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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: KLCI finishes 0.68% lower on impending lockdown

  KUALA LUMPUR (May 31): The FBM KLCI finished the trading day 0.68% or 10.89 points lower today at 1,583.55, with glove makers leading the decline among the index’s component companies today. The biggest losers among the headline index’s components were Supermax Corp Bhd, Hartalega Holdings Bhd and Hap Seng Consolidated Bhd. The KLCI was not the only index to see a decline today as only four indices present on Bursa Malaysia posted gains. Market breadth was broadly negative today, with 841 counters posting declines vis-a-vis 353 that were unchanged and 264 that posted gains today. The top active counters on the local bourse today were Kumpulan Jetson Bhd, HB Global Ltd and ManagePay Systems Bhd. Making podium finishes on the top value gainer list were Malaysian Pacific Industries Bhd (MPI), Pharmaniaga Bhd and Panasonic Manufacturing Malaysia Bhd. Conversely, the three biggest value losers were Serba Dinamik Holdings Bhd, Hengyuan Refining Co...

Market Daily Report: Final-hour nudge helps KLCI finish higher

  KUALA LUMPUR (May 28): The FBM KLCI closed up 0.54 point or 0.03% at 1,594.44 today after a final-hour nudge helped the 30-stock index finish in positive territory as investors weighed corporate financial results during the ongoing reporting season and after major Asian equity indices ended higher. Across Bursa Malaysia at 5pm, there were 577 decliners versus 472 gainers. A total of 8.82 billion securities were traded for RM4.19 billion today. Yesterday, 8.61 billion securities were transacted for RM7.33 billion. The KLCI had languished in negative territory for almost the entire trading session today before closing up shortly before markets closed. The KLCI had earlier today fallen to its intraday low of 1,580.78 points and rose to its intraday high of 1,594.62. At a glance, the share price rise in KLCI-linked financial services providers including Hong Leong Bank Bhd and CIMB Group Holdings Bhd had partly helped erase losses in the final trading hour. TA Securit...

Market Daily Report: KLCI rises 1.02% on technical rebound as Covid-19 woes priced in

    KUALA LUMPUR (May 27): The FBM KLCI staged a firm technical rebound today, boosted by late buying support in several index-linked stocks. The index closed up 16.08 points or 1.02% at the day's high of 1,593.9, helped by last-minute buying in stocks like Public Bank Bhd, Axiata Group Bhd and Maxis Bhd. When contacted, remisier Jeffry Azizi Jaafar said the KLCI staged a “solid technical rebound” as investors positioned themselves towards the blue-chips counters. “I believe this was also partly due to the market having priced in all the negative news, mainly in relation to the spike in Covid-19 cases in the country,” he added. Market observers said the fresh buying was also  prompted by encouraging corporate results for the January to March quarter Across Bursa Malaysia 8.61 billion shares were traded, up 36% compared with 6.34 billion shares on Tuesday. Trading value jumped 92% to 7.32 billion from RM3.82 billion. The market breadth was mixed with 555 gai...

Market Daily Report: KLCI ends at day's high on late bargain hunting

  KUALA LUMPUR (May 25): The FBM KLCI extended its relief rally today with investor sentiment boosted by overnight gains on Wall Street, but trading was mostly range-bound except for some late bargain-hunting in selected index-linked stocks. The benchmark recovered from its intraday low of 1,567.37 in the morning session, before settling at its intraday high of 1,577.82 for a gain of six points or 0.38% from yesterday’s close of 1,571.82. Top gainers among index-linked stocks included Sime Darby Bhd and Dialog Group Bhd, which rose 3.64% and 2.43% respectively. Across Bursa Malaysia, 6.34 billion shares worth RM3.82 billion were traded. The market breadth was mixed with 582 gainers versus 464 decliners, while 413 counters were unchanged. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the benchmark index ended higher on the back of bargain hunting following the sell-off last week. “Stronger crude oil prices also helped to lift the market sentiment with ...

Market Daily Report: KLCI stages relief rally, up 0.62% to 1,571.82

  KUALA LUMPUR (May 24): The FBM KLCI staged a relief rally today, breaking a three-day losing streak. The benchmark index climbed 9.65 points or 0.62% to close at 1,571.82, as investors look for oversold counters following the recent sell-down.   Buying momentum in selected heavyweights was led by Axiata Group Bhd (up nine sen or 2.65% to RM3.49), Press Metal Aluminium Holdings Bhd (gained 12 sen or 2.4% to RM5.12) and Telekom Malaysia Bhd (advanced 12 sen or 2.09% to RM5.85). Rakuten Trade head of equity sales Vincent Lau said the KLCI enjoyed a relief rally today as investors cheered on the government’s decision not to impose full lockdown restrictions. “KLCI took a beating last week as sentiments were dampened by the expectation that the government would impose a full lockdown in the country due to the unabated fourth-wave Covid-19 infections," he told theedgemarkets.com . “The relief rally also came amid bargain-hunting activities following news that the gov...

