Market Daily Report: KLCI falls in line with regional markets following weak China data

 

KUALA LUMPUR (April 30): The FBM KLCI closed 0.43% lower today in line with declines seen across regional markets amid the announcement of weak manufacturing data from China, as well as concerns over the country’s clampdown on technology companies.

The benchmark index opened higher before subsequently descending into negative territory within the first hour of trading, settling 6.8 points or 0.43% lower to close at 1,601.65.

Week-on-week, the index fell 0.42% from its closing of 1,608.43 last Friday.

Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd and Hartalega Holdings Bhd were among the index-linked decliners, dropping 3.5%, 2.5% and 1.2% respectively.

Meanwhile, the gainers were led by Petronas Dagangan Bhd, which rose 38 sen or 1.9% to RM20.16.

Lotte Chemical Titan Holding Bhd was also among top gainers as its share price jumped 9.5% to a two-year high of RM3.23, as analysts upgraded their forecasts for the group amid rising optimism on strong earnings growth in the coming two quarters.

Across Bursa Malaysia, a total of 6.75 billion shares worth RM4.61 billion were traded. Market breadth was negative as 582 decliners outnumbered 508 gainers, while 453 counters were unchanged.

Regionally, markets were down. Japan’s Nikkei 225 fell 0.83%, South Korea’s Kospi fell 0.83% while China’s Shanghai Composite Index contracted 0.81%.

Reuters said the weaker-than-expected Chinese factory indicators and concerns about Beijing's clampdown on internet companies led equity markets in emerging Asia to close lower.

Data from the national Bureau of Statistics in China showed the official manufacturing purchasing managers' index fell to 51.1 in April from 51.9 in March, it said.

 

Source: The Edge

Market Daily Report: FBM KLCI posts 0.11% gain today in line with regional markets

 

 

KUALA LUMPUR (April 28): The FBM KLCI finished 0.11% or 1.82 points higher today at 1,608.5, in line with the gains seen among other regional markets.

The index’s leaders today were Kuala Lumpur Kepong Bhd (KLK), Petronas Chemicals Group Bhd (PetChem) and Genting Bhd.

Specifically, KLK closed 4.59% or RM1 higher today at RM22.8 per share. Meanwhile, PetChem was 3.31% or 26 sen higher at RM8.11. Genting was 3.27% or 16 sen higher at RM5.05 per share.

Conversely, index-linked rubber glove counters were the top laggards today, continuing the declines seen yesterday. Supermax Corp Bhd was down 3.77% or 23 sen at RM5.87, while Hartalega Holdings Bhd was 2.8% or 30 sen lower at RM10.40. Meanwhile, Top Glove Corp Bhd was down 1.9% or 11 sen at RM5.67 apiece.

Across Bursa Malaysia, 6.49 billion shares worth RM3.78 billion were traded today. The number of gainers on the local bourse stood at 457, in contrast to 586 decliners and 438 counters that were unchanged.

The top actives included Focus Dynamics Group Bhd, which saw 520.04 million shares traded, followed by Vortex Consolidated Bhd and Minda Global Bhd. The top value gainers were KLK, Transocean Holdings Bhd and Fraser & Neave Holdings Bhd.

Conversely, the top value losers were Nestle (Malaysia) Bhd, Malaysian Pacific Industries Bhd and Rapid Synergy Bhd.

In terms of indices, the FBM Fledgling, FBM Palm Oil Plantation – NC, and FBM Asian Oil (RM) were the best-performing indices today.

Rakuten Trade Research head of sales Vincent Lau noted that many investors are sitting on the sidelines today ahead of the US Federal Reserve’s upcoming policy meeting.

Asian shares broadly posted gains today. Japan's Nikkei 225 finished 0.21% or 62.08 points higher at 29,053.97. Hong Kong's Hang Seng closed 0.45% or 129.8 points higher at 29,071.34, while the Shanghai Composite was 0.42% or 14.46 points higher at 3,457.07 points. South Korea's Kospi closed 1.06% or 33.95 points lower at 3,181.47.

“When the Fed's policy meeting concludes on Wednesday, Chair Jerome Powell is expected to reaffirm commitment to keeping monetary policy accommodative over a prolonged time, though signs of rising inflation expectations have raised some speculation,” Reuters reported.

Bursa Malaysia will be closed tomorrow for the Nuzul Al-Quran public holiday.

 

Source: The Edge

Market Daily Report: KLCI breaks two-day gaining streak in cautious trade

 

KUALA LUMPUR (April 27): The FBM KLCI broke a two-day gaining streak to close lower in cautious trading today in line with the trend in most regional markets.

The benchmark index closed 16.79 points or 1.03% lower at 1,606.68.

Areca Capital Sdn Bhd CEO Danny Wong said the generally bearish sentiment was also seen in other regional markets, as cautious investors awaited the outcome of the upcoming US Federal Reserve meeting.

Wong said the KLCI's decline was also caused by profit-taking in several stocks.

They included glove counters Hartalega Holdings Bhd (down 4.29% or 48 sen at RM10.70) and Supermax Corp Bhd (2.87% or 18 sen lower at RM6.10), as well as Digi.Com Bhd (down 3.22% or 14 sen at RM4.12).

Gainers among KLCI constituents included Axiata Group Bhd (up 1.04% or four sen at RM3.87) and Kuala Lumpur Kepong Bhd (up 0.09% or two sen at RM21.80).

On the broader market, some 7.17 billion shares worth RM5 billion were traded. Losers outnumbered gainers 686 to 415 while 437 other counters closed unchanged.

The top actively traded stock was Focus Dynamics Group Bhd with 786.73 million shares traded, followed by Kanger International Bhd and Careplus Group Bhd. Top gainers were Teo Guan Lee Corp Bhd, Pecca Group Bhd and Malpac Holdings Bhd, while the top losers were Nestle (Malaysia) Bhd, Hartalega and Petronas Dagangan Bhd.

Asian stocks lacked direction today as a surge in virus cases in the region and the Federal Reserve’s meeting this week kept investors on the edge, Reuters reported.

Japan's Nikkei 225 index was down 0.46% or 134.34 points at 28,991.89, while Hong Kong's Hang Seng index fell 0.04% or 11.29 points to 28,941.54. The Shanghai Composite was, however, up 0.04% or 1.43 points at 3,442.61, and Singapore's Straits Time Index was up 0.24% or 7.64 points at 3,212.54.

 

Source: The Edge

Market Daily Report: FBM KLCI climbs 15 points, partly lifted by renewed interest in glove stocks

 

Kossan Rubber Industries Bhd, which is not a KLCI component stock, climbed the most today among the big four glove makers. The stock shot up 8.28% or 36 sen to RM4.71 with 37.63 million shares traded. 

Another glove counter that hogged the limelight is Careplus Group Bhd, which was the local bourse’s top value gainer today. Careplus finished 22.67% or 51 sen higher at RM2.76 with 170.37 million shares traded. 

