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 Company Bhd and Petronas Dagangan Bhd (PetDag).

Rakuten Trade head of equity sales Vincent Lau noted that the declines today were due to a knee-jerk reaction amid the implementation of the full-scale lockdown from tomorrow.

Lau noted that what is important is that the critical sectors are still open. He also noted that the vaccine roll-out is picking up in Malaysia, as well as in other regional markets.

Asian bourses were mixed today. While the Nikkei 225 closed 0.99% or 289.33 points lower at 28,860.08, Hong Kong's Hang Seng Index and the Shanghai Composite closed higher.

Hang Seng finished 0.09% or 27.39 points higher at 29,151.80, whereas the Shanghai Composite was 14.69 points or 0.41% higher at 3,615.48.

Reuters reported that Malaysian stocks declined as a resurgence in Covid-19 infections and tomorrow's full lockdown dampened investors’ risk appetite.

 

“Equities in Kuala Lumpur slid as much as 1.6%, marking their worst day in two months, as a new nationwide lockdown from June threatened to disrupt the Southeast Asian nation's economic recovery.

The ringgit weakened as much as 0.3%, and was on track to lose more than a per cent in May — the worst-performing Southeast Asian currency in the month,” it reported.

 

Source: The Edge

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 Securities Holdings Bhd senior technical analyst Stephen Soo told The Edge today that recovery plays such as the banking sector making a comeback are expected to aid the KLCI amid the Malaysian Government's plan to accelerate the Covid-19 vaccination scheme in the country.

On the KLCI closing flat today, Soo said the performance was within TA’s expectation because there was some "profit-taking interest” following yesterday’s 16.08-point or 1% surge to close at the day's high of 1,593.9.

Across Bursa today, six indices rose while 23 gauges fell. The Construction index rose the most in percentage terms after closing up 2.29%.

The Technology index was the top decliner after closing down 2.28%.

Across Bursa-listed companies, top gainers included Hong Leong Bank, Kumpulan Jetson Bhd and Telekom Malaysia Bhd (TM).

Hong Leong Bank and TM announced their quarterly financial results yesterday (May 27) while Jetson filed its quarterly earnings report on May 19.

Today, Hong Leong Bank’s share price closed up 34 sen or 1.86% at RM18.60 while Jetson hit limit up after finishing up 30 sen or 105.26% at 58.5 sen.

Globally, it was reported that a rally in Asia put global equities on track for a seventh day of gains on Friday as investors bet the US will lead the world out of the Covid-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

It was reported that Tokyo led the advance, with the Nikkei jumping 2.1%.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1% and hit its highest level this month, Reuters reported.

 

Source: The Edge

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 gainers versus 492 decliners, while 463 counters were unchanged.

All but one of Bursa Malaysia's indices closed lower, the exceptions being the Energy Index, which fell 0.02% to 864.09.

The Technology Index rose the most in percentage terms, rising 1.7% to 80.82. This was followed by the Financial Services, and Telecommunications and Media indices, which gained 1.6% and 1.37% respectively.

The day's top gainers by value included index-linked stocks Hong Leong Financial Group Bhd, Hong Leong Bank, Nestle (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd and Hap Seng Consolidated Bhd.

Notable losers included Heineken (M) Bhd, British American Tobacco (Malaysia) Bhd, Sarawak Consolidated Industries Bhd, KPower Bhd, Hartalega Holdings Bhd, Khind Holdings Bhd, Genting Plantations Bhd, KESM Industries Bhd and PPB Group Bhd.

The most actively traded stocks were Privasia Technology Bhd, Dagang NeXchange Bhd, Progressive Impact Corp Bhd, Focus Dynamics Group Bhd, DGB Asia Bhd, Securemetric Bhd, SC Estate Builder Bhd and Gamuda Bhd.

Reuters reported that Asian shares reversed early losses today and hovered near two-week highs while the dollar held at a one-week top as investors awaited key US data to gauge whether inflationary pressures were transient or signalled a more durable turn.

Japan's Nikkei 225 fell 0.33%, South Korea's Kospi dropped 0.09% while Singapore’s STI gained 0.6% and the Shanghai Stock Exchange Composite Index closed up 0.43%.

 

Source: The Edge

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 Petronas heavyweight stocks traded higher today,” he told The Edge.