Market Daily Report: KLCI falls to six-month low on Covid woes before recovering slightly

  KUALA LUMPUR (May 21): The FBM KLCI fell today as Malaysian stocks closed broadly lower for the third straight day as investor sentiment continued to be affected by the high number of Covid-19 infections and deaths reported by the country. The benchmark index closed 0.83% or 13.15 points lower at 1,562.17, its lowest since Feb 24.   The KLCI had in early trading slumped 23.25 points or 1.47% to a more than six-month low of 1,552.07. For the week as  a whole, the KLCI is down 1.37% or 21.75 points against last week’s closing of 1,583.92. TA Securities Holdings Bhd senior technical analyst Stephen Soo said the sharp fall in the morning was due to panic selling, which may reflect investors’ anxiety over the possibility of  a full lockdown being imposed in view of the current high Covid-19 infections. Malaysia recorded 6,493 Covid-19 cases today, after a record high of 6,806 and 6,075 new infections in the past two days. “The market is waiting for the Gove...

Market Daily Report: KLCI falls to near two-month low on full lockdown fears

  KUALA LUMPUR (May 20): The FBM KLCI extended its losses today as sentiments remained fragile amid news that the Government was mulling over a full lockdown to tackle the rising cases of Covid-19. Malaysia hit another record high 6,806 new infections today, up from yesterday’s 6,075, with Selangor accounting for 2,277 cases. The Government is set to deliberate on whether a stricter lockdown should be imposed under the current Movement Control Order (MCO 3.0) at a National Security Council meeting tomorrow. The KLCI fell 0.33% or 5.2 points to settle at 1,575.32, a near two-month low, after moving between 1,570.32 and 1,585.32. All but two of Bursa Malaysia's indices closed lower, the exceptions being the plantation index (up 0.14% at 6,918.31 ) and  financial services index (up 0.02% at 14,875.66). Malacca Securities Sdn Bhd head of research Loui Low said the continued rise in Covid-19 cases in the country was spooking investors who had hoped for a speedy econo...

Market Daily Report: KLCI falls 0.68% as rising Covid-19 cases weigh on sentiment

  KUALA LUMPUR (May 19): The FBM KLCI closed 10.8 points or 0.68% lower at 1,580.52, snapping three consecutive days of gains, as most component stocks succumbed to selling pressure amid rising Covid-19 cases. The overall market was again broadly lower, with losers beating gainers by 906 to 227. Remisier Jeffry Azizi Jaafar said investor sentiment was hit as the country is facing a double whammy of stricter Covid-19 measures following the rise in infections and low vaccination rates. Malaysia saw an all-time high of 6,075 new Covid-19 cases today. Heavyweight counters that declined included Axiata Group Bhd (down 14 sen or 3.76% to RM3.58), Malayan Banking Bhd (down 11 sen or 1.31% to RM8.28) and Petronas Chemicals Group Bhd (down 14 sen or 1.72% to RM7.98). However, three index-linked rubber glove makers — Supermax Corp Bhd, Hartalega Holdings Bhd and Top Glove Corp Bhd — together with Nestle (Malaysia) Bhd and Petronas Gas Bhd bucked the downtrend and closed highe...

Market Daily Report: KLCI closes at day's high on late buying in heavyweights

  KUALA LUMPUR (May 18): The FBM KLCI rose to close at the day’s high following late bargain hunting in selected heavyweight counters and in line with the regional uptrend. The benchmark index ended 7.86 points or 0.5% higher at 1,591.32. The heavyweight stocks that powered the KLCI included Petronas Chemicals Group Bhd (up 17 sen or 2.14% to RM8.12), DiGi.Com Bhd (up 15 sen or 3.61% to RM4.30) and Malayan Banking Group Bhd (up nine sen or 1.08% to RM8.39). Market breadth was positive with gainers outnumbering decliners at 814 to 273. Trading volume was 5.84 billion shares worth RM3.18 billion. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the market's rebound today was due to bargain hunting following yesterday’s broadly lower close.   “Also, higher crude oil lifted the market sentiment,” he told The Edge . Bursa Malaysia’s Energy Index, which tracks oil and gas (O&G) counters, closed up 3.87% to become the top percentage gainer among the ...