Digi.Com Bhd also helped to lift the benchmark index today. The telco gained 3.82% or 16 sen to RM4.35 with 2.9 million shares changing hands.  

The Health Care Index, which includes rubber glove counters, outperformed the FBM KLCI today, rising by 3.1% or 101.56 points to 3,382.38.

Across the board, trading volume expanded to 8.3 billion shares worth RM5.59 billion today compared with 6.55 billion shares worth RM4.98 billion last Friday (April 23). 

Market breadth was positive today, with 577 counters showing gains versus the 410 that have gone unchanged and the 560 that displayed declines today.

The top-performing indices today were the Health Care, FBM ACE and FBM Hijrah indices. The ACE Market Index went up by 2.47% or 214.87 points to 8,900.92, whereas the Hijrah Index, which is made up of Shariah-compliant stocks, was up 1.4% or 195.55 points at 14,168.87.

Malacca Securities Sdn Bhd head of research Loui Low commented that the renewed interest in the glove stocks was in tandem with the continued surge in Covid-19 infection numbers in some countries, for instance, India and Brazil.

However, Low said the current rally on glove counters might not be sustainable as more vaccine shots are administered globally. 

“But if you look at the countries that are being vaccinated, they are quite alright; the rise in cases is still quite manageable. Hence, we believe that the recent rally might hit some road bumps ahead,” he added. 

“The risk appetite for the recovery plays may dampen for the time being. But once the cases are subsiding, then people will move back into recovery plays. It depends on when and how these Covid-19 cases are resolved,” he noted.

Top actively traded stocks were Minda Global Bhd with 251.16 million shares traded, Focus Dynamics Group Bhd and AT Systematization Bhd.

The top value gainers today were Nestle (Malaysia) Bhd, Transocean Holdings Bhd and Careplus Group Bhd. Leading the top losers today were ViTrox Corp Bhd, Petronas Gas Bhd and KESM Industries Bhd.

Elsewhere in the region, Hong Kong’s Hang Seng fell 0.43% or 125.92 points to 28,952.83, the Shanghai Composite closed 0.95% or 33 points lower at 3,441.17. Over in Tokyo, the Nikkei 225 was 0.36% or 105.6 points higher at 29,126.23, while in South Korea, the Kospi added 0.99% or 31.43 points at 3,217.53.

 

Source: The Edge

Market Daily Report: Gains on glove stocks fail to lift KLCI; ACE Market Index up 1.2%

 

KUALA LUMPUR (April 23): The gains on glove makers failed to lift the FBM KLCI much, as market interest is mainly in the low liners and ACE Market-listed counters. 

The benchmark index eked out a barely 0.7-point gain today to end the week at 1,608.43. However, The FBM ACE Index was up 1.21% or 103.64 points at 8,686.05. 

The FBM KLCI was almost flat on a week-on-week basis, rising by 0.05 points from the 1,608.38 seen last Friday (April 16).

Rubber glove counters Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd resumed their upward momentum of late against the backdrop of the resurgence in Covid-19 cases in many parts of the world. 

Hartalega went up by 2.28% or 24 sen at RM10.78, while Supermax gained 3.12% or 18 sen to RM5.95. Top Glove, which has decided to downsize its initial public offer in Hong Kong, closed 1.96% or 11 sen higher at RM5.73.

Conversely, the laggards on the index were CIMB Group Holdings Bhd, RHB Bank Bhd and Hap Seng Consolidated Bhd.

Trading volume stood at 6.55 billion shares worth RM4.98 billion. Top actives were Focus Dynamics Group Bhd, UCrest Bhd and Mah Sing Group Bhd, which will start producing rubber gloves next month. 

Today’s top value gainers were Transocean Holdings Bhd, which soared 77 sen or nearly 30% to RM3.34, Freight Management Holdings Bhd and Adventa Bhd. Transocean’s share price has quadrupled over the past two weeks. 

Top value losers were Nestle (Malaysia) Bhd, Dutch Lady Milk Industries Bhd and Hong Leong Financial Group Bhd.

Most indices on Bursa Malaysia were up today, with the FBM Fledgling, FBM MidS Cap Shariah and FBM Small Cap indices posting the highest gains.

Rakuten Trade Research head of equity sales Vincent Lau noted that rebounds in US equity futures also helped boost sentiment, while noting that there was bargain hunting as well.  

Key regional bourses were a mixed bag today. Hong Kong’s Hang Seng Index climbed 1.12% or 323.41 points to 29,078.75. The Shanghai Composite closed 0.26% or 9.05 points higher at 3,474.17. Gains were also seen in South Korea, with the Kospi rising 0.27% or 8.58 points to 3,186.1.

Tokyo’s Nikkei 225, however, closed 0.57% or 167.54 points lower at 29,020.63. 

Across the causeway, Singapore announced a cabinet reshuffle, appointing Lawrence Wong as the Finance Minister today. The Straits Times Index was down 0.07% or 2.19 points at 3,189.97.

Reuters reported that Asian equities and currencies were subdued today, as surging Covid-19 infections in India, Thailand and South Korea sapped appetite for investments in these markets.

“The overnight lead from Wall Street was also negative, as major indexes fell on reports that US President Joe Biden planned to raise taxes on the wealthy to fund major investments,” it reported.

 

Source: The Edge

Market Daily Report: KLCI edges up in line with regional markets, amid continued buying support for glove makers

 

KUALA LUMPUR (April 16): The FBM KLCI closed up marginally today, mirroring the uptrend in regional bourses, lifted mainly by persistent buying support for glove makers.

At 5pm, the benchmark index edged up 0.01% or 13 points higher at 1,608.38 points, after moving between 1,600.30 points and 1,609.76 points.

The market breadth was mixed with 516 gainers versus 501 losers, while 484 counters remained unchanged.

Across Bursa Malaysia, trading volume stood at 6.57 billion securities worth RM4.42 billion.

Index-linked glove maker Supermax Corp Bhd closed up 21 sen or 4.12% to RM5.31, its highest since Feb 23 when it recorded a closing price of RM5.45.

Similarly, Top Glove Corp Bhd and Hartalega Holdings Bhd also rose to nearly two-month highs. Top Glove shares  added 13 sen or 2.39% to close at RM5.57, while Hartalega shares gained 12 sen or 1.2% to close at RM10.12.

The three counters are also members of Bursa's Healthcare index, which rose 24.18 points or 0.77% at 3,171.12 points.

TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that investors have shifted back their focus into rubber glove players lately, due to the huge spike in Covid-19 daily cases globally, which in turn has provided support to the rebounds in KLCI today.

“Broader market was slightly negative due to the local investors fear that the pandemic may further escalate,” he added.

Given concerns over rising cases, Soo expects the local bourse to trade sideways in the coming week.

He noted that the KLCI's resistance levels are at between 1,635 and 1,642 points, while its support levels are at 1,575 points.

