterday, which saw 860 counters in the red. Notable ...

Market Daily Report: FBM KLCI closes below 1,600-level as broader market mirrors global uncertainty

  KUALA LUMPUR (March 23): The FBM KLCI plunged 21.44 points or 1.33% after trading downwards today, as the market reflected the rest of the broader region which was in negative territory on dampened risk appetite. At 5pm, the benchmark index closed at 1,595.29. It had earlier traded at a high of 1,616.78. Losers led gainers by 860 to 315 with 420 unchanged. Trading volume stood at 7.05 billion shares worth RM4.05 billion. Remisier Jeffry Azizi Jaafar noted all sectors were in the red except for technology stocks, as the semiconductor counters had staged a rebound. He said Bursa Malaysia’s heavy correction today was due to several factors including the uncertainty in global markets after the Turkish lira plunged, following the firing of Turkey’s central bank chief Naci Agbal. “Bursa Malaysia and other Asian markets reacted negatively towards this issue,” he told theedgemarkets.com, adding that IHH Healthcare Bhd and Malaysia Airports Holdings Bhd have business operat...

Market Daily Report: FBM KLCI closes at intraday-low of 1,616.73 amid cautious trading

  KUALA LUMPUR (March 22): The FBM KLCI closed at its intraday low of 1,616.73 today, as investors turned cautious amid muted trading in regional markets. At 5pm, the benchmark index closed 9.46 points lower, down 0.58% lower from Friday (March 19)'s close of 1,626.19. It earlier opened 2.28 points higher at 1,628.47, its intraday high. Market breadth was negative, with losers outpacing gainers 746 to 387, while 425 counters were unchanged. Turnover stood at 7.57 billion shares worth RM3.87 billion. Trading value was 33.16% lower than the RM5.79 billion recorded on Friday, while trading volume has shrunk 16.26% from 9.04 billion. Of the 30 component stocks, 22 closed lower, while seven closed higher and one was unchanged. Sime Darby Bhd led the fall among the component stocks, sliding 13 sen or 5.16% to RM2.39, followed by IHH Healthcare Bhd (fell 17 sen or 3.1% to RM5.31) and Genting Bhd (declined 17 sen or 3.07% to RM5.36). Malacca Securities Sdn Bhd head of resear...

Market Daily Report: KLCI down in line with regional weakness following Wall Street drop

  KUALA LUMPUR (March 19): The FBM KLCI closed lower today in line with the weak regional performance following the overnight loss on Wall Street. The benchmark index fell to as low as 1,615.16 before recovering — thanks mainly to a late surge in selective component stocks such as Sime Darby Bhd, Top Glove Corp Bhd, Maxis Bhd and IHH Healthcare Bhd — to close at 1.626.19, down 1.8 points or 0.11% from yesterday. MIDF head of research Imran Yassin Md Yusof said market sentiment was affected by the downtrend in regional markets. “The local market's weak performance today is a reflection of its regional peers, as the negative sentiments were a spillover from the drop in the US overnight stock market due to rising bond yields,” he said when contacted. Market breadth was negative with losers thumping gainers 787 to 347, while 417 counters finished unchanged. Total volume was 9.04 billion units worth RM5.79 billion, compared with 9.16 billion units worth RM4.84 billion yeste...

Market Daily Report: KLCI tracks regional peers to rise 0.19% amid gains in tech stocks

  KUALA LUMPUR (March 18): The FBM KLCI closed slightly higher today in line with regional advances after the US Federal Reserve (Fed) decided to maintain its interest rates. The benchmark index closed 0.19% higher or 3.02 points up at 1,627.99 after staying in positive territory for the entire trading session. Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong Teck Meng said the KLCI’s rise was also due to a rebound in technology stocks on bargain hunting and buying interest in recovery-themed play stocks, including in the banking and gaming sectors. “Foreign funds which made a comeback to the local bourse since last week also contributed to the positive performance of the KLCI today,” he told The Edge . Stocks that boosted the KLCI included Genting Bhd, Genting Malaysia Bhd (GenM) and Hap Seng Consolidated Bhd. Gains were also seen in index-linked banking stocks, including Public Bank Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd (Maybank) a...

