Market Daily Report: KLCI closes 1% lower amid worries over pandemic and economy

 

KUALA LUMPUR (June 30): The FBM KLCI closed by more than 1% today on investors’ concern about Malaysia’s daily Covid-19 figures and economic outlook.

The benchmark index closed 15.68 points or 1.01% lower at 1,532.63.

Twenty-five of the 30 index-linked counters finished in the red, led by Digi.Com Bhd (down 3.5% or 15 sen at RM4.13), Sime Darby Plantation Bhd (down 3.16% or 13 sen at RM3.98) and Top Glove Corp Bhd (down 3.02% or 13 sen at RM4.17).

The market breadth was negative with losers outnumbering gainers by 663 to 307, while 425 counters were unchanged.

Total volume stood at 4.65 billion shares worth RM2.67 billion.

Remisier Jeffry Azizi Jaafar said investor sentiment was dented by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz’s statement yesterday that the government's official gross domestic product (GDP) forecast of between 6% and 7.5% this year will need to be revised downwards.

Going forward, Jeffry said the KLCI’s downside risk remains amid slow vaccine rollout, continued high Covid-19 infection rates, and political risk.

The day’s top active counters included Serba Dinamik Holdings Bhd, Sedania Innovator Bhd, Kumpulan Jetson Bhd, Saudee Group Bhd, OCR Group Bhd, Hiap Teck Venture Bhd, Sapura Energy Bhd and Edaran Bhd.  

Notable gainers by value were Euro Holdings Bhd, Sedania Innovator, Kumpulan H&L High-Tech Bhd, Heineken (M) Bhd, Apollo Food Holdings Bhd, Edaran Bhd, Unisem (M) Bhd, LTKM Bhd, TIME dotCom Bhd, Carlsberg Brewery (M) Bhd and Dataprep Holdings Bhd.

Top losers by value included Genetec Technology Bhd, Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, Aeon Credit Service (M) Bhd, Malaysian Pacific Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Petronas Gas Bhd, Supermax Corp Bhd, Cheetah Holdings Bhd and IHH Healthcare Bhd.

CNBC reported that major Asian markets were mixed by the close today, with oil prices continuing to rise.

Japan's Nikkei 225 fell 0.07% while South Korea's Kospi advanced 0.3%. Hong Kong’s Hang Seng Index dropped 0.57% while the Shanghai Stock Exchange Composite Index rose 0.5%.

 

Source: The Edge

Market Daily Report: KLCI chalked up marginal gains as regional markets sag

 

KUALA LUMPUR (June 29): The FBM KLCI eked out marginal gains today, as regional markets mostly sagged.

At 5pm, the benchmark index closed up 3.6 points or 0.23% at 1,548.31, after trading between 1,541.72 and 1,549.26.

The broader market was mixed with gainers beating losers by 505 to 430, while 471 counters traded unchanged. Volume was 4.79 billion shares valued at RM2.59 billion.

Rakuten Trade head of research Kenny Yee said the investors’ sentiment remained cautious today, following yesterday’s heavy selldown, suggesting a tepid response to the latest PEMULIH stimulus package introduced by the government.

“The cautious market sentiment also took cues from the weak regional performance today,” Yee added.

Among the 30 constituents, Sime Darby Bhd led the pack as the biggest gainer and was higher by 3.29% or seven sen to close at RM2.20. This was followed by Hartalega Holdings Bhd (up 2.6% or 19 sen to settle at RM7.49) and Hap Seng Consolidated Bhd (rose 1.8% or 14 sen to close at RM7.90).  

Serba Dinamik Holdings Bhd continued topping the most active stock on local bourse, with 834.88 million shares traded. It closed at 32 sen, after falling 1.54% or 0.5 sen. 

Also in the top active list are counters linked to Serba Dinamik, namely KPower Bhd and Sarawak Consolidated Industries Bhd.

Nestcon Bhd, which made its debut on ACE Market, saw 25.70 million shares exchanging hands, making it the second-most traded stock on Bursa Malaysia.

Top gainers in value were Genetec Technology Bhd, Malaysian Pacific Industries Bhd, Nestle (M) Bhd, Kumpulan H&L High Tech Bhd, Kobay Technology Bhd, Malaysia Smelting Corp Bhd and Adventa Bhd.

Meanwhile, notable top losers in value included Ipmuda Bhd, Ayer Holdings Bhd, Heineken (M) Bhd, Chin Teck Plantations Bhd, Dataprep Holdings Bhd, LTKM Bhd, OMH Holdings Ltd, Petronas Dagangan Bhd and Vitrox Corp Bhd.

Key Asian markets closed lower including Japan's Nikkei 225 fell 0.81%, while South Korea's Kospi dropped 0.46%. Meanwhile, Singapore’s STI lost 1.2% and the Shanghai Stock Exchange Composite Index closed down 0.92%.

Reuters reported Asian shares dropped on Tuesday, on concerns new coronavirus outbreaks in the region could undercut an economic recovery, even as robust momentum in the US has prompted the Federal Reserve to contemplate a quicker exit from accommodative policy.

“MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.15% lower, hovering near recent highs, though momentum has stalled as some countries re-impose lockdowns to contain the spread of the Delta virus variant,” the news wire added.

 

Source: The Edge

Market Daily Report: KLCI closes at near eight-month low on selling following lockdown extension

 

KUALA LUMPUR (June 28): The FBM KLCI closed 0.96% lower after lingering in negative territory for the entire session on broad-based selling as investors weighed the impact of further extension of the full lockdown.

The benchmark index dropped 14.97 points to 1,544.71, its lowest level since Nov 9, 2020. It opened 2.22 points lower at 1,557.46 and dropped to as low as 1,539.60.

The broader market was also down with 975 counters closing lower against 133 gainers, while 343 stocks closed unchanged. Some 4.73 billion shares worth RM2.38 billion were traded.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the extension of the current movement control order (MCO 3.0) had affected investor sentiment, resulting in the heavy selldown.

“The lockdown extension has sparked concern that the economic recovery may stall for even longer,” he said when contacted.

Leong, however, expects the KLCI to rebound going forward against the backdrop of the new stimulus package announced by Prime Minister Tan Sri Muhyiddin Yassin after the market closed.

The RM150 million “PEMULIH” package includes the government's direct fiscal injection of RM10 billion.

Index-linked counters that fell today were led by Top Glove Corp Bhd (down 2.76% or 12 sen at RM4.23), Sime Darby Bhd (down 2.74% or six sen at RM2.13) and Sime Darby Plantation Bhd (down 11 sen or 2.63% at RM4.08).

The top active counters included Serba Dinamik Holdings Bhd, Fintec Global Bhd, Dagang NeXchange Bhd (DNeX), Boustead Holdings Bhd, PUC Bhd, KPower Bhd, Privasia Technology Bhd, Sarawak Consolidated Industries Bhd (SCIB) and Xidelang Holdings Ltd.

Top gainers in value were Cheetah Holdings Bhd, Genetec Technology Bhd, Chin Teck Plantations Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd (MPI), Dufu Technology Corp Bhd, Petronas Chemicals Group Bhd (PetChem) and Greatech Technology Bhd  

Meanwhile, Nestlé (Malaysia) Bhd was the top loser, falling 70 sen or 0.52% to RM13. This was followed by Petronas Dagangan Bhd (PetDag), which fell 50 sen or 2.55% to RM19.10.

Other notable losers were Kuala Lumpur Kepong Bhd (KLK), Hartalega Holdings Bhd, British American Tobacco (Malaysia) Bhd and Heineken Malaysia Bhd.

Key Asian markets closed lower, with Japan's Nikkei 225 dropping 0.06%, South Korea's KOSPI down 0.03%, Hong Kong's Hang Seng Index dropping 0.07% and the Shanghai Composite down 0.03%.

 

Source: The Edge

Market Daily Report: KLCI finishes 0.26% higher amid regional gains

 

KUALA LUMPUR (June 25): The FBM KLCI ended 0.255% higher today, in line with regional bourses, which tracked Wall Street gains on US President Joe Biden's infrastructure deal.

The gains, however, were capped by cautious sentiment on the potential extension of the full movement control order (FMCO) amid high daily new Covid-19 cases.

The benchmark index pared its earlier gains to close 3.97 points higher at 1,559.68. It earlier rose to an intraday high of 1,563.47 points.

Rakuten Trade Research vice-president Thong Pak Leng said the market was flattish today as it lacked fresh catalysts.

“As the number of Covid-19 cases was still quite high, investors were worried about the [possible] extension of the FMCO,” he told theedgemarkets.com.

The market movement next week, according to him, will depend on the government’s decision on the FMCO.

“If the FMCO is lifted, we may see some bargain hunting on stocks with strong fundamentals,” he said.

Meanwhile, Hong Leong Investment Bank (HLIB) Research analyst Ng Jun Sheng said in a note earlier today that although the overnight Wall Street rally may provide a boost to Bursa Malaysia, multiple domestic headwinds could limit the gains (support levels at 1,533, 1,545 and 1,552; resistance levels at 1,577, 1,588 and 1,600) as investors weigh the domestic fluid politics and the potential extension of the FMCO amid unabated Covid-19 cases.

“Nevertheless, acceleration of the nationwide vaccination programme, expectations of more stimulus measures from the government and potential mid-year window-dressing activities could cushion further slide,”’ he added.

Across Bursa, 5.41 billion securities were traded for RM2.56 billion today, compared with 5.21 billion securities worth RM3.03 billion yesterday.

Losers led gainers by 657 to 344, while 441 counters closed unchanged.

Petronas Dagangan Bhd (PetDag) was the top gainer, rising 66 sen or 3.48% to RM19.60. This was followed by Fraser & Neave Holdings Bhd (F&N), which grew 36 sen or 1.37% to RM26.66, and Nestlé (Malaysia) Bhd that gained 20 sen or 0.15% to RM133.70.

Conversely, OM Holdings Ltd was the top loser, falling 53 sen or 13.15% to RM3.50. This was followed by Malaysian Pacific Industries Bhd (MPI), which dropped by 42 sen or 1.08% to RM38.50, and Cycle & Carriage Bintang Bhd that slipped 40 sen or 13.25% to RM2.62.

MMAG Holdings Bhd was the most actively traded stock. The counter, which saw 488.43 million shares transacted, slid two sen or 12.12% to 14.5 sen.

Most Asian bourses were in the green today, boosted by the US overnight rally.

South Korean shares ended at a record high with the KOSPI closing up 0.51% at 3,302.84, while Japanese shares also finished higher with the Nikkei Stock Average rising 0.66% to 29,066.18.

China’s Shanghai Composite Index, meanwhile, ended 1.15% higher at 3,607.56.

 

Source: The Edge

Market Daily Report: KLCI slips as domestic political risk continues to drag sentiment

KUALA LUMPUR (June 24): The FBM KLCI fell 0.58% today as domestic political infighting, a slow vaccination rate and high daily Covid-19 cases continued to drag market sentiment.

The benchmark index ended 9.05 points lower at 1,555.71 after rising to an intraday high of 1,567.59.

MIDF research head Imran Yassin Md Yusof said the market lacked catalysts and sentiment was bearish on domestic political risk.

“However, I expect some bargain hunting in the next few days as the KLCI has broken the key supporting level of 1,565,” he told theedgemarkets.com.

TA Securities, meanwhile, said in a note today that due to continuing domestic political infighting and pending a stronger ramp-up in vaccination and substantial reduction in daily Covid-19 cases, the market should extend its correction in the immediate term.

“Key index support on breakdown below 1,565 will be 1,552, with better support at 1,540 and 1,520. Immediate resistance is lowered to 1,580, with stronger upside hurdles at 1,600 and 1,623,” it said.

Across Bursa Malaysia, 5.21 billion securities were traded for RM3.03 billion today, compared with 5.22 billion securities worth RM2.78 billion yesterday.

Losers led gainers by 916 to 188, while 374 counters closed unchanged.

Investors continued to flee from glove stocks amid lower average selling prices (ASPs). This resulted in index-linked Top Glove Corp Bhd falling 10 sen or 2.25% to RM4.35 and Hartalega Holdings Bhd dropping 33 sen or 4.13% to RM7.67.

On the other hand, Kobay Technology Bhd was the day's top gainer, surging 38 sen or 16.31% to RM2.71. This was followed by Genetec Technology Bhd (up 37 sen or 5.85% to RM6.69) and newly listed OM Holdings Ltd (up 36 sen or 9.81% to RM4.03).

Meanwhile, Nestlé (Malaysia) Bhd was the top loser, falling 50 sen or 0.37% to RM133.5. This was followed by Hartalega and BLD Plantation Bhd, which slipped 30 sen or 3.23% to RM9.

Serba Dinamik Holdings Bhd, embroiled in an audit dispute, was the most actively traded stock. The counter saw 371.67 million shares traded, and closed six sen or 10.08% down at a new low of 53.5 sen.

Asian stocks were mixed, with South Korean shares closing at an all-time high, led by chip heavyweights that tracked a record finish on the Nasdaq. The benchmark KOSPI closed up 0.3% at 3,286.1, Reuters reported.

In contrast, Japanese shares were flat at 28,875.23 as uncertainty over domestic corporate earnings kept investors on the sidelines, while Hong Kong stocks closed 0.23% higher at 28,882.46, boosted by energy and IT firms.

 

Source: The Edge

Market Daily Report: KLCI finishes 0.59% lower as political and economic concerns weigh on sentiment

 

KUALA LUMPUR (June 23): The FBM KLCI closed lower today, as investors remained cautious amid concerns over the domestic political and economic situation.

The benchmark index finished 0.59% or 9.26 points lower at 1564.76.

Areca Capital Sdn Bhd chief executive officer Danny Wong said the market was dragged by the domestic political and economic risks.

“The market will be range bound until more clarity is seen on vaccination and Covid-19 cases,” he told theedgemarkets.com.

TA Securities also said in a note today that range bound trade is likely to persist, amid worries over the domestic economic and political landscape in the current full movement control order period, and pending further acceleration in vaccinations and significant drop in daily Covid-19 cases.

“Key index supports remain at last Friday's low of 1,565, followed by the next pivot low of 1,552, while better supports are at 1,540 and 1,520.

“Immediate resistance remains at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642,” it said.

Across Bursa Malaysia, 5.22 billion securities were traded for RM2.78 billion today, compared with 5.9 billion securities worth RM3.08 billion yesterday.

Losers led gainers by 716 to 297, while 442 counters closed unchanged.

Counters that dragged the KLCI included Top Glove Corp Bhd (down two sen or 0.45% to RM4.45) and Mr DIY Group (M) Bhd (down nine sen or 2.39% to RM3.67).

OM Holdings Ltd, the day's top gainer, hit limit up after surging 84 sen or 29.68% to RM3.67.

Meanwhile, PMB Technology Bhd was the top loser, plunging 45 sen or 15.79% to RM2.40.

Newly-listed Pekat Group Bhd was the most actively traded stock. The counter, which saw 243.3 million shares exchanging hands, soared 49.5 sen or 154.69% to 81.5 sen.

Most Asian bourses rose today, tracking overnight gains on Wall Street, after investors cheered the US Federal Reserve's pledge to not raise rates too quickly.

Japan’s Nikkei closed 0.03% lower at 28874.89, South Korea’s Kospi ended 0.38% higher at 3276.19, Hong Kong’s Hang Seng Index finished 1.79% higher at 28817.07, and the Shanghai Composite Index closed 0.25% higher at 3566.2.

 

Source: The Edge

Market Daily Report: KLCI ends 0.11% higher, tracking regional gains

 

KUALA LUMPUR (June 22): The FBM KLCI ended 0.11% higher today, tracking regional markets on the back of the overnight rally on Wall Street.

The benchmark index closed 1.78 points higher at 1574.02, after rising to a high of 1,577.57.

Inter-Pacific Securities head of research Victor Wan said the KLCI's rebound was in tandem with the rally on Wall Street.

“However, the recovery strength is not quite there yet, as there are not enough catalysts to lift the market,” he told theedgemarkets.com.

He added that the level of market participation has been low lately, as many investors are not looking at the market at this point.

Other than the local political uncertainty, the market's concern is that the second-half economic growth is not going to meet  expectations because of the full movement control order (FMCO), Wan said, adding that corporate earnings are expected to underperform too.

“Investors are waiting for more concrete evidence that could drive a sustainable rebound,” he said, and expects the market to trade range-bound in the next few days.

While the Wall Street rally has provided a fillip to local bourse, Hong Leong Investment Bank Research analyst Ng Jun Sheng also said in a note today that any rebound is likely to be capped near the 1,590 to 1,610 zones.

This is because investors are still grappling with a hawkish US Federal Reserve (Fed), unabated Covid-19 cases nationwide, the impact of the FMCO extension to the economy and corporate earnings, and domestic fluid politics, he said.

Across Bursa Malaysia, 5.9 billion securities were traded for RM3.08 billion today, compared with 6.04 billion securities worth RM2.8 billion yesterday.

Gainers led losers by 528 to 481, while 468 counters closed unchanged.

Genetec Technology Bhd was the top gainer, rising 33 sen or 6.25% to RM5.61. This was followed by newly-listed OM Holdings that rose 26 sen or 10.12% to RM2.83.

Malaysian Pacific Industries Bhd was the top loser, falling RM1.42 or 3.56% to RM38.52. This was followed by Kuala Lumpur Kepong Bhd, which lost 66 sen or 3.07% to RM20.84.

Serba Dinamik Holdings was the most actively-traded stock with 576.23 million shares exchanging hands. It rebounded 2.5 sen or 4.17% to 62.5 sen.

Reuters reported global shares extended their recovery as investors focused on prospects for post-pandemic economic growth, rather than fret more over the hawkish stance taken by the Fed at a policy meeting last week.

The Nikkei share average jumped 3.12% to 28,884.13 in its biggest percentage gain since June last year. South Korea’s Kospi closed up 23.09 points or 0.71% at 3,263.88 and the Shanghai Composite Index rose 28.23 points or 0.8% higher to 3557.41.

 

Source: The Edge

Market Daily Report: KLCI down 1.06% as hawkish Fed weighs on market sentiment

 

KUALA LUMPUR (June 21): The FBM KLCI fell 1.06% today, in line with declines in Wall Street and regional markets, following hawkish comments from the US Federal Reserves (Fed).

The benchmark index, which opened 8.54 points lower at 1,580.51, closed at 1,572.24 — down 16.81 points from last Friday's close.

Areca Capital Sdn Bhd chief executive officer Danny Wong said the concern that the Fed will normalize the rate faster than expected has dragged overall market sentiment today.

“I think the market is a bit sensitive to this news. I expect the KLCI to rebound over the next few days after digesting the news,” he told theedgemarkets.com.

Hong Leong Investment Bank Research’s analyst Ng Jun Sheng, meanwhile, wrote in a note today that he anticipated the KLCI to continue to trend sideways in the short term, with a slight negative bias, in the midst of a hawkish Fed, elevated Covid-19 cases nationwide, the impact of the full movement control order extension to the economy and corporate earnings, and domestic fluid politics.

“Nevertheless, we still believe the downside risk is likely to be cushioned near the 1,545 to 1,552 zones, as the structured National Recovery Plan with objective thresholds should help control the Covid-19 pandemic in a more sustainable matter, particularly the acceleration of the nationwide vaccination programme with full vaccination rates of 40% target by September/October and 60% by November/December," he wrote.

Across Bursa Malaysia, 6.04 billion securities were traded for RM2.8 billion, compared with 6.31 billion securities worth RM4.77 billion last Friday.

Losers led gainers by 784 to 309, while 393 counters closed unchanged.

Malaysia Airports Holdings Bhd was the top gainer, rising 29 sen or 4.83% to RM6.30. This was followed by ViTrox Corp Bhd, which climbed 28 sen or 1.93% to RM14.78, and Batu Kawan Bhd, which rose 26 sen or 1.35% to RM19.50.

Meanwhile, Malaysian Pacific Industries Bhd was the top loser, falling 74 sen or 1.82% to RM39.94. This was followed by Heineken Malaysia Bhd, which retreated 44 sen or 1.79% to RM24.16, and Tenaga Nasional Bhd, which fell 44 sen or 4.21% to RM10.

VSolar Group Bhd, the most actively traded stock that saw 533.37 million shares changed hands, shed 0.5 sen or 25% to 1.5 sen.

Reuters reported that Asian bourses were tracking Wall Street’s sell-off last week, triggered by fresh comments from a Fed official that the US central bank might raise interest rates sooner than expected.

The Nikkei 225 average lost 3.29% in its biggest percentage fall since Feb 26, to close at 28,010.93.

South Korea’s Kospi also closed 0.83% lower at 3,240.79, the sharpest decline since June 9, while Hong Kong’s Hang Seng dropped 1.08% to 28,489.

 

Source: The Edge

Market Daily Report: KLCI rebounds 1.16% to close at intraday high amid bargain hunting

 

KUALA LUMPUR (June 18): The FBM KLCI rebounded today on bargain hunting following the recent sell-off.

The benchmark index closed 18.19 points or 1.16% higher at its intraday high of 1,589.05.

Rakuten Trade head of research Kenny Yee said there were some bargain-hunting activities after the recent downtrend. “However, the KLCI is expected to be range-bound next week due to uncertainty over the Parliament developments,” he told theedgemarkets.com.

While also expecting the KLCI to continue to trend sideways, Hong Leong Investment Bank (HLIB) Research analyst Ng Jun Seng believed the downside risk to the KLCI is likely to be cushioned near the 1,545-1,552 zone as the nationwide vaccination programme gains strength and is anticipated to hit above 300,000 shots daily from July to August onwards after crossing the threshold of 200,000 jabs this week.

Across Bursa Malaysia, 6.31 billion securities were traded for RM4.77 billion, compared with 4.26 billion securities worth RM2.74 billion yesterday.

Gainers led losers by 563 to 456, while 452 counters closed unchanged.

Notably, Bursa's Technology Index rose 1.68% to 82.2 after US technology stocks drove the Nasdaq higher overnight.

Malaysian Pacific Industries Bhd (MPI) was the top gainer, rising 54 sen or 1.35% to RM40.68, followed by plantation group Kuala Lumpur Kepong Bhd (KLK), which climbed 54 sen or 2.58% to RM21.44, and consumer product group Nestlé (Malaysia) Bhd, which rose 50 sen or 0.37% to RM134.90.

KESM Industries Bhd, meanwhile, was the top loser, falling 36 sen or 3.11% to RM11.20, followed by ViTrox Corp Bhd, which slipped 34 sen or 2.29% to RM14.50, and Malaysia Airports Holdings Bhd (MAHB) that slid 31 sen or 4.91% to RM6.01.

Fintec Global Bhd, the most actively traded stock, ended half a sen or 16.67% higher at 3.5 sen.

Meanwhile, Asian bourses were largely mixed today. 

Reuters reported that China stocks ended flat today while posting their third straight weekly drop on worries over lofty valuations and Sino-West tensions. China’s Shanghai Composite Index closed 0.01% lower at 3,525.1. Japan’s Nikkei 225 also ended 0.19% lower at 28,964.08. South Korea’s KOSPI, however, closed 0.09% higher at 3,267.93, posting its fifth consecutive weekly gain.

 

Source: The Edge

Market Daily Report: KLCI closes 0.47% lower as uncertainties over domestic political developments loom

 

KUALA LUMPUR (June 17): The FBM KLCI closed 0.47% or 7.46 points lower at 1570.86 today as investors remained cautious, pending more clarity of recent domestic political developments.

Malacca Securities Sdn Bhd head of research Loui Low said the downtrend of the KLCI today was mainly due to investors being afraid of exposing themselves to political risks.

“The trading value and volume were not exciting as well as investors were still digesting the National Recovery Plan,” he told theedgemarkets.com.

He expects the market to trade either sideways or negative tomorrow and next week as investors are also likely to stay cautious as daily Covid-19 cases remain high.

Likewise, TA Securities said in a note today that the cautious market undertone should persist until there is more clarity on the politics side and further details of the four-phase exit strategy from the current economic lockdown.

“Immediate index support remains at the recent pivot low of 1,568, with better support from the next pivot low of 1,552, then 1,540 and 1,520.

“On the upside, immediate resistance stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642,” it said.

Across Bursa Malaysia, 4.26 billion securities crossed for RM2.74 billion today, compared with 4.69 billion securities traded worth RM3.14 billion yesterday.

Losers led gainers by 611 to 361, while 454 counters closed unchanged.

JcbNext Bhd was the top gainer today. The stock hit limit up after surging 39 sen or 30% to RM1.69. Edaran Bhd, which was the second top gainer, also hit limit up after soaring 30 sen or 49.59% to 90.5 sen.

The day's top loser was Malaysian Pacific Industries Bhd (MPI), falling 42 sen or 1.04% to RM40.14. This was followed by Transocean Holdings Bhd, which slipped 27 sen or 5.63% to RM4.53.

MMAG Holdings Bhd, the most actively traded stock with 212.14 million shares changing hands, closed unchanged at 19 sen.

Meanwhile, Asian bourses were mixed today.

Reuters reported that China stocks rose after three straight sessions of losses as subdued factory output data eased fears of policy tightening in the world’s second-largest economy, while tech firms shined on reports of a chip push.

It also reported that Japanese and South Korean shares ended lower on the US Federal Reserve’s (Fed) hawkish tone.

China’s Shanghai Composite Index closed 0.21% higher at 3,525.6, while Japan’s Nikkei 225 ended 0.93% lower at 29,018.33 and South Korea’s KOSPI closed 0.42% lower at 3,264.96.

 

Source: The Edge

Market Daily Report: KLCI ends 0.19% lower ahead of FOMC meeting

 

KUALA LUMPUR (June 15): The FBM KLCI fell today as investors stayed cautious while awaiting the outcome of the US Federal Open Market Committee (FOMC) meeting.

The benchmark index closed 3.05 points or 0.19% lower at 1,578.32.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said market sentiment was jittery ahead of the meeting of the FOMC, a committee within the US Federal Reserve System.

“The market movement in the next few days will depend on the outcome of the FOMC. If the Federal Reserve tapers its bond buying program, we may see the pull back from the market and vice versa,” he told The Edge.

While believing a recovery is an eventuality, Hong Leong Investment Bank Research analyst Ng Jun Seng said investors may turn cautious about the heightened risks of economic and corporate earnings growth prospects following an extension of the full movement control order to June 28, as well as the Malay rulers’ special meeting and FOMC outcome.

“Nevertheless, there is light at the end of the tunnel with downside risk cushioned near 1,552 to 1,566 zones, as investors weigh on the National Recovery Plan announcement and acceleration in daily vaccination rates to 300,000 to 400,000 jabs by end Aug,” he said in a note today.

Across Bursa Malaysia, 4.69 billion securities were traded for RM3.14 billion, compared with 5.86 billion securities worth RM3.66 billion yesterday.

Losers led gainers by 668 to 349, while 449 counters closed unchanged.

Malaysian Pacific Industries Bhd was the day's top gainer, rising 68 sen or 1.71% to RM40.56. Other top gainers included Genetec Technology Bhd (up 54 sen or 11.56% to RM5.21) and Innity Corp Bhd (up 30 sen or 64.52% to 76.5 sen).

Nestle (Malaysia) Bhd was the top loser, falling 80 sen or 0.59% to RM134.6. Other leading losers included Fraser & Neave Holdings Bhd (down 52 sen or 1.96% at RM26) and Euro Holdings Bhd (which hit limit down after plunging 51 sen or 29.65% to RM1.21).

KNM Group Bhd was the most actively traded stock. The stock, which saw 153.86 million shares traded, slipped 0.5 sen or 2.44% to 20 sen.

Asian bourses were mixed today ahead of the FOMC meeting. South Korean shares posted another record high closing with KOSPI rising 0.62% to 3,278.68, but Japan’s Nikkei 255 slid 0.51% to 29,291.01 and Hong Kong’s Hang Seng ended 0.77% lower at 28,418.61.

 

Source: The Edge

Market Daily Report: KLCI flat as investors stay on sidelines ahead of national recovery plan announcement

 

KUALA LUMPUR (June 15): The FBM KLCI ended the day on a flat note, as investors stayed on the sidelines, ahead of the government’s national recovery plan announcement.

The benchmark index closed 1.09 points or 0.07% lower at 1,581.37 today after rising to a high of 1586.10.

MIDF head of research Imran Yassin Md Yusof told theedgemarkets.com the KLCI was flattish for the whole day as the market lacked catalysts.

The index's movement tomorrow, meanwhile, will depend on the government’s national recovery plan, which was scheduled to be announced by Prime Minister Tan Sri Muhyiddin Yassin at 5pm today, said Imran.

On the other hand, TA Securities said in a note today that the local market should stay range-bound, with most investors staying on the sidelines, pending the outcome of Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah's meeting with the Conference of Rulers tomorrow.

On the index, it said the immediate support level remains at the recent pivot low of 1,568, with better support from the next pivot low of 1,552, then 1,540 and 1,520.

On the upside, it said the immediate resistance level stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642.

Across Bursa Malaysia today, 5.86 billion securities were traded for RM3.66 billion.

Gainers led losers by 508 versus 465, while 488 counters closed unchanged.

The Technology Index rose 0.86% to 81.37 after tech share resurgence led the Nasdaq to a record high yesterday. Kobay Technology Bhd, which was the top gainer today, surged 58 sen or 26.85% to RM2.74.

Other top gainers included Transocean Holdings Bhd, which rose 40 sen or 8.7% to RM5, and Carlsberg Brewery Malaysia Bhd, which gained 26 sen or 1.16% to RM22.76.

Top loser Euro Holdings Bhd hit limit down after plunging 73 sen or 29.8% to RM1.72. Other top losers of the day included Kuala Lumpur Kepong Bhd (KLK), which dropped 32 sen or 1.5% to RM20.98, and Advanced Packaging Technology (M) Bhd, which fell 30 sen or 10% to RM2.70.

Serba Dinamik Holdings Bhd, which is facing audit issues, remained the most actively traded stock, with 423.04 million shares done. The counter declined 6.5 sen or 8.72% to 68 sen.

Regionally, Asian bourses were mixed today.

Reuters reported that Chinese and Hong Kong stocks ended lower as Sino-G7 tensions weighed. Hong Kong’s Hang Seng Index ended 0.64% lower at 28,656.51 points, while the Shanghai Composite finished 0.92% lower at 3,556.56 points.

South Korean shares, however, rose to a record close, with the KOSPI settling 0.2% higher at 3,258.63 points. Japan’s Nikkei 225 also closed higher at 29,441.3 points, up 0.96%.

 

Source: The Edge

Market Daily Report: KLCI ends at intraday low as regional equity indices decline

 

KUALA LUMPUR (June 9): The FBM KLCI posted today a 6.48-point or 0.41% decline to close at its intraday low of 1,581.48 on profit taking and as Asian equity indices fell, while investors continued to weigh the impact of progress in Covid-19 vaccination to rejuvenate a pandemic-hit world economy.

Across Bursa Malaysia at 5pm, there were 640 decliners and 367 gainers. A total of six billion securities were traded for RM3.2 billion.

"The plan for further acceleration in daily vaccination by the government in coming months to 300,000 daily jabs by August, if realised, should sustain economic recovery plays, hence sectors such as construction, banking and property should outperform,” TA Securities Holdings Bhd analysts wrote in a note today.

The KLCI finished up 9.51 points at 1,587.96 yesterday.

Across Asia today, it was reported that the MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.3%, while Japan's Nikkei average shed 0.4%.

"Hong Kong shares closed lower today, dragged by tech firms after the US Senate passed a package of laws aimed at boosting its ability to take on Chinese technology. The Hang Seng Index ended down 38.75 points or 0.13% at 28,742.63. The Hang Seng China Enterprises Index fell 0.23% to 10,704.75,” Reuters reported.

Globally, it was reported that investors were focused on US bond yields, which touched their lowest levels in a month, as investors bet the US Federal Reserve (Fed) was some way off from tapering its economic stimulus.

It was reported that the 10-year US debt yield hit a fresh month low for the second day running, reaching 1.504% and down a quarter of a percentage point from a 14-month peak hit in March.

Such sentiment weakened the US dollar against other currencies, including the ringgit, which strengthened to 4.1170 versus the US dollar at the time of writing.

Also at the time of writing, the US Dollar Index, which measures the US dollar’s value against a basket of currencies, was down 0.06% at 90.0190.

 

Source: The Edge

Market Daily Report: KLCI closes 0.3% lower amid mixed regional performance

 

KUALA LUMPUR (June 11): The FBM KLCI continued to post a decline today, with the benchmark index falling 0.3% or 4.74 points to close at 1,575.16.

Rakuten Trade head of equity sales Vincent Lau noted that the KLCI's performance was in line with regional markets. 

He also noted that many investors had reduced their exposure ahead of the weekend, as well as due to concerns over the country’s Covid-19 daily case numbers coming up again.

“That said, cases are expected to come down with the ramp-up in the government’s vaccination efforts,” he said.

The top decliners among the index’s constituents were Supermax Corp Bhd, Sime Darby Plantation Bhd and Hap Seng Consolidated Bhd. 

Of the 30 component stocks currently on the index, 18 counters posted declines, 10 posted gains and two were unchanged.

Broader market sentiment was mostly negative, with 533 counters posting declines, versus the 476 that were unchanged and 441 that posted gains.

The top active stocks on the local bourse today were Dagang NeXchange Bhd (DNeX), Avillion Bhd and Serba Dinamik Holdings Bhd. 

As for top value gainers, the list was led by Malaysian Pacific Industries Bhd (MPI), Nestlé (Malaysia) Bhd and Transocean Holdings Bhd. 

As for top value losers, CI Holdings Bhd, Kuala Lumpur Kepong Bhd (KLK) and Pecca Group Bhd were at the top of the list.

TA Securities Research said in a note today that stocks were likely to extend sideways trade ahead of the weekend, pending less ambiguity over local political developments with the Agong due to meet the Conference of Rulers next week, most probably over a decision to extend emergency measures or more concerted efforts to contain the worsening domestic Covid-19 pandemic.

“Immediate index support remains at last Monday's low of 1,568, followed by the recent pivot low of 1,552, with better support [levels] seen at 1,540 and 1,520. 

"Initial profit-taking resistance stays at 1,600, with stronger resistance levels expected at the recent highs of 1,623, 1,635 and 1,642,” it noted.

On the domestic front, Malaysia saw its Industrial Production Index (IPI) in April jumped by 50.1% year-on-year (y-o-y) on the back of strong manufacturing.

The sharp increase was driven by increases among all indices. The manufacturing index increased by 68% y-o-y, the electricity index was up 22.9%, and the mining index was up 14.3%.

When contrasted to regional markets, the performance of the KLCI did not stand out against the mixed performance seen regionally.

In China, Hong Kong's Hang Seng Index was 0.36% or 103.25 points higher at 28,842.13 points. However, its fellow index in Shanghai, namely the Shanghai Composite, was down 0.58% or 21.11 points lower at 3,589.75.

Japan’s Nikkei 225 was somewhat flattish, declining by 0.03% or 9.83 points to 28,948.73. Across the causeway, the Straits Times Index dropped 0.17% or 5.53 points to 3,156.97.

According to Reuters, stock markets in the region largely gained.

“South Korea led the way with a 0.8% rise, while Thailand, the Philippines and others rose no more than half a per cent,” it noted.

 

Source: The Edge

Market Daily Report: KLCI finishes down after final-hour profit taking

 

KUALA LUMPUR (June 10): The FBM KLCI closed down 1.58 points or 0.1% today at its intraday low of 1,579.90 on profit taking in the final trading hour as global investors waited for the US inflation data and the European Central Bank's (ECB) interest rate decision.

In Malaysia, analysts and fund managers sald investors are observing keenly the nation’s political developments involving meetings between political party heads with the King.

Areca Capital Sdn Bhd chief executive officer Danny Wong said investors are taking a wait-and-see approach while TA Securities Holdings Bhd analysts wrote in a note today that the local market should trade sideways given the recent domestic political development with regard to the meetings involving political party heads with Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah "as investors stay aside pending more certainty”.

It was reported that ongoing developments in the country, in particular the Covid-19 pandemic, were the main agendas discussed when political party leaders were granted an audience with the King at Istana Negara here yesterday.

It was reported that this ended speculation that the meetings had to do with the current political landscape.

"Prime Minister Tan Sri Muhyiddin Yassin was the first to be granted an audience at 8am for the pre-Cabinet meeting, which usually takes place every Wednesday, to provide updates on the development of the country's administration. The meeting lasted an hour.

"Opposition leader Datuk Seri Anwar Ibrahim, who was also granted an audience, was spotted entering the main gate of the palace at 10:40am and left an hour later,” Bernama reported.

Across Bursa Malaysia today, there were 520 gainers versus 436 decliners. A total of 4.91 billion securities were traded for RM2.74 billion today compared with six billion shares valued at RM3.2 billion yesterday.

According to Wong, investors are waiting to see later today what the latest round of US inflation data reveals, as well as the ECB’s interest rate decision.

“At the same time, we are now at the tail end of (the corporate financial) reporting season for the first quarter, with many companies already having disclosed their results,” he told theedgemarkets.com.

 

Source: The Edge

Market Daily Report: KLCI ends at intraday low as regional equity indices decline

 

KUALA LUMPUR (June 9): The FBM KLCI posted today a 6.48-point or 0.41% decline to close at its intraday low of 1,581.48 on profit taking and as Asian equity indices fell, while investors continued to weigh the impact of progress in Covid-19 vaccination to rejuvenate a pandemic-hit world economy.

Across Bursa Malaysia at 5pm, there were 640 decliners and 367 gainers. A total of six billion securities were traded for RM3.2 billion.

"The plan for further acceleration in daily vaccination by the government in coming months to 300,000 daily jabs by August, if realised, should sustain economic recovery plays, hence sectors such as construction, banking and property should outperform,” TA Securities Holdings Bhd analysts wrote in a note today.

The KLCI finished up 9.51 points at 1,587.96 yesterday.

Across Asia today, it was reported that the MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.3%, while Japan's Nikkei average shed 0.4%.

"Hong Kong shares closed lower today, dragged by tech firms after the US Senate passed a package of laws aimed at boosting its ability to take on Chinese technology. The Hang Seng Index ended down 38.75 points or 0.13% at 28,742.63. The Hang Seng China Enterprises Index fell 0.23% to 10,704.75,” Reuters reported.

Globally, it was reported that investors were focused on US bond yields, which touched their lowest levels in a month, as investors bet the US Federal Reserve (Fed) was some way off from tapering its economic stimulus.

It was reported that the 10-year US debt yield hit a fresh month low for the second day running, reaching 1.504% and down a quarter of a percentage point from a 14-month peak hit in March.

Such sentiment weakened the US dollar against other currencies, including the ringgit, which strengthened to 4.1170 versus the US dollar at the time of writing.

Also at the time of writing, the US Dollar Index, which measures the US dollar’s value against a basket of currencies, was down 0.06% at 90.0190.

 

Source: The Edge

Market Daily Report: KLCI closes higher despite regional losses

 

KUALA LUMPUR (June 8): The FBM KLCI gained today on selective buying support, in contrast to regional markets which closed lower.

The index ended 9.51 points or 0.6% higher at 1,587.96, supported by gains in counters like Gentling Malaysia Bhd (GenM), CIMB Group Holdings Bhd and Hap Seng Consolidated Bhd.

Rakuten Trade Research head of equity sales Vincent Lau said the improved market sentiment was attributable to a decline in the number of Covid-19 cases in recent days, as well as bargain-hunting activities.

Other Asian equities reversed early gains today, with traders sidelined ahead of US inflation data and a European monetary policy meeting this week, while oil prices lost more ground on worries over the fragile state of the global recovery, Reuters reported.

Hong Kong's Hang Seng Index fell 0.02%, the Shanghai Composite finished 0.54% lower at 3,580.11, Japan's Nikkei 225 declined 0.19% and Singapore's Straits Times Index closed 0.27% down at 3,167.20.

On Bursa Malaysia, the broader market was mixed with 580 counters closing higher, 567 posting declines and 390 finishing unchanged.

The day's top active stocks were Serba Dinamik Holdings Bhd (on a volume of 535.31 million shares), Dagang NeXchange Bhd (DNeX) (343.54 million) and Hibiscus Petroleum Bhd (154.92 million).

The top gainers included Genetec Technology Bhd, Carlsberg Brewery Malaysia Bhd and Hong Leong Bank Bhd (HLB), while the top losers were Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd (MPI) and Computer Forms (Malaysia) Bhd (CFM).

 

Source: The Edge

Market Daily Report: KLCI falls in line with regional bourses

 

KUALA LUMPUR (June 4): The FBM KLCI extended its losses today in line with declines in regional markets, and as market sentiment continued to be affected by the high number of Covid-19 infections in the country.

The benchmark index closed 12.12 points or 0.76% lower at 1,578.45.

The top decliners among the index’s components were Hap Seng Consolidated Bhd, Digi.Com Bhd and MISC Bhd.

On the broader market, losers led gainers by 605 to 451, with 430 other stocks closing unchanged.

Areca Capital CEO Danny Wong said there was an absence of fresh factors to influence investor sentiment.

Active stocks included Zelan Bhd, Serba Dinamik Holdings Bhd and Focus Dynamics Group Bhd.

The day's top value losers were led by Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd and Pharmaniaga Bhd. The top value gainers were MMC Corp Bhd’s C24, C29 and C20 structured warrants.

Reuters reported that most emerging Asian equities declined today while currencies weakened after upbeat economic data from the United States boosted the US dollar.

Japan's Nikkei 225 fell 0.4%, Hong Kong's Hang Seng lost 0.17%, and Singapore's Straits Times