Notable gainers by value included Heineken (M) Bhd, Rapid Synergy Bhd, Dataprep Holdings Bhd, Transocean Holdings Bhd, Aeon Credit Service (M) Bhd, Malaysian Pacific Industries Bhd (MPI) and Careplus Group Bhd.

Top losers by value included Fraser and Neave Holdings Bhd, Kuala Lumpur Kepong Bhd (KLK), Malayan Cement Bhd, Carlsberg Brewery (M) Bhd, Hong Leong Financial Group Bhd, Padini Holdings Bhd, Dutch Lady Milk Industries Bhd and KESM Industries Bhd.

Meanwhile, UCrest Bhd topped the list of active stocks with 379.88 million shares traded. It closed up 5.5 sen or 18.64% at 35 sen.

Other actives included Focus Dynamics Group Bhd, Minda Global Bhd, LKL International Bhd, Key Asic Bhd, Rubberex Corp Bhd, Careplus Group Bhd and Berjaya Corp Bhd.

Bloomberg reported global stocks hit record highs on Friday and US futures were steady, as a string of positive economic figures from America and China highlighted the strength of the recovery.

“In Asia, Chinese shares outperformed after data showed the nation’s economy soared in the first quarter,” it added.

In China, Shanghai Stock Exchange Composite Index rose 0.81%, Hong Kong’s Hang Seng Index added 0.61%.

Elsewhere in Asia, Japan’s Nikkei 225 closed up 0.14%, South Korea’s Kospi advanced 0.13%, while Singapore's STI rose 0.53%.

Reuters reported China’s economic recovery quickened sharply in the first quarter to a record growth of 18.3% from last year’s deep coronavirus slump, propelled by stronger demand at home and abroad and continued government support for smaller firms.

 

Source: The Edge

Market Daily Report: Late selling of blue chips pulls down KLCI to end at day’s low

 

KUALA LUMPUR (April 21): The resurgence of Covid-19 cases dampened investment globally, including Bursa Malaysia, amid mounting concerns that any fresh wave of infections will derail the economic recovery.

Late heavy selling pulled the KLCI down by 10.99 points, or 0.68%, to close at its intraday low of 1,596.58.

Twenty-three out of the 30 KLCI-linked counters were in the red, while five went up and two were unchanged.

Notable losers among the heavyweights counters were Kuala Lumpur Kepong Bhd (KLK) and Petronas Dagangan Bhd (PetDag).

Meanwhile, glove makers bucked the market downtrend as index-linked Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd were the biggest winners today, along with Press Metal Aluminium Holdings Bhd and MISC Bhd among the component stocks.

Across the board, there were 552 losers versus 508 gainers, while 443 counters were unchanged. Trading volume stood at 8.68 billion securities worth RM4.3 billion.

MIDF head of research Imran Yassin Md Yusof said mounting concerns over a new wave of Covid-19 infections spooked global equities.

He said the local market took its cue from regional markets and the overnight fall on Wall Street, together with concerns over a fourth wave of Covid-19 infections in the country, which cast a pall over the KLCI’s performance today.

Top losers by value included Fraser and Neave Holdings Bhd (F&N), Rapid Synergy Bhd, Malaysian Pacific Industries Bhd (MPI), Globetronics Technology Bhd and Pentamaster Corp Bhd.

Notable gainers included TransOcean Holdings Bhd, Dataprep Holdings Bhd, MSM Malaysia Holdings Bhd, Pineapple Resources Bhd, Ann Joo Resources Bhd and Excel Force MSC Bhd.

Notable active counters included Key Asic Bhd, UCrest Bhd, SC Estate Builder Bhd, Focus Dynamics Group Bhd, Censof Holdings Bhd, Minda Global Bhd, Dolphin International Bhd, Eduspec Holdings Bhd, Excel Force MSC and MNC Wireless Bhd.

Elsewhere in Asia, Japan’s Nikkei 225 slid 2.03%, while Singapore's Straits Times Index fell 1.16%. Hong Kong’s Hang Seng Index fell 1.76%, while South Korea’s KOSPI dropped 1.52%.

 

Source: The Edge

Market Daily Report: KLCI closes at intraday high of 1,607.57, bucks regional trend

 

KUALA LUMPUR (April 20): The FBM KLCI closed up at the day's high of 1,607.57 despite market sentiments remaining jittery against the backdrop of mixed regional markets after Wall Street retreated overnight.

The benchmark index dropped to its intraday low of 1,591.83 an hour after it opened 0.14 points higher this morning.

However, the index managed to reverse its earlier losses and finish the day 7.28 points or 0.45% higher than yesterday’s close of 1,600.29.

Among the 30 component stocks, Axiata Group Bhd led the pack with a 21 sen or 5.54% advance to close at RM4. Meanwhile, both Genting Bhd and Genting Malaysia Bhd (GenM) closed higher today and erased yesterday’s losses altogether. Genting added 17 sen or 3.57% to RM4.93, while GenM closed up nine sen or 3.17% at RM2.93.

Despite the gains in the local bourse, Rakuten Trade head of equity sales Vincent Lau opined that the brisk trading was mainly contributed by the penny stocks — which are often prone to speculation.

“Overall the broader market sentiments remained fragile, which [is] largely in line with the volatile regional markets,” he noted.

The broader market was mixed with losers leading gainers at 575 to 506, while 413 counters were unchanged. Across Bursa Malaysia, trading volume stood at 8.16 billion securities worth RM4.11 billion.

UCrest Bhd topped the active list on the local bourse, with 989.09 million shares traded, occupying 12% of Bursa's total trading volume. The stock closed up 16 sen or 36.78% at 59.5 sen.

It was followed by Key Asic Bhd, Focus Dynamics Group Bhd, Censof Holdings Bhd, Sedania Innovator Bhd, MNC Wireless Bhd, Macpie Bhd, ARB Bhd, Minda Global Bhd and Bina Puri Holdings Bhd.  

Among notable stocks, Bursa's top gainers included KLCI constituents Nestle (M) Bhd, Axiata, Genting and Hong Leong Financial Group Bhd.

Among the losers were Malaysian Pacific Industries Bhd, Heineken (M) Bhd,  Greatech Technology Bhd, Hartalega Holdings Bhd, Sedania, D&O Green Technologies Bhd and Press Metal Aluminium Holdings Bhd.

Reuters reported that shares in Asia-Pacific were mixed in Tuesday trade as China kept its benchmark lending rate unchanged, with Japanese stocks leading losses among the region’s major markets.

“Major US averages fell on Monday, dragged down by overall weakness in the technology sector. The Dow Jones Industrial Average lost more than 120 points, dragged down by more than a 1.5% drop in Intel’s stock," it added.