Petronas Chemicals Group Bhd rose 1.01% to RM8, Petronas Gas Bhd advanced 0.76% to RM15.98, and Petronas Dagangan Bhd added 0.11% to RM18.82.

Reuters reported that oil prices were steady today, holding around one-week highs after jumping more than 3% the previous session as investors tempered expectations of an early return of oil exporter Iran to international crude markets.

Bursa Malaysia’s Energy Index rose the most in percentage terms among the exchange's gauges, closing up 1% to 864.26.

The Healthcare Index, which includes glove counters, was the top loser, closing down 0.54% to 3,129.95.

Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd also closed lower.

Notable losers were Nestle (M) Bhd, BLD Plantation Bhd, Greatech Technology Bhd, Kumpulan H&L High Tech Bhd, UWC Bhd and Paragon Union Bhd.

Gainers included Malaysian Pacific Industries Bhd, Carlsberg Brewery (M) Bhd, Widetech (M) Bhd, British American Tobacco (Malaysia) Bhd, Hong Leong Financial Group Bhd, Sedania Innovator Bhd, Heineken (M) Bhd and KESM Industries Bhd,

The most actively traded stocks were Progressive Impact Corp Bhd, Privasia Technology Bhd, Kanger International Bhd, Sasbadi Holdings Bhd, UCrest Bhd, Dagang NeXchange Bhd, Minda Global Bhd, LKL International Bhd and mTouche Technology Bhd.

Asian shares advanced today, tracking a rally on Wall Street, while the US dollar held near a four-month low as inflation worries faded after Federal Reserve officials allayed fears about monetary policy tightening, Reuters reported.

Japan's Nikkei 225 rose 0.67%, South Korea's Kospi advanced 0.86%, Hong Kong’s Hang Seng Index jumped 1.75% and the Shanghai Stock Exchange Composite Index closed up 2.4%.

 

Source: The Edge

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 government had decided not to impose total lockdown,” he added.

On Sunday (May 23), Prime Minister Tan Sri Muhyiddin Yassin said the government could not reimpose the strictest version of a Movement Control Order (MCO), following calls to re-implement it, because of the deep damage done by last year's lockdown to Malaysians' livelihoods.

Instead, the government has introduced tighter restrictions without requiring a complete lockdown.

Across Bursa Malaysia, 6.75 billion shares worth RM3.5 billion were traded at 5pm. Gainers led decliners by 902 to 282 respectively.

Bursa Malaysia’s Technology Index rose the most in percentage terms among exchange gauges, after it closed up 4.77% to 79.11.

Technology stocks dominated the top gainers by value list, namely Malaysian Pacific Industries Bhd, UWC Bhd, Vitrox Corp Bhd, Greatech Technology Bhd and Unisem (M) Bhd.

Other top gainers included Nestle (M) Bhd, Choo Bee Metal Industries Bhd, Kumpulan H & L High-Tech Bhd, Pharmaniaga Bhd and Carlsberg Brewery (M) Bhd.

Notable losers included Fraser & Neave Holdings Bhd, Genting Plantations Bhd, Y&G Corp Bhd,  Widetech (M) Bhd, Yinson Holdings Bhd, Heineken (M) Bhd and Supermax Corp Bhd.

The most actively traded stocks were Privasia Technology Bhd, UCrest Bhd, Focus Dynamics Group Bhd, Saudee Group Bhd, Eka Noodles Bhd, mTouche Technology Bhd, PUC Bhd and Kanger International Bhd.

Reuters reported that Asian shares were mixed on Monday as investors awaited key US inflation readings for guidance on monetary policy, while Bitcoin tried to steady after being hammered on news of China's clampdown on mining and trading of cryptocurrencies.

Elsewhere in Asia, Japan's Nikkei 225 rose 0.17%, South Korea's Kospi fell 0.38%. In China, Hong Kong’s Hang Seng Index inched down 0.16% and the Shanghai Stock Exchange Composite Index closed up 0.31.

 

 

Source: The Edge

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 Government to announce more stimulus to boost the current already weak sentiment. In the absence of this catalyst we could expect further weakness and lacklustre trade to be seen,” Soo told The Edge.

He said the key uptrend support for the KLCI is 1,552, followed by 1,540 and 1,520, while the resistance levels are 1,580 and 1,600.

On the broader market today, decliners outnumbered gainers 880 to 330. A total of 7.53 billion shares worth RM4.14 billion were transacted.