Market Daily Report: KLCI closes slightly higher on buying ahead of stimulus package announcement

  KUALA LUMPUR (March 17): The FBM KLCI erased losses to close marginally higher today on last-minute buying interest ahead of the government’s announcement of a new stimulus package. The benchmark index closed 1.01 points or 0.06% higher at 1,624.97 after having stayed in negative territory for the most part of the trading session.  A remisier, Jeffry Azizi Jaafar, said the drop in the index earlier was due to a correction in prices following the rally in the past three weeks. “The market saw financial, plantation and technology [stocks] fall due to a consolidation after recent strong gains on market recovery optimism, driven by the ongoing vaccination programme and a decline in daily [new] Covid-19 infections,” he told The Edge. The market also turned cautious as investors awaited the outcome of the US Federal Reserve’s (Fed) two-day policy meeting, he added. After the market closed, Prime Minister Tan Sri Muhyiddin Yassin announced a RM20 bi...

Market Daily Report: KLCI finishes up but gains limited by fresh political uncertainty rumour

  KUALA LUMPUR (March 16): The FBM KLCI ended up 3.04 points or 0.19% at 1,623.96 today after Asian equity indices closed higher and as investors weighed speculation on Malaysia’s political uncertainty due to opposition leader Datuk Seri Anwar Ibrahim’s surprise press conference, which was scheduled at 4:30pm today. News reports quoting Anwar said today that he dismissed queries about a possible partnership with Umno for the 15th general election. It was reported that Anwar indicated talks in this direction were still at a very early stage. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the KLCI's gains today were not significant due to speculation on "fresh political uncertainty" in Malaysia and as the 30-stock KLCI took a cue from weakness in crude oil and crude palm oil prices. The KLCI closed higher today after rising to its intraday high at 1,625.52 and falling to its intraday low at 1,617.92 as Asian equities tracked U...

Market Daily Report: KLCI finishes higher on bargain hunting, improved sentiments

  KUALA LUMPUR (March 15): The FBM KLCI closed 0.32% higher today, amid bargain hunting after two straight days of decline seen last week. At 5pm, the benchmark index settled at 1,620.92, up 5.23 points from last Friday’s close of 1,615.69. Rakuten Trade Research head of equity sales Vincent Lau told theedgemarkets.com that the benchmark index closed higher after the recent sell-off attracted bargain hunters. “Sentiment has also lifted, given investors are positioning on stocks that are expected to benefit from economic recovery as the country’s daily Covid-19 cases continue to show improvement in infectivity rates,” he added. Among the heavyweights that pushed the KLCI's climb were Maxis Bhd, Genting Bhd, Genting Malaysia Bhd, Petronas Dagangan Bhd and CIMB Group Holdings Bhd. Across Bursa Malaysia, the brisk trading saw a total of 10.29 billion shares worth RM5.27 billion traded. There were 611 gainers versus 586 losers, while 406 counters were unchanged. Notable ...

Market Daily Report: KLCI closes 0.84% or 13.72 points lower on profit taking

  KUALA LUMPUR (March 12): The FBM KLCI continued to extend its losses today, finishing 0.84% or 13.72 points lower at 1,615.69. According to Rakuten Trade Research head of equity sales Vincent Lau, the index was down due to profit taking ahead of the weekend amid mixed performances regionally. Specifically, Supermax Corp Bhd, CIMB Group Holdings Bhd and Top Glove Corp Bhd posted declines today. While the FBM KLCI declined, indices such as the FBM ACE, FBM Small Cap and FBM Fledgling indices posted gains. The FBM ACE was up 2.13% or 222.07 points higher at 10,665.19, while the Small Cap was up by 0.19% or 31.13 points at 16,806.82. Meanwhile, the Fledgling Index finished 0.77% or 164.52 points higher at 21,551.02. On the local market, top actives included Dagang NeXchange Bhd (DNeX), EA Holdings Bhd and XOX Bhd. The top gainers were Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd and Hong Leong Industries Bhd, whereas KESM Industries Bhd, He...

Market Daily Report: KLCI breaks four-day gaining streak on profit-taking

  KUALA LUMPUR (March 11): The FBM KLCI closed lower today on profit-taking, after rising over the last four trading days.  The benchmark index finished 10.42 points or 0.64% down at 1,629.41.   Malacca Securities research head Loui Low said investors decided to take profit after recent gains.  Component stocks that dragged the KLCI today included Petronas Dagangan Bhd, Hap Seng Consolidated Bhd and Digi.Com Bhd.  However, while the index-linked heavyweights were down today, the FBM Small Cap and FBM ACE indices closed higher.  The Small Cap Index was up 275.03 points or 1.67%  at 16,775.69, while the ACE Index closed 90.70 points or 0.88% higher at 10,443.12.   A total 9.53 billion shares worth RM5.44 billion were traded on Bursa Malaysia today.   Active counters included AirAsia X Bhd, Sauddee Group Bhd and Dagang NeXchange Bhd.  Top gainers were Heineken Malaysia Bhd, Malaysian Pacific Industries Bhd and ViTrox Corp Bhd, while...