 

Source: The Edge

Market Daily Report: Concern on fresh wave of Covid-19 infection casts pall on Bursa

 

KUALA LUMPUR (April 19): The FBM KLCI bucked the regional uptrend to close 0.5% lower, as the daily number of new Covid-19 cases stays above 2,000 for the fifth consecutive day since last Thursday. 

At the closing bell, the benchmark index fell 8.09 points to 1,600.29. It was hovering between 1,596.05 and 1,608.62 — compared to last Friday’s close of 1,608.38.

The selling across the board was reflected in the market breadth, which was negative with 740 losers versus 396 gainers, while 380 counters remained unchanged. Across Bursa Malaysia, trading volume stood at 7.47 billion securities worth RM4.14 billion.

Twenty-five of the 29 indices closed lower on Bursa today, except for the Transportation and Logistics, Technology, FTSE Asean 40 and FBM Fledgling indices.

The worst hit was the Construction Index, down 1.94% to 184.3 points, followed by the Property Index, which fell 1.54% to 749.11, and the Energy Index, which lost 1.44% at 909.36.

Among notable stocks, Bursa's top decliners included KLCI constituents Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, Nestle (M) Bhd and MISC Bhd.

Among the 30 KLCI component stocks, Genting Malaysia Bhd led the pack. The casino operator shed 2.74% or eight sen to close at RM2.84, while its parent company Genting Bhd fell 2.46% or 12 sen to RM4.76.

Areca Capital Sdn Bhd chief executive officer Danny Wong told The Edge that the market was not stable as investor sentiments weighed by the prevailing negative sentiment over the Covid-19 pandemic cases rebounded.

“The KLCI will hover at 1,600 level in the short term, very much depending on the development of the Covid-19 cases and the progress of the country’s vaccination programme,” he added.

Nonetheless, he said the upcoming corporate quarterly result season in two weeks should be encouraging given the low base effect.

“Sectors such as manufacturing, technology are expected to continue to perform well in the upcoming quarterly result season,” he noted.

Top gainers by value included British American Tobacco (Malaysia) Bhd, Dataprep Holdings Bhd, BLD Plantations Bhd, Lotte Chemical Titan Holding Bhd, KESM Industries Bhd, Greatech Technology Bhd, Innoprise Plantations Bhd and Fraser & Neave Holdings Bhd.

Among the actively traded counters are Minda Global Bhd, Focus Dynamics Group Bhd, UCrest Bhd, Sedania Innovator Bhd, Key Asic Bhd, Sasbadi Holdings Bhd, Bina Puri Holdings Bhd and Mestron Holdings Bhd.

Elsewhere in Asia, Japan’s Nikkei 225 inched up 0.01%, while Singapore's Straits Time Index went up 0.19%.

Hong Kong’s Hang Seng Index rose 0.47% while the Shanghai Stock Exchange Composite Index jumped 1.49%.

Reuters reported that Asian shares hit a one-month high on Monday helped by expectations monetary policy will remain accommodative globally, while Covid-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections.

 

Source: The Edge

Market Daily Report: KLCI edges up in line with regional markets, amid continued buying support for glove makers

 

KUALA LUMPUR (April 16): The FBM KLCI closed up marginally today, mirroring the uptrend in regional bourses, lifted mainly by persistent buying support for glove makers.

At 5pm, the benchmark index edged up 0.01% or 13 points higher at 1,608.38 points, after moving between 1,600.30 points and 1,609.76 points.

The market breadth was mixed with 516 gainers versus 501 losers, while 484 counters remained unchanged.

Across Bursa Malaysia, trading volume stood at 6.57 billion securities worth RM4.42 billion.

Index-linked glove maker Supermax Corp Bhd closed up 21 sen or 4.12% to RM5.31, its highest since Feb 23 when it recorded a closing price of RM5.45.

Similarly, Top Glove Corp Bhd and Hartalega Holdings Bhd also rose to nearly two-month highs. Top Glove shares  added 13 sen or 2.39% to close at RM5.57, while Hartalega shares gained 12 sen or 1.2% to close at RM10.12.

The three counters are also members of Bursa's Healthcare index, which rose 24.18 points or 0.77% at 3,171.12 points.

TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com that investors have shifted back their focus into rubber glove players lately, due to the huge spike in Covid-19 daily cases globally, which in turn has provided support to the rebounds in KLCI today.

“Broader market was slightly negative due to the local investors fear that the pandemic may further escalate,” he added.

Given concerns over rising cases, Soo expects the local bourse to trade sideways in the coming week.

He noted that the KLCI's resistance levels are at between 1,635 and 1,642 points, while its support levels are at 1,575 points.

Notable gainers by value included Heineken (M) Bhd, Rapid Synergy Bhd, Dataprep Holdings Bhd, Transocean Holdings Bhd, Aeon Credit Service (M) Bhd, Malaysian Pacific Industries Bhd (MPI) and Careplus Group Bhd.

Top losers by value included Fraser and Neave Holdings Bhd, Kuala Lumpur Kepong Bhd (KLK), Malayan Cement Bhd, Carlsberg Brewery (M) Bhd, Hong Leong Financial Group Bhd, Padini Holdings Bhd, Dutch Lady Milk Industries Bhd and KESM Industries Bhd.

Meanwhile, UCrest Bhd topped the list of active stocks with 379.88 million shares traded. It closed up 5.5 sen or 18.64% at 35 sen.

Other actives included Focus Dynamics Group Bhd, Minda Global Bhd, LKL International Bhd, Key Asic Bhd, Rubberex Corp Bhd, Careplus Group Bhd and Berjaya Corp Bhd.

Bloomberg reported global stocks hit record highs on Friday and US futures were steady, as a string of positive economic figures from America and China highlighted the strength of the recovery.

“In Asia, Chinese shares outperformed after data showed the nation’s economy soared in the first quarter,” it added.

In China, Shanghai Stock Exchange Composite Index rose 0.81%, Hong Kong’s Hang Seng Index added 0.61%.

Elsewhere in Asia, Japan’s Nikkei 225 closed up 0.14%, South Korea’s Kospi advanced 0.13%, while Singapore's STI rose 0.53%.

Reuters reported China’s economic recovery quickened sharply in the first quarter to a record growth of 18.3% from last year’s deep coronavirus slump, propelled by stronger demand at home and abroad and continued government support for smaller firms.

 

 

Source: The Edge

Market Daily Report: FBM KLCI up, but trails Healthcare Index gains

KUALA LUMPUR (April 15): The FBM KLCI finished up 0.62% today despite pervasive negative sentiment, while the Healthcare Index continued to rise, as growing cases of Covid-19 globally fuelled buying of stocks in glove manufacturers.

At 5pm, the benchmark index closed at its day’s high of 1,608.25 points, up by 9.97 points from yesterday's closing of 1,598.78 points.

The market breadth, however, was negative with losers 801 losers versus 323 gainers, while 427 counters remained unchanged.  Across Bursa Malaysia, trading volume stood at 6.49 billion securities, compared with 5.91 billion shares traded yesterday. Meanwhile, trading value increased by 58% to RM4.71 billion versus RM2.99 billion.