Heavyweights that fell the most in percentage terms included Axiata Group Bhd (down 4.23% or 15 sen to RM3.40), Hartalega Holdings Bhd (down 3.43% or 34 sen to RM9.58 and Petronas Dagangan Bhd  (down 2.81% or 54 sen to RM18.70).

All but three of Bursa Malaysia's indices closed lower with the exceptions being the technology index (up 0.03% at 75.51), FBM Ace (up 0.3% at 7,624.87) and FTSE Asean 40 (steady at 9,868.51).

Meanwhile, the healthcare index was hit the most, dropping 1.47% to 3,137.08.

Notable losers included Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery (M) Bhd, Widetech (M) Bhd, Vitrox Corp Bhd, Petronas Gas Bhd and PPB Group Bhd.

Top gainers included Heineken (M) Bhd, Malaysian Pacific Industries Bhd, Sedania Innovator Bhd, Genting Bhd, ATA IMS Bhd, D&O Green Technologies Bhd, TIME dotCom Bhd and Lotte Chemical TItan Holdings Bhd.

The most actively traded stocks were Focus Dynamics Group Bhd, Sedania Innovator, Vsolar Group Bhd, LKL International Bhd, mTouche Technology Bhd,Fintech Global Bhd, Komarkcorp Bhd, Grand-Flo Bhd, Saudee Group Bhd and Eka Noodles Bhd.

Elsewhere in Asia, Japan's Nikkei 225 rose 0.78%, South Korea's Kospi fell 0.19%, Hong Kong’s Hang Seng Index inched up 0.03% and the Shanghai Stock Exchange Composite Index closed down 1.18%.

 

Source: The Edge

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 economic recovery.

“The market sentiment remains weak, reflecting investors’ worries that the virus outbreak may weigh heavily on the prospects of the country's economy. The potential full lockdown also contributed to the overall decline in the local bourse,” he told The Edge.

Across Bursa Malaysia, losers beat gainers 832 to 287, while 394 counters were unchanged. A total of 6.74 billion shares worth RM4.47 billion were traded.

Heavyweights that fell the most in percentage terms included Supermax Corp Bhd (down 3.39% or 17 sen at RM4.85), Press Metal Aluminium Holdings Bhd (down 2.5% or 13 sen at RM5.07) and Maxis Bhd (down 2.14% or 10 sen at RM4.57).

Top losers by value included Malaysian Pacific Industries Bhd, Heineken (M) Bhd, ATA IMS Bhd, Transocean Holdings Bhd, Hengyuan Refining Co Bhd, Kossan RUbber Industries Bhd, Ann Joo Resources Bhd, Chin Teck Plantations Bhd and Nestle (M) Bhd.

Notable gainers included Batu Kawan Bhd, British American Tobacco (Malaysia) Bhd, Y&G Corp Bhd, Petronas Dagangan Bhd, Sedania Innovator Bhd, Widetech (M) Bhd, Kluang Rubber Co (M) Bhd, Fraser & Neave Holdings Bhd and Ayer Holdings Bhd.

The most actively traded stocks were Focus Dynamics Group Bhd, LKL International Bhd, Kanger International Bhd, Ucrest Bhd,Careplus Group Bhd, Hiap Teck Venture Bhd, Sasbadi Holdings Bhd and Adventa Bhd.

Reuters reported that Asian stocks continued to struggle, after a hint of tapering talk from the US Federal Reserve and a crash in cryptocurrencies.

 

Source: The Edge

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 higher.

The rises in glove counters' share prices also contributed to a 2.03% rise to Bursa Malaysia's Health Care index, the only one among the exchange's indices that closed in positive territory.

Notable losers today included consumer stocks such as Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd and Dutch Lady Milk Industries Bhd.

Malaysian Pacific Industries Bhd, Transocean Holdings Bhd, Hengyuan Refining Co Bhd, AEON Credit Service (M) Bhd, Petronas Dagangan Bhd and D&O Green Technologies Bhd were also among the day's top losers by value.

The most actively traded stocks were Focus Dynamics Group Bhd, LKL International Bhd, Dagang NeXchange Bhd, Tuju Setia Bhd, Green Ocean Corp Bhd, Censof Holdings Bhd and Ucrest Bhd.

Total volume was 5.74 billion shares worth RM4.06 billion.