Market Daily Report: KLCI rises slightly, but overall market finishes broadly lower in cautious trading

  KUALA LUMPUR (May 17): The FBM KLCI finished the first trading day after the extended Aidilfitri weekend slightly higher, but the overall market was broadly lower as investors maintained their cautious mood. The benchmark index closed 0.94 points or 0.06% higher at 1,583.46. Market breadth was negative with 1,061 counters posting losses, compared with only 195 gainers. Rakuten Trade head of equity sales Vincent Lau said the dampened sentiment is likely due to concerns that a stricter Movement Control Order (MCO) would be implemented in Selangor, the country's key industrial and manufacturing hub. Health Minister Datuk Dr Adham Baba reportedly said that a stricter MCO in Selangor may be imposed if the state fails to curb the spread of Covid-19. In total, some 6.6 billion shares worth RM3.77 billion were traded today. Top actives included Focus Dynamics Group Bhd, Kanger International Bhd and Lambo Group Bhd. The top value losers were consumer stocks Fraser & Neav...

Market Daily Report: KLCI finishes up on healthcare, banking share gains

  KUALA LUMPUR (May 12): The FBM KLCI ended up 4.88 points or 0.31% at 1,582.52 today, lifted by buying interest in healthcare and banking stocks as the spectre of rising Covid-19 infections and higher interest rates drove world equity sentiment. Security trading on Bursa Malaysia ended at 12.30pm today in conjunction with a half-day trading session ahead of the Hari Raya Aidilfitri holidays tomorrow and Friday. Bursa’s Health Care Index, which tracks share prices of companies including rubber glove manufacturers and pharmaceutical firms, rose 1.65% to be the top percentage gainer among the bourse indices. The Financial Services Index, meanwhile, rose 0.98%, a sentiment partly attributed to Public Bank Bhd’s share price gain today after the group reported yesterday that its first-quarter net profit climbed to RM1.53 billion from RM1.33 billion a year earlier. “Public Bank’s results bring anticipation that the banking sector may not perform that badly. ...

Market Daily Report: KLCI closes in the red as sentiment weighed by MCO 3.0, regional peers decline

  KUALA LUMPUR (May 11): The FBM KLCI closed in the red for the second consecutive day today as regional markets slumped after Wall Street's dismal showing, and as investor sentiment was weighed by yesterday's announcement of a new nationwide movement control order to stem climbing Covid-19 infections. The benchmark index finished 6.28 points or 0.4% lower at 1,577.64, after trading in the negative territory throughout the session. Market breadth on the local exchange was overwhelmingly negative, with 980 decliners versus 199 gainers. A total of 5.51 billion securities worth RM2.89 billion were traded, down from yesterday's 6.01 billion shares worth RM3.46 billion. [X] CLOSE Advertisement Learn More ...

Market Daily Report: KLCI snaps two-day winning streak to retreat on Covid-19 worries

  KUALA LUMPUR (May 10): The FBM KLCI snapped a two-day winning streak today as market sentiment turned weak on heightened concern over the Covid-19 situation in the country. Heavyweights like Top Glove Corp Bhd, Supermax Corp Bhd, Genting Malaysia Bhd and Genting Bhd saw the benchmark index pull back 3.53 points or 0.22% to 1,583.92, after having gained 11.78 points or 0.75% on last Thursday and Friday. On the broader market, losers outnumbered gainers 845 to 296, on trade of 6.01 billion shares worth RM3.46 billion. Malacca Securities Sdn Bhd head of research Loui Low said market sentiment was dampened by the Health Ministry's warning that daily Covid-19 cases in the country may surpass the 7,000 mark soon. “The market has priced in the looming prospect of the lockdown, with a possible extension of the movement control order, due to the rising Covid-19 cases locally,” he told The Edge . Going forward, Low is upbeat on the prospects of plantation and energy counter...

Market Daily Report: KLCI extends gains for second day as glove, plantation stocks lift

    KUALA LUMPUR (May 7): The FBM KLCI closed 9.12 points or 0.58% higher at 1,587.45 today, tracking overnight gains on Wall Street, backed by bargain hunting in glove heavyweights. The higher crude palm oil price (CPO) also helped lift the benchmark index today. Remisier Jeffry Azizi Jaafar said the KLCI extended the gains for the second consecutive day, thanks partly to investors who flocked to glove and plantation counters, with the largest gainers among the KLCI constituents being Top Glove Corp Bhd, Hartalega Holdings Bhd and Sime Darby Plantation Bhd. “Investors were bargain-hunting glove stocks after a few sessions of heavy selldown. The renewed buying interest was also due to the resurgence of a high number of Covid-19 cases worldwide,” he said, adding the benchmark index was also boosted by higher CPO prices, which breached the RM4,700 level yesterday.  Notable planters that climbed were Kuala Lumpur Kepong Bhd (up 32 sen or 1.44% to settle at RM2...