KLCI constituents Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd were among Bursa’s top gainers by value today.

The three counters are also members of Bursa's Healthcare index, which rose the most in percentage terms among bourse gauges, settling up 101.77 points or 3.34% at 3,146.94.

Notable gainers also included Nestle (M) Bhd,  Press Metal Aluminium Holdings Bhd and Petronas Dagangan Bhd.

Rakuten Trade head of equity sales Vincent Lau told theedgemarkets.com that the KLCI bucked the regional downtrend, as glove counters powered to the positive performance of the KLCI. 

“Given the rising Covid-19 cases across the globe, this has prompted the investors to flock into rubber glove makers,” he explained.

Meanwhile, Malaysian Pacific Industries Bhd (MPI) was the day’s top loser by value on the local bourse, followed by Heineken (M) Bhd, TIME dotCom Bhd, Carlsberg Brewery (M) Bhd, Hong Leong Financial Group Bhd, KESM Industries Bhd, Dutch Lady Milk Industries Bhd, Genting Bhd and Kuala Lumpur Kepong Bhd.

Of the actives, LKL International Bhd topped the list with 299.01 million shares traded. It closed down 1.5 sen or 4.23% at 34 sen.

Other active lists included Minda Global Bhd, Focus Dynamics Group Bhd, G3 Global Bhd, At Systematization Bhd, Mestron Holdings Bhd, HLT Global Bhd, Careplus Group Bhd, Luster Industries Bhd and Rubberex Corp (M) Bhd.

Reuters reported Asian shares slipped on Thursday, dragged down by Chinese stocks as recent upbeat economic data raised fears of monetary policy tightening, while the dollar index struggled near one-month lows.

In China, Hong Kong’s Hang Seng Index fell 0.37% while the Shanghai Stock Exchange Composite Index dropped 0.52%.

Japan's Nikkei pared early gains to finish 0.07% higher, while New Zealand's benchmark index fell 0.9%.

 

Source: The Edge

Market Daily Report: KLCI ends marginally higher on last-minute buying

 

KUALA LUMPUR (April 14): The FBM KLCI reversed earlier losses to close marginally higher today on late buying support in selected index-linked counters.  

The benchmark index however ended below the 1,600 mark at 1,598.28, for a 0.57-point or 0.04% gain, after moving berween 1,592.87 and 1,601.37.

Heavyweight counters that helped pushed the KLCI higher included Supermax Corp Bhd, Hap Seng Consolidated Bhd, Dialog Group Bhd, Top Glove Corp Bhd and IOI Corp Bhd.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong attributed the last-minute buying to bargain hunting.

He said Bursa Malaysia's Energy and Healthcare indices saw bigger rises, with the Energy Index up 1.34% to 925.87 and the Healthcare Index up 1.26% to 3,045.17.

Energy stocks rose as oil prices continued to trend higher, Leong told theedgemarkets. Brent crude futures rose 85 cents, or 1.3%, to US$64.52 a barrel by 0619 GMT, after gaining 39 cents on Tuesday, after industry data showed US inventories declined more than expected and OPEC raised its outlook for oil demand.

“For the Healthcare Index, it was lifted by rubber glove makers on rising trends for Covid-19 cases globally," Leong said. "Also, it was reported that the US has called for a pause on Covid-19 vaccine  produced by Johnson and Johnson after blood clotting cases were found. This may likely to slow down the vaccination rollout in the US.”

Market breadth was mixed with losers leading gainers by 500 to 510, while 478 counters closed unchanged. Trading volume was 5.91 billion shares valued at RM2.99 billion, compared with yesterday’s 6.35 billion shares worth RM3.05 billion.

Notable gainers included BLD Plantations Bhd, Dataprep Holdings Bhd, HengYuan Refining Co Bhd, Fraser and Neave Holdings Bhd, Dufu Technology Corp Bhd, Vitrox Corp Bhd, Alcom Group Bhd and Hap Seng Consolidated Bhd.

Top losers included Malaysian Pacific Industries Bhd (MPI), Nestle (M) Bhd, Hong Leong Bank Bhd, Aeon Credit Service (M) Bhd and Hong Leong Financial Group Bhd.

Minda Global Bhd topped the active list for the second day, with 413.81 million shares traded. However, it faced heavy selldown on profit taking after yesterday’s strong gains, closing 2.5 sen or 14.29% lower at 15 sen.

Other active stocks included Lambo Group Bhd, Widad Group Bhd, Ucrest Bhd, LKL International Bhd, Dagang NeXchange Bhd and Focus Dynamics Group Bhd.

Elsewhere in Asia, Japan's Nikkei 225 slid 0.44%, while Seoul's Kospi rose 0.42%, Hong Kong’s Hang Seng gained 1.42% and Shanghai's Composite Index closed up 0.6%.

Reuters reported that most Asia-Pacific share indexes followed Wall Street higher, with Hang Seng leading gains in the region, while benchmark US Treasury yields continued their decline, marking a fresh three-week low.

 

Source: The Edge

Market Daily Report: FBM KLCI slips below 1,600 level amid stubbornly high daily new Covid-19 cases

 

KUALA LUMPUR (April 13): The FBM KLCI today fell 10.71 points or 0.67% today, no thanks to the stubbornly high daily new Covid-19 cases in the country. 

The benchmark index closed at 1,597.71 points after it had been at above 1,600 level for four trading days. 

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told The Edge today that the weak sentiment was across the board, given that more than about two-thirds of the stocks listed on Bursa Malaysia closed lower today.

“We have been seeing cases still staying above 1,000 new cases over the past two weeks [since it fell to three-digit cases],” said Leong, adding that there are concerns that the government’s decision to extend the CMCO (conditional movement control order) and RMCO (recovery movement control order) could derail a smoother economic recovery.

On the scoreboard, there were 740 losers versus 328 gainers, while 452 counters remained unchanged. Trading volume stood at 6.35 billion shares worth RM3.05 billion.

Despite the fresh waves of infection in some countries, for instance, India, Germany and Japan, the glove makers were among the losers. Top Glove Corp Bhd dropped 3.24% or 17 sen to close at RM5.08. It was followed by Supermax Corp Bhd, down 2.6% or 12 sen at RM4.46, and Hartalega Holdings Bhd, which slipped 2.47% or 24 sen to RM9.46.

Minda Global Bhd hogged the limelight today on news that Top Glove’s controlling shareholder Tan Sri Dr Lim Wee Chai bought a minor stake in the company via share placement. 

The education group’s share price shot up to 17.5 sen from six sen at the start of last month. It rose 5.5 sen to close at 17.5 sen — the highest since March 2018.

The hardly traded counter saw 735.6 million shares changing hands, which is equivalent to roughly half of its issued share capital of 1.32 billion shares. 