Reuters reported that Asian stocks dipped and cryptocurrencies extended losses today as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5% while Japan's Nikkei lost 1.3%. Singapore's STI closed down 1.15% and the Jakarta Composite Index lost 1.27%.

 

Source: The Edge

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 bourse's gauges.

Oil rose today to hit US$70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and US economies offset concern over spreading coronavirus cases in Asia, Reuters reported. Brent crude was up 47 cents, or 0.7%, at US$69.93 by 0825 GMT, and earlier topped US$70 for the first time since March 15.

HengYuan Refining Co Bhd was among the day’s top gainers on Bursa Malaysia.

Other top gainers included Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Heineken (M) Bhd, Dutch Lady Milk Industries Bhd, D&O Green Technologies Bhd, Malayan Cement Bhd, Carlsberg Brewery (M) Bhd and Y&G Corp Bhd.

Hartalega Holdings Bhd topped the losers list, closing 16 sen or 1.65% down at RM9.55. Other notable losers included Petronas Gas Bhd, Mercury Industries Bhd and Sanichi Technology Bhd.

The most actively traded stocks were Focus Dynamics Group Bhd, Dagang NeXchange Bhd, Velesto Energy Bhd, UCrest Bhd, KTG Group Bhd, MTouche Technology Bhd, Bumi Armada Bhd and Green Ocean Corp Bhd.

Elsewhere in Asia, most indices rose as investors looked past rising virus infections in the region and bet on the global recovery, with Tokyo brushing off data showing the Japanese economy shrank more than expected in the first quarter, Bloomberg reported.

Japan’s Nikkei 225 surged 2.09%, South Korea’s  Kospi advanced 1.23%, Hong Kong’s Hang Seng Index rose 1.34% and the Shanghai Composite Index added 0.14%.

 

Source: The Edge

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 & Neave Holdings Bhd, Nestle Malaysia Bhd and Dutch Lady Milk Industries Bhd.

Y&G Corp Bhd, Tomei Consolidated Bhd and Hartalega Holdings Bhd were the day’s top value gainers.

 

Source: The Edge

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. 

"[Across the Malaysian stock market,] there was also bargain hunting after two days of losses,” Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong told theedgemarkets.com today.

At a glance, banking stocks in Malaysia could have also gained following global news of interest rate hike expectations due to growing inflationary pressure.

In theory, while interest rate hikes bode well for banking shares, higher interest rates do not augur well for the broader stock market.

It was reported that an extended sell-off drove Asian shares to their lowest in seven weeks today as surging commodity prices and growing inflationary pressure in the US prompted markets to bet on earlier rate hikes and higher bond yields globally.

MSCI's broadest index of Asia-Pacific shares outside Japan slumped 1.5%, adding to yesterday's 1.6% loss, with all major indices under heavy selling pressure, Reuters reported.

Meanwhile, on Bursa today, the Health Care Index’s 1.65% rise was partly contributed by Pharmaniaga Bhd and Top Glove Corp Bhd’s share price gains.

Pharmaniaga’s share price closed up 42 sen or 10.88% at RM4.28, while Top Glove rose 17 sen or 3.28% to RM5.35.

Top Glove is also a member of the 30-stock KLCI.

Share prices of rubber glove manufacturers and pharmaceutical firms could have taken their cues from news of the rising number of newly-confirmed Covid-19 cases globally.

Malaysia reported yesterday 3,973 new cases, compared with 3,807 on Monday, according to updates in Health director-general Tan Sri Dr Noor Hisham Abdullah’s statements.

Globally, It was reported that India said today a record number of people were killed by the coronavirus in the past 24 hours, pushing its overall death toll to over a quarter million, while a leading virologist said it was too early to say if infections had reached a peak.

Deaths from Covid-19 swelled by 4,205, while daily coronavirus cases rose by 348,421, with India's overall number of cases surging past 23 million, according to health ministry data. Even then, experts believe the official numbers grossly underestimated the real scale of the epidemic's impact, and actual deaths and infections could have been five to 10 times higher, Reuters reported.

 

Source: The Edge

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.

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Reuters reported that tech-heavy equities in Taiwan and South Korea led losses in Asian markets on Tuesday, as investors were concerned over a potential spike in inflation, while rising Covid-19 cases and curbs in other parts of the region further dampened sentiment.