Market Daily Report: KLCI snaps four-day losing streak to close higher amid bargain hunting

  KUALA LUMPUR (May 6): The FBM KLCI retraced some of its earlier losses in the past four trading days today to finish at its intra-day high today, lifted by bargain-hunting among certain index-linked stocks. At 5pm, the benchmark index closed 2.66 points or 0.17% higher to settle at 1,578.33 after hovering in the negative territory for most of the day. It lost 32.38 points or 2.01% between last Wednesday — when it closed at 1,608.05 — and yesterday, when it closed at 1,575.67 after four consecutive sessions in the red.   The key index opened 3.58 points lower at 1,572.09 this morning and sank to a low of 1,556 before recouping its losses in the afternoon session. Among the heavyweights that drove the FBM KLCI up today were IHH Healthcare Bhd, Axiata Group Bhd, Press Metal Aluminium Holdings Bhd, Kuala Lumpur Kepong Bhd (KLK), Nestle (M) Bhd, PPB Group Bhd and Hong Leong Financial Group Bhd. KLK, Nestle, HLFG, PPB Group and Press Metal were also among the local...

Market Daily Report: KLCI falls as heavyweights succumb to selling pressure just as KL, Johor Bahru also hit by MCO 3.0

  KUALA LUMPUR (May 5): The FBM KLCI extended losses for the fourth consecutive session today, as most of the key index's components succumbed to selling pressure amid news of the reimplementation of the Movement Control Order or MCO 3.0 in parts of Selangor tomorrow. And just as market closed, the movement restriction was expanded to include Johor Bahru as well as Kuala Lumpur, starting Friday, after rumours went around earlier today that the capital city would not be spared given rising new Covid-19 cases. At 5pm, the local benchmark index closed 12.58 points or 0.79% lower at 1,575.67. At a glance, except for Telekom Malaysia Bhd, all other 29 KLCI components were in the red, with the largest declines seen in Supermax Corp Bhd, Top Glove Corp Bhd and Hartalega Holdings Bhd. Supermax sank 25 sen or 4.3% to RM5.57, while Hartalega closed 10 sen or 1.01% lower at RM9.83. Top Glove shares, which was reported to have a shipment of 3.97 million nitri...

Market Daily Report: KLCI reverses gain on glove share drop as investors weigh MCO re-enforcement

  KUALA LUMPUR (May 4): The FBM KLCI closed down 2.48 points or 0.16% at 1,588.25 today partly on profit taking in rubber glove manufacturers' shares and as investors weighed the rising number of Malaysia’s new Covid-19 pandemic cases, which compelled the government to re-enforce the movement control order (MCO) across six districts in Selangor to curb the outbreak. At 5pm, the KLCI closed lower after rising to its intraday high at 1,597.42 as investors bargain hunted for shares of glove manufacturers like Top Glove Corp Bhd, Supermax Corp Bhd and Hartalega Holdings Bhd before taking profit from these shares in the afternoon. “Today is a trading day for KLCI, starting with the market trading positively in the morning session due to hastened bargain hunting in rubber glove stocks following the sharp sell-down in the past two trading days.  “However (today), the trends were reversed to negative as investors opted for profit taking in the afternoon session,” MIDF ...

Market Daily Report: KLCI ends lower on potential lockdown fears

  Prime Minister Tan Sri Muhyiddin Yassin said over the weekend that the ongoing movement control order will be reviewed, especially in states experiencing a spike in positive Covid-19 cases. Meanwhile, Leong told The Edge that technology counters were down because investors were taking profits ahead of the Aidilfitri holidays, after the stocks had previously risen on recovery prospects. Leading glove manufacturer Top Glove Corp Bhd fell 17 sen or 3.01% to RM5.48, Hartalega Holdings Bhd dropped 30 sen or 2.92% to RM9.98, and Supermax Corp Bhd declined 15 sen or 2.49% to RM5.88. Among other KLCI component stocks, Kuala Lumpur Kepong Bhd closed 14 sen or 0.64% higher at RM22.14, Malayan Banking Bhd rose four sen or 0.49% to RM8,27, and Nestle (M) Bhd gained 30 sen or 0.22% to RM136. All but three of Bursa Malaysia's indices closed lower, with the Technology Index the worse hit, closing 1.73% lower at 84.28 points. This was followed by the FBM ACE which fell 1.53% to 8,...