Elsewhere in Asia, Japan’s Nikkei 225 increased 0.72%, while Hong Kong’s Hang Seng was up 0.15%, and South Korea's Kospi grew 1.07%.

Reuters reported that Asian stock markets were broadly positive today after China’s exports grew at a strong pace during March and imports rebounded giving investors heart that domestic demand is improving as part of the recovery from the pandemic.

Imports grew at the fastest pace in four years which analysts said indicated a post-pandemic recovery in Chinese domestic demand, the newswire wrote.

“The trade data helped turn around a weaker tone that was evident earlier in Asia following declines on Wall Street overnight,” said Reuters.

 

 

Source: The Edge

Market Daily Report: FBM KLCI snaps three-day streak of gains, down 3.83 points on profit taking in telecom stocks

 

KUALA LUMPUR (April 12): The FBM KLCI today closed 3.83 points or 0.24% lower, snapping three consecutive days of gains, due to profit taking in telecommunications stocks, namely Axiata Group Bhd and Digi.Com Bhd.

At 5pm, the local benchmark index closed at 1,608.42 points. Today, the FBM KLCI traded between 1,603.32 and 1,613.96 points.

Rakuten Trade Sdn Bhd head of research Kenny Yee told theedgemarkets.com that apart from the profit taking in telecom stocks, the lower performance of the FBM KLCI Index was in line with the weak regional market, which in turn is mirroring the poorer performance of US futures.

“The market’s undertone is still weak and most of the buying is very short term,” said Yee, adding that there is a lack of interest from foreign funds.

Today, Bursa Malaysia saw 5.83 billion shares worth RM3.35 billion traded. There were 411 gainers and 667 losers, while 412 counters remained unchanged.

Among the blue chips, telcos were the biggest losers, led by Axiata, which closed 4.38% or 18 sen lower at RM3.93, and Digi.Com, which closed down 3.36% or 15 sen at RM4.31.

This was followed by Hartalega Holdings Bhd, which fell 19 sen or 1.92% to settle at RM9.70.

Elsewhere in Asia, Japan’s Nikkei 225 was down 0.77%, Hong Kong’s Hang Seng fell 0.86%, and China’s Shanghai Comp slid 1.09%, while South Korea's Kospi grew 0.12%.

Reuters reported today that Asian shares faltered on Monday as anxious investors wait to see if US earnings can justify sky-high valuations, while a rally in bonds could be tested by what should be very strong readings for US inflation and retail sales this week.

Nasdaq futures slipped 0.3% on Monday, as did S&P 500 futures.

Over the weekend, US Federal Reserve Chair Jerome Powell said the economy was about to start growing much more quickly, though the coronavirus remained a threat, said the newswire.

Reuters added that data out this week are expected to show US inflation jumped in March, while retail sales are seen surging perhaps even with a double-digit gain. Treasury is also set to test demand with offers of US$100 billion in debt this week.

 

Source: The Edge

Market Daily Report: KLCI up for third consecutive day on gains from telco counters

KUALA LUMPUR (April 9): The FBM KLCI closed 9.85 points or 0.61% higher, making today the third consecutive day of gains, boosted by a rise in telecommunications counters following the Celcom-Digi merger news yesterday.

At 5pm, the local benchmark index closed at 1,612.25 points. Today, the index only traded in positive territory, ranging between 1,605.27 and 1,615.49 points.

TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com today the merger talks between Axiata Group Bhd’s Celcom Axiata Bhd and Digi.Com Bhd had sent the two counters soaring, which in turn sent the benchmark index up.

Yesterday, news broke that local firm Axiata and Norway's Telenor ASA will be combining their mobile operations in Malaysia.

Following the surge of rubber glove counters yesterday, Soo views the pullback today as “healthy”.

Going forward, however, Soo noted that with the recent increase in daily new Covid-19 cases, there could be a shift of focus towards healthcare stocks from the recovery play if infections continue to spike.

According to him, the KLCI needs more catalysts, such as clearer developments on the political front or the roll-out of the 5G network.

“Next week, we could see the [KLCI] trade sideways, maybe with a slight upward bias,” said Soo.

He noted that the KLCI's resistance levels are at 1,635 and 1,642 points, while its support levels are at 1,572 and 1,550 points.

Today, Bursa Malaysia saw 6.58 billion shares worth RM4.14 billion traded. There were 511 gainers and 558 losers, while 452 counters remained unchanged.

Among the blue chips, telcos were the biggest winners, led by Digi.Com that was 18.93% or 71 sen higher and closed at RM4.46. This was followed by Axiata and Maxis Bhd.

Axiata closed up 8.16% or 31 sen at RM4.11, while Maxis grew 1.91% or nine sen to RM4.80.

Elsewhere in Asia, Japan’s Nikkei 225 increased 0.2%, while Hong Kong’s Hang Seng Index was down 1.07%. China’s Shanghai Composite Index fell 0.92% and South Korea's KOSPI slid 0.36%.

Reuters reported that global stocks hit record highs today after tech shares on Wall Street cheered receding US inflation fears, with the lack of inflation pressure keeping bond yields near two-week lows.

US Federal Reserve (Fed) chair Jerome Powell reiterated late yesterday that inflation was not a worry, following data showing an unexpected rise in the number of Americans filing new claims for unemployment benefits, the newswire added.

 

 

Source: The Edge

Market Daily Report: KLCI closes higher on gains in glove counters, better corporate earnings hopes

 

KUALA LUMPUR (April 8): The FBM KLCI closed higher on gains in rubber glove counters and amid expectations of improved corporate earnings.

The benchmark index finished 0.11% or 1.81 points hgher at 1,602.40.

Areca Capital chief executive officer (CEO) Danny Wong said many investors are looking forward to a recovery in corporate earnings.

“There are expectations for the second quarter through the fourth quarter of the year that there will be a year-on-year (y-o-y) increase in earnings,” he said.

Glove stocks including Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Comfort Gloves Bhd and Kossan Rubber Industries Bhd were among the day's top gainers.

The day's top active stocks included LKL International Bhd, Luster Industries Bhd and AT Systematization Bhd.

Top losers included consumer and financial services stocks Nestle (Malaysia) Bhd and Fraser & Neave Holdings Bhd (F&N), as well as Hong Leong Financial Group Bhd (HLFG).

Total trading volume across Bursa Malaysa was 7.6 billion shares worth RM4.9 billion.

Shares were mostly higher in Asia today, though Tokyo’s benchmark declined as reports of rising Covid-19 cases raised alarm over another setback in its recovery from the pandemic, the Associated Press reported. The Nikkei 225 fell 0.07% to 29,708.98.

Meanwhile, Hong Kong's Hang Seng Index rose 1.16% to 29,008.07, the Shanghai Composite Index gained 0.08% to 3,482.55 and South Korea's KOSPI was 0.19% higher at 3,143.26.