“Shares in Taipei ended 3.8% lower in their worst session since March 19, 2020, as heavyweight chipmakers fell. Equities in Seoul closed 1.2% lower, with the won weakened 0.5%,” the newswire added.

Back to Malaysia, MIDF's head of research Imran Yassin Md Yusof said the KLCI took cues from sluggish performance across its regional peers as investors sentiment was rattled by Wall Street's overnight tumble.

“Weakness in the KLCI today was mainly driven by the external factor and it was compounded by the new nationwide lockdown or movement control order (MCO 3.0), given the resurgence of Covid-19 cases in local hotspots,” he told theedgemarkets.com.  

The benchmark index's slide was somewhat mitigated by the announcement of the first quarter 2021 gross domestic product (GDP) earlier today, which was better than consensus expectations, he added.

Malaysia’s first quarter GDP this year shrank 0.5% from a year earlier, an improvement from the 3.4% fall over the October-December period last year. The latest number beats Reuters forecasts of a 2% contraction.

At a glance, selling across Bursa Malaysia was broad-based today, with all 29 sub-indices closing lower. The FBM ACE was hit the most, tumbling 2.97% to 7,896.49, followed by Bursa’s Technology Index, which fell 2.93%, and the Bursa Energy Index, which dropped 2.79% to 893.77.

Heavyweights that dragged the benchmark index included Genting Malaysia Bhd, Sime Darby Plantation Bhd, Genting Bhd, IHH Healthcare Bhd, and Hartalega Holdings Bhd.

Top losers included Malaysian Pacific Industries Bhd, Transocean Holdings Bhd, Heineken (M) Bhd, Vitrox Corp Bhd, Unisem (M) Bhd, Greatech Technology Bhd, Lotte Chemical Titan Holding Bhd and Carlsberg Brewery (M) Bhd.

Notable gainers included Widetech (M) Bhd, Fraser & Neave Holdings Bhd, Tong Herr Resources Bhd, Adventa Bhd, Nestle (M) Bhd, British American Tobacco (Malaysia) Bhd and Petronas Dagangan Bhd.

The most actively traded stocks were Focus Dynamics Group Bhd, Pegasus Heights Bhd, Fintec Global Bhd, At Systematization Bhd, Tanco Holdings Bhd, UCrest Bhd, Sealink International Bhd, Dagang NeXchange Bhd and Permaju Industries Bhd.

 

Source: The Edge

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 counters on expectations that they will ride on the “commodities supercycle” and report solid performance in the upcoming quarterly results season.

Top losers today included Transocean Holdings Bhd, Vitrox Corp Bhd, Pentamaster Corp Bhd, Supermax, Cycle & Carriage Bintang Bhd, Quality Concrete Holdings Bhd, UWC Bhd, British American Tobacco (Malaysia) Bhd and Malaysia Smelting Corp Bhd.

Notable gainers included Fraser & Neave Holdings Bhd, Nestle (M) Bhd, Pharmaniaga Bhd, Amcorp Properties Bhd, Pecca Group Bhd, Batu Kawan Bhd, Hengyuan Refining Co Bhd, B.I.G. Industries Bhd and Concrete Engineering Products Bhd.

The most actively traded stocks were Focus Dynamics Group Bhd, KTG Group Bhd, Sedania Innovator Bhd, Tanco Holdings Bhd, Kanger International Bhd, Bumi Armada Bhd, Careplus Group Bhd and Velesto Energy Bhd.

Bloomberg reported that Asian stocks were mixed today following another record high for the S&P 500 Index as weak jobs data reinforced the case for stimulus.

“The materials sector led gains in an Asia-Pacific share index as commodities advanced. Australian stocks ended at an all-time high, while Hong Kong and China dropped,” it added.

Elsewhere in Asia, Japan’s Nikkei 225 rose 0.55% while Singapore’ STI declined.

 

 

Source: The Edge

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 RM22.52), and peers Sime Darby Plantation Bhd (up 12 sen or 2.61% to RM4.71) and IOI Corp Bhd (up two sen or 0.49% to RM4.1). The planters' climb lifted FBM Palm Oil Plantation-NC, which added 1.62% to 11,790.58, and Bursa’s Plantation Index, which ended 1.5% higher at 7,097.49.

The rise in glove stocks, meanwhile, helped push Bursa’s Healthcare Index up as the top percentage gainer among the bourse’s sub-indices, closing 2.3% higher at 3,158.65.