Market Daily Report: FBM KLCI rises as recovery play gains momentum

KUALA LUMPUR (March 10): The FBM KLCI extended gains today, continuing an upward trend seen since last Friday, and settled 0.93% or 15.05 points higher at 1,639.83 on market close. Component stocks that helped lift the index were Petronas Dagangan Bhd (PetDag), Press Metal Aluminium Holdings Bhd and Maxis Bhd. Rakuten Trade Research head of equity sales Vincent Lau said the FBM KLCI has managed to sustain its performance above 1,600 points in the past few trading days. “The gains seen today is broad-based. A combination of better overnight performances from US indices such as the Nasdaq and Dow Jones, lower domestic Covid-19 numbers, corporate results meeting expectations — these have all contributed to the rise. It is a confluence of different factors,” Lau said while observing that recovery play is now in vogue. In total, some 11.01 billion shares worth RM7.2 billion were traded today. Top actives included Dagang NeXchange Bhd, Saudee Group Bhd and Puncak Niaga Holdi...

Market Daily Report: KLCI closes higher, lifted by Top Glove, DiGi.Com and Axiata gains

    KUALA LUMPUR (March 9): The FBM KLCI rose 0.8% or 12.97 points to its one-month high of 1,624.78 today, lifted by gains seen among DiGi.Com Bhd, Axiata Group Bhd and Top Glove Corp Bhd.  Top Glove, which announced another set of record-breaking quarterly earnings earlier today, closed 2.98% or 15 sen higher at RM5.19, valuing it at RM42.57 billion. DiGi.Com shares were up 3.35% or 12 sen at RM3.70, while Axiata climbed 3.64% or 13 sen to RM3.70. In a note today, TA Securities Research said stocks should sustain recovery momentum given the optimism over economic recovery potential, while supply cuts by OPEC+ should support the firm trend in global oil prices, therefore enhancing the uptrend in oil and gas-related stocks. “On the index, resurgent buying momentum is crucial to overcome profit-taking resistance from 1,620, 1,640 and 1,660. Key chart supports will be the 100-day and 200-day moving averages at 1,585 and 1,558, respectively,” the research hous...

Market Daily Report: FBM KLCI closes 0.73% higher on gains from PetChem, GenM, Axiata

  KUALA LUMPUR (March 8): The FBM KLCI closed 0.73% or 11.69 points higher today, driven by gains seen in Petronas Chemicals Group Bhd (PetChem), Genting Malaysia Bhd (GenM) and Axiata Group Bhd. The benchmark index rose to 1,611.81 points at the closing bell. PetChem was among the top gainers today, rising by 6.78% or 53 sen to RM8.35, with a market value of RM66.8 billion. Meanwhile, shares in GenM closed 4.05% or 12 sen higher at RM3.08, valuing it at RM18.29 billion with Axiata finishing the trading day 4.08% or 14 sen higher at RM3.57, translating into a market valuation of RM32.74 billion. In a note today, TA Securities Research said the technical trend and momentum indicators for the FBM KLCI have improved significantly following last week’s rebound. “With economic recovery plays gaining traction on reopening optimism, sectors deemed to benefit most from reopening of the domestic economy such as banking, gaming, property, oil and gas, and transportation s...

Market Daily Report: KLCI closes 1.2% higher on gains in banking, glove and energy stocks

  KUALA LUMPUR (March 5): The FBM KLCI bucked the regional trend to close higher, boosted by the positive performance of banking stocks and a rebound in glove counters. The index was back above the 1,600 mark, closing at 1,600.12 for a gain of 18.86 points or 1.19% from yesterday. Rakuten Trade Research head of equity sales Vincent Lau said market sentiment was buoyed by buying interest in banking stocks. Sentiment was also lifted by bargain-hunting among rubber glove stocks after the selldown yesterday, Lau  told theedgemarkets.com Also contributing to the market’s positive performance was renewed buying in oil and gas stocks, on the back  of an increase in oil prices after Saudi Arabia and its OPEC+ allies extended their production cuts. The broader market, however, was mixed with 617 decliners versus 561 gainers. A total of 7.99 billion securities were traded for RM5.15 billion, lower than the 9.63 billion units worth RM5.37 billion yesterday. Notable ga...

Market Daily Report: FBM KLCI tracks regional markets to end lower as sentiment weighed by bond yield rise

    KUALA LUMPUR (March 4): The FBM KLCI closed down 7.19 points or 0.45% today tracking the negative performance of Asian equities after an overnight surge in bond yields again dragged shares on Wall Street. At 5pm, the benchmark index closed at 1,581.26 points. Today, the index had mostly traded in negative territory, ranging between 1,577.39 and 1,590.46 — compared with yesterday’s closing of 1,588.45. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the weakness in the local bourse performance today was in line with regional markets after Wall Street dropped yesterday due to rising Treasury yield. The rising yield has sparked investors' concerns that this may prompt central banks to raise ultra-low interest rates, which is bad for the equity market. Leong added that the abovementioned event overshadowed the fact that Bank Negara Malaysia (BNM) maintained the overnight policy rate (OPR) at 1.75% during the afternoon session. None...

Market Daily Report: FBM KLCI ends higher as bargain hunters flock into glove-linked stocks

  KUALA LUMPUR (March 3): The FBM KLCI mirrored regional peers’ performance to close higher by 1.18% or 18.58 points, as bargain hunters made a comeback for rubber glove-linked stocks after their shares price slumped due to developments on the Covid-19 vaccines. At 5pm, the benchmark index closed at 1,588.45 points after trading between 1,568.67 and 1,583.43. KLCI constituents Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega were among blue-chips that powered the benchmark index today. Supermax rose 55 sen or 13.38% to close at RM4.66, Hartalega added 44 sen or 4.68% at RM9.85, while Top Glove climbed 34 sen or 7.16% to RM5.09. They were among Bursa’s top gainers by value today. Supermax, Hartalega and Top Glove are also members of Bursa's Health Care index, which rose the most in percentage terms among bourse gauges. The Health Care index settled up 80.12 points or 2.61% at 3,150.30. Notable gainers also included Nestle (M) Bhd, Press Metal Aluminium Holdings Bhd...

Market Daily Report: KLCI ends 0.17% higher amid rotational play, in line with Wall Street gains

  KUALA LUMPUR (March 2): The FBM KLCI closed higher by 0.17% or 2.73 points as investors engaged in stock-picking amid sector rotational play, while the positive sentiment generated from Wall Street’s overnight surge has also spilt over to the local market. At 5pm, the benchmark index closed at 1,569.87 points. Today, the index had only been trading in the positive territory throughout the trading session, ranging between 1,568.67 and 1,583.43. Among the 30 FBM KLCI constituents, 18 stocks were higher, nine were lower while three traded flat. Gains were led by IHH Healthcare Bhd, which jumped 21 sen or 3.97% to RM5.50, followed by Dialog Group Bhd and MISC Bhd. Index-linked banking stocks also contributed to the KLCI's positive performance today, with Hong Leong Financial Group Bhd (HLFG), CIMB Group Holdings Bhd, Public Bank Bhd, RHB Bank Bhd and Malayan Banking Bhd all closing in positive territory. In contrast, glove heavyweights Supermax Corp Bhd and Top Glove Co...

Market Daily Report: Glove giants yank down FBM KLCI

  KUALA LUMPUR (March 1): The FBM KLCI finished the first day of March lower, with declines in rubber glove counters pushing the benchmark index downwards. At market close, the index was down 0.67% or 10.61 points at 1,567.14.   Declines in the index's glove constituents contributed to the fall.  Supermax Corp Bhd was down 9.92% or 48 sen at RM4.36, valuing it at RM11.41 billion. Top Glove Corp Bhd was in second place, falling 6.49% or 34 sen to RM4.90, translating into a market value of RM39.2 billion. Hartalega Holdings Bhd finished 6.2% or 62 sen lower at RM9.38, valuing it at RM32.15 billion. TA Securities Research said in a note today that further downside volatility can be expected this week. “However, while further correction on Wall Street last week on persistent inflationary and high valuation worries may spill over to the region, domestic economic recovery plays should cushion downside, with the banking, plantation, technology, utility, and oil and ...