 

Source: The Edge

Market Daily Report: KLCI back above 1,600 on last-minute buying

 

KUALA LUMPUR (April 7): The FBM KLCI snapped its two-day losing streak on fresh buying interest today, closing at the day’s high on the back of a massive push in the final hour of trade.

The benchmark index closed up 1.37% or 21.68 points at 1,600.59 after moving within the positive range of between 1,580.9 and 1,600.59.

Remisier Jeffry Azizi Jaafar said the market saw a technical rebound with late buying bringing the KLCI back above the 1,600 level.

“The last-minute buying interest was underpinned by Malayan Banking Group Bhd on bargain hunting and Sime Darby Plantation as investors bet on rising palm oil prices due to tight supply,”  he told theedgemarkets.com

He said the market optimism was also fuelled by higher oil prices against the backdrop of the world's two largest economies, the US and China, on recovery paths.  

Jeffry noted that steel and aluminium manufacturers such as Press Metal Aluminium Holdings Bhd and Ann Joo Resources Bhd have hogged the limelight today amid rising steel prices.

Press Metal went up four sen or 0.4% at RM10.14 with 3.76 million shares traded while Ann Joo closed up 26 sen or 12.15% at RM2.40, after 12.05 million shares changed hands.

Among the KLCI constituent stocks, Sime Darby Plantation was the biggest gainer, closing up 4.68% or 21 sen at RM4.70. This was followed by DiGi.com Bhd (up 3.31% or 12 sen at RM3.75) and Axiata Group Bhd (up 2.98% or 11 sen at RM3.80).

Other gainers included Nestle (M) Bhd, Petronas Gas Bhd, Vitrox Corp Bhd, MCOM Holdings Bhd, Rapid Synergy Bhd, Fraser and Neave Holdings Bhd and Central Global Bhd.

Notable losers included Malaysian Pacific Industries Bhd (MPI), Euro Holdings Bhd, Cheetah Holdings Bhd,  MR DIY Group (M) Bhd, Heineken (M) Bhd and KESM Industries Bhd.

The top actives were Berjaya Corp Bhd, Dagang NeXchange Bhd, Macpie Bhd, Dataprep Holdings Bhd and Focus Dynamics Group Bhd.

Across Bursa Malaysia, gainers outpaced losers 589 to 442 while 463 counters were unchanged. Trading volume totalled 6.3 billion shares worth RM3.65 billion

Elsewhere in Asia, Reuters reported that shares pulled back from a three-week high today, dragged lower by Chinese stocks, though investors were still focused on upcoming company earnings for more signs of a global economic recovery.

Hong Kong’s Hang Seng fell 0.91% and Shanghai Composite Index closed down 0.1% while Japan's Nikkei 225 rose 0.12% and South Korea's Kospi added 0.33%.

 

 

Source: The Edge

Market Daily Report: KLCI extends loss, dragged by plantation and telco heavyweights

 

KUALA LUMPUR (April 6): The FBM KLCI extended its losses for the second day running, in line with the lower close in some Asian markets despite the overnight rally on Wall Street.

The benchmark index closed 5.33 points or 0.34% lower at 1,578.91, after an intraday low of 1,575.18.

Areca Capital Sdn Bhd CEO Danny Wong Teck Meng said the KLCI was weighed down by losses in selected plantation and telco counters, while the overall market sentiment remained tepid amid a lack of fresh catalysts.

Sime Darby Plantation Bhd, which closed 3.85% or 18 sen down at RM4.49, was a major contributor to the benchmark index's decline, along with fellow oil palm stocks IOI Corp Bhd and Kuala Lumpur Kepong Bhd.

Sri Lanka yesterday banned imports of palm oil and new palm plantations and told producers to uproot existing plantations in a phased manner, in a surprise move that baffled the edible oil industry, according to news reports.

The island nation imports around 200,000 tonnes of palm oil every year, mainly from Indonesia and Malaysia, traders estimate.

The Bursa Malaysia Plantation Index was the biggest loser by percentage among the bourse's indices,  closing 1.3% down at 6,939.63.

On the broader market, losers outnumbered gainers 655 to 379, while 467 counters were unchanged. Trading volume stood at 6.27 billion, down 20% from 7.84 billion yesterday. Trading value rose 14.69% to RM3.2 billion from RM2.79 billion.

New ACE Market-listed Volcano Bhd emerged as the day's top active counter with 104.46 million shares transacted on its maiden trading day. Shares in the nameplates and plastic injection moulded parts manufacturer closed up 38.57% or 13.5 sen at 48.5 sen compared to its initial public offering price of 35 sen.

Heavyweight telco firms Axiata Group Bhd, Maxis Bhd and DiGi.Com Bhd closed lower, along with Petronas Gas Bhd, ViTrox Corp Bhd, Dataprep Holdings Bhd, Unisem (M) Bhd, Panasonic Manufacturing Malaysia Bhd and BSL Corp Bhd.

In contrast, glove makers Supermax Corp Bhd, Hartalega Holdings Bhd and Top Glove Corp Bhd rose on fresh buying interest.

Also closing higher were Berjaya Corp Bhd, Dagang NeXchange Bhd, Ta Win Holdings Bhd and Focus Dynamics Group Bhd. Other gainers included Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (Malaysia) Bhd, BLD Plantations Bhd, Pecca Group Bhd, Greatech Technology Bhd, Hartalega, Aeon Credit Service (M) Bhd and Malaysia Airports Holdings Bhd.

Asian stocks were mixed with Japan's Nikkei 225 down 1.3%, while South Korea's Kospi added 0.2%.

 

 

Source: The Edge

Market Daily Report: KLCI closes lower amid selling pressure in heavyweight glove counters

 

 

KUALA LUMPUR (April 5): The FBM KLCI finished lower today after failing to sustain the upward momentum seen in the first hour of trading, due mainly to selling pressure in rubber glove heavyweights.

The benchmark index closed 1.11 points or 0.07% down at 1,584.24.

Glove maker Supermax Corp Bhd closed 3.04% or 12 sen lower at RM3.83, Top Glove lost seven sen or 1.47% to RM4.68, and Hartalega Holdings Bhd fell three sen or 0.33% to RM8.95.

Other blue chips that closed lower included Dialog Group Bhd, CIMB Group Holdings Bhd, Kuala Lumpur Kepong Bhd and Public Bank Bhd.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI struggled to keep its earlier gains as it was dragged down by the selling activities in glove heavyweights.

“Nonetheless, the broader market was slightly positive with the construction sector being the biggest winner on the news that the Cabinet has approved the Mass Rapid Transit Line 3 (MRT3) project,” he told theedgemarkets.com.

The construction index gained the most in percentage terms among Bursa Malaysia's indices, rising 2.24% to close at 186.42.  

Gainers slightly outnumbered losers at 542 to 530, while 421 counters were unchanged. Trading volume stood at 7.84 billion shares worth RM2.79 billion.

The day's top active counters included Parkson Holdings Bhd, Berjaya Corp Bhd, Berjaya Land Bhd, Matang Bhd and Dagang NeXchange Bhd.

Paragon Globe Bhd led the losers list, closing 36 sen or 24.49% lower at RM1.11. This was followed by Cheetah Holdings Bhd, Malaysian Pacific Industries Bhd, Kluang Rubber Company (Malaysia), Rapid Synergy Bhd, Heineken Malaysia Bhd and Euro Holdings Bhd.

The day's top gainers included Pecca Group Bhd, KESM Industries Bhd, BSL Corp Bhd, British American Tobacco (Malaysia) Bhd, Genetec Technology Bhd, AMMB Holdings Bhd and Unisem (M) Bhd.

Elsewhere in Asia, Japan’s Nikkei 225 increased 0.79%, while South Korea's Kospi rose 0.26%.

Reuters reported that Asia's emerging stock and currency markets trended lower today in holiday-thinned trade as strong US jobs data raised worries the US Federal Reserve (Fed) may hike interest rates sooner than it has indicated.

“The prospects of a return to full employment is raising questions about whether the Fed can stick to its pledge to keep interest rates steady through 2023. The market has fully priced in one rate hike by the end of next year,” said the news agency.

 

Source: The Edge

Market Daily Report: KLCI closes higher amid bargain hunting, oil optimism

 

KUALA LUMPUR (April 2): The FBM KLCI closed 2.17 points or 0.17% higher today on bargain hunting, tracking gains seen on regional bourses.

At 5pm, the FBM KLCI ended the session at 1,585.35, compared to yesterday’s closing of 1,582.64. Heavyweights that powered the FBM KLCI included Top Glove Corp Bhd, CIMB Group Holdings Bhd, Axiata Group Bhd and Telekom Malaysia Bhd.

On the broader market, gainers triumphed over losers by 624 to 408, while 438 counters were unchanged. Trading volume stood at 6.62 billion shares, valued at RM2.92 billion. Small market capitalisation (small cap) stocks also rose by a larger quantum amid a rotational play from big caps to smaller entities across Bursa Malaysia.

Commenting on today’s KLCI performance, Rakuten Trade Research head of equity sales Vincent Lau reckoned that investors’ bargain-hunting activities continued as the benchmark index is still trading below the 1,600 level. “The sentiment was also buoyed by the oil price increase following the Organization of the Petroleum Exporting Countries Plus (OPEC+) [decision] to gradually ease its oil output cuts from May,” he added.

It was reported that Brent crude jumped 3.38% to US$64.86 (RM268.59) per barrel after OPEC+ and its allies agreed to add more than two million barrels a day to world oil supplies between May and July.

Bursa Malaysia's Energy Index, which tracks share prices of oil and gas-related companies, settled 0.21%  or 1.94 points higher at 937.12.

Among the indices, Bursa's Technology Index, which tracks semiconductor-related companies' shares, led the gain by percentage, as it closed 2.38% higher at 87.35. This was followed by Bursa's Healthcare Index, which went up 1.23% to close at 2,937.7.

Technology stocks also dominated the Bursa’s top gainers (by value) list, led by Malaysian Pacific Industries Bhd, which rose 78 sen or 1.99% to close at RM40. This was followed by KESM Industries Bhd, ViTrox Corp Bhd and Unisem (M) Bhd.

On the other hand, notable losers of the day included Hong Leong Financial Group Bhd, MISC Bhd, British American Tobacco (M) Bhd, MCOM Holdings Bhd, Fraser & Neave Holdings Bhd, Cheetah Holdings Bhd and Euro Holdings Bhd.

The top actives, meanwhile, were led by Luster Industries Bhd, which saw 302.36 million shares traded, surpassing its 200-day average trading volume of 64.67 million shares by more than four times. The stock closed up 1.5 sen or 6.98% to 23 sen. Other actives included Berjaya Corp Bhd, Macpie Bhd, Permaju Industries Bhd, HB Global Ltd, Datasonic Group Bhd and Barakah Offshore Petroleum Bhd.

Elsewhere in Asia, markets were largely in the green, with Japan's Nikkei 22.5 rising 1.58% and South Korea’s Kospi adding 0.82%; Singapore's STI closed up 0.52%.

Bloomberg reported that Asian stocks and US equity futures posted modest gains on Friday after US shares reached a record on optimism over a stimulus-fueled economic rebound.

 

Source: The Edge

Market Daily Report: KLCI rebounds 0.58% on bargain hunting, China lifts

 

KUALA LUMPUR (April 1): The FBM KLCI settled up 0.58% today, tracking gains in China and Hong Kong and supported by bargain hunting activities after yesterday’s sell-off.

At 5pm, the benchmark index rose 9.13 points to settle at 1,582.64 points, with gains led by Supermax Corp Bhd, Genting Bhd and Top Glove Corp Bhd.

Across Bursa Malaysia, 787 counters were gainers against 354 decliners while 402 counters traded unchanged. By sector, the biggest gainers were property (2.3%), technology (2.29%) and construction (1.69%).

Areca Capital CEO Danny Wong Teck Meng suggested that partial rebound may be prompted by overnight gains in Nasdaq, coupled with the positive manufacturing data from China for March.

“Investors may also revisit Bank Negara Malaysia’s positive outlook on Malaysia’s economy which took the back seat when it was first announced on Monday due to the weak regional market sentiment at the time,” Wong said.

It was reported that China’s March manufacturing data rebounded in March to 51.9% — its highest this year and putting the sector in expansion territory for 13 months in a row.

The Shanghai Composite index rose 0.71% while the Shenzhen Composite index rose 1.11% and Hong Kong’s Hang Seng Index rose 1.97%.

On Monday, Bank Negara Malaysia on Monday revised its 2021 GDP growth forecast to 6%-7.5% from 6.5%-7.5%, but also pointed to recovery to pre-pandemic levels by the middle of this year.

At home, top gainers included ViTrox Corp Bhd (up 74 sen or 4.95% to RM15.68), Nestle (M) Bhd (up 50 sen or 0.37% to RM135.50) and Fraser & Neave Holdings Bhd (up 44 sen or 1.47% to RM30.44).

Top decliners were Heineken M Bhd (down 36 sen or 1.4% to RM25.44), Dataprep Holdings Bhd (down 21 sen or 11.54% to RM1.61) and Cheetah Holdings Bhd (down 17 sen or 6.07% to RM1.61).

The top actives were Berjaya Corp Bhd (down 2 sen or 4.4% to 43.5 sen), JKG Land Bhd (up 2 sen or 19.05% to 12.5 sen) and Yong Tai Bhd (up 2.5 sen or 9.43% to 29 sen).

Elsewhere in Asia, markets were largely in the green, with the Singapore STI rising 0.52%, while Japan's Nikkei 22.5 rose 0.28% and South Korea’s Kospi rose 0.85%.

 

Source: The Edge