Across Bursa, gainers beat losers by 628 versus 418, respectively. Notable decliners by value included Nestle (M) Bhd and Petronas Dagangan Bhd. As for the actively traded, Focus Dynamics Group Bhd, Vizione Holdings Bhd, UCrest Bhd, and Tanco Holdings Bhd were among them.

The local exchange saw 5.39 billion shares worth RM3.41 billion traded today. The trading volume was the lowest in almost three months, after Feb 11's 3.21 billion shares. In terms of trading value, it is the lowest since April 14, when RM2.99 billion was recorded.

CNBC reported that Asia-Pacific markets traded mixed Friday, with some indexes shedding gains, ahead of the US jobs report due later in the day that might provide some indication on what the Fed could do next.

Japan’s Nikkei 225 almost gave up all its gains to close 0.09% higher at 29,357.82, South Korea’s Kospi advanced 0.58% to 3,197.2. In China, Hong Kong’s Hang Seng Index fell 0.09% to 28,610.65, while the Shanghai Stock Exchange Composite Index closed down 0.65% to 3,418.87.

 

Source: The Edge

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 stock exchange's top gainers today.

The KLCI's climb, however, was partially weighed down by index-linked glove makers, which were among the day's top losers as they succumbed to persistent selling pressure.  

Supermax Corp Bhd topped the decliners' list after losing 12.57% or 70 sen to settle at RM4.87. Yesterday, the glove maker said glove prices have dropped by between 15% and 25% as more new capacities enter the market.

Peers Hartalega Holdings Bhd and Top Glove Corp Bhd both also retreated. Hartalega lost 58 sen or 5.9% to close at RM9.25 while Top Glove fell 26 sen or 4.89% to RM5.06.  

Bursa’s Healthcare Index, which tracks shares of companies including rubber glove makers, dropped 3.7% to become the top percentage decliner among the bourse gauges.

Rakuten Trade Sdn Bhd head of research Kenny Yee said last minute buying of heavyweights today provided the much-needed impetus to help the index pare its morning losses and close higher.

“However, today’s uptrend would not be sustainable," he said, adding that "the overall sentiment remained weak on the local bourse after considering that the market has fallen past the 1,600 level and remained below it in the past few trading sessions,” he added.

Today, market breadth was negative, with losers surpassing gainers at 771 versus 368, while 401 counters were unchanged. A total of 6.2 billion shares worth RM4.46 billion were traded.

Among the most actively traded stocks were Focus Dynamics Group Bhd, Malaysian Bulk Carrier Bhd, Dataprep Holdings Bhd, Tanco Holdings Bhd and Cahya Mata Sarawak Bhd.

Reuters reported that Asian shares rose on Thursday and commodity prices held near multi-year highs as investors switched to cyclicals amid hopes of a strong economic recovery.

Singapore's STI closed up 0.62%, Hong Kong's Hang Seng Index rose 0.77% and Japan's Nikkei 225 jumped 1.8% as it reopened after a five-day holiday,

But Chinese shares, also resuming trade for the first time since last week, wobbled. The Shanghai Stock Exchange Composite Index dropped 1.33%.

 

Source: The Edge

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 nitrile disposable gloves worth US$518,000 (RM2.13 million) made by a unit seized by the US Customs in Cleveland earlier today over forced labour claims, sank as much as 2.5% or 14 sen to RM5.31, before settling at RM5.32.

Market breadth was negative as losers surpassed gainers, at 810 vs 297 gainers, while 419 counters were unchanged. Some 7.37 billion shares worth RM4.17 billion crossed today.

Rakuten Trade head of equity sales Vincent Lau told theedgemarkets.com that there is persistent selling pressure on the KLCI, as investor sentiment has been hit by news of the MCO 3.0, given the rising number of new Covid-19 cases recently. From six out of nine districts in Selangor being hit by the MCO 3.0 today, Senior Minister (Defence) Datuk Seri Ismail Sabri Yaakob announced today that the capital city and Johor Bahru will also be placed under MCO from May 7 to 20.

“The local bourse also took cue from the mixed regional performance, after the Wall Street sank overnight,” he added. Seoul's Kospi rose 0.64%, while Hong Kong’s Hang Seng fell 0.49%.

All but two of Bursa Malaysia's sub-indices closed lower, with the transportation and logistics sector being the worst hit, as it fell 1.94% to 935.12. This was followed by the FBM ACE index, which slipped 1.83% to 8,469.94; the Healthcare index also dropped 1.75% to 3,206.46, while the Technology Index lost 1.32% to close at 82.2.

In contrast, Bursa’ Energy Index rose 1.14% to 907.89. The Telecommunication and Media Index was steady, closing 0.01 points higher at 715.42.

Notable losers included Fraser & Neave Holdings Bhd, Kuala Lumpur Kepong Bhd, Vitrox Corp Bhd, Careplus Group Bhd, Supermax, Unisem (M) Bhd and Adventa Bhd.

Dataprep Holdings Bhd, which hit limit up after jumping 30% or 45 sen to RM1.95, emerged as the top gainer by value on the local bourse.

Transocean Holdings Bhd, LPI Capital Bhd, Malaysian Pacific Industries Bhd (MPI), British American Tobacco (Malaysia) Bhd, Widetech (M) Bhd and PMB Technology Bhd were among top gainers by value.

Among actives were Focus Dynamics Group Bhd, Sedania Innovator Bhd, Dagang NeXchange Bhd, KTG Bhd, Lion Industries Bhd and Velesto Energy Bhd.

 

Source: The Edge

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 Amanah Investment Bank Bhd research head Imran Yassin Md Yusof told theedgemarkets.com today.

Across Bursa Malaysia today, trading volume stood at 7.48 billion shares worth RM4.13 billion.  

Among glove manufacturers, Top Glove’s share price closed down three sen or 0.55% at RM5.45, Supermax declined six sen or 1.02% to RM5.82 while Hartalega fell five sen or 0.5% to RM9.93.

KLCI constituents Top Glove, Supermax and Hartalega are also members of Bursa’s Health Care index, which closed down 0.53%.

The government announced today the re-enforcement of the MCO across Selangor's districts of Hulu Langat, Petaling, Gombak, Klang, Kuala Langat and Sepang from Thursday (May 6) to May 17 as the number of newly-confirmed Covid-19 cases today across Malaysia rose to 3,120 from 2,500 yesterday.

Today, Bernama, quoting Senior Minister (Security) Datuk Seri Ismail Sabri Yaakob, reported that the three remaining Selangor districts, namely Kuala Selangor, Sabak Bernam and Hulu Selangor, will continue to be under the conditional MCO.

“In curbing the spread of Covid-19, the government always re-evaluates the MCO, especially in states which record a spike in positive cases.

“The Selangor state government, through the Menteri Besar and Selangor State Security Council, had tabled for the implementation of the MCO in Selangor,” Ismail Sabri was quoted as saying during a media conference at Putrajaya today.

Global share and commodity markets took cues from signs of recovery from the Covid-19 pandemic as major economies around the world reopen although India’s number of newly-confirmed Covid-19 cases rose.

It was reported that Asian share markets were mostly positive today as investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen. 

"MSCI's broadest index of Asia-Pacific shares outside Japan was just 0.13% higher in the Asian afternoon session in trading thinned by holidays in China and Japan. 

"Oil prices rose on Tuesday after more US states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as Covid-19 cases soar,” Reuters reported.

 

Source: The Edge

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 8,710.61, and the Construction Index which dropped 1.52%  down at 182.29.

Notable losers included Petronas Dagangan Bhd, Carlsberg Brewery (M) Bhd, Hartalega, Malaysian Pacific Industries Bhd, SKB Shutters Corp Bhd, Malaysia Airports Holdings Bhd, Aeon Credit Service (M) Bhd and Texchem Resources Bhd,

Transocean Holdings Bhd was the day's top gainer, surging 19 sen or 29.82% to  close at a record high of RM5.18.

Other gainers included Nestle, Central Global Bhd, Leon Fuat Bhd, Heng Huat Resources Group Bhd, Gets Global Bhd, Muda Holdings Bhd, Samchem Holdings Bhd and Kuala Lumpur Kepong Bhd.

Active stocks included LKL International Bhd, Focus Dynamics Group Bhd, Macpie Bhd, Melewar Industrial Group Bhd, Hiap Teck Venture Bhd, Priceworth International Bhd, Careplus Group Bhd and Tanco Holdings Bhd.

Bloomberg reported that  stocks in Asia mostly fell, as investors assessed inflation risks amid improving economic activity.

 

 

Source: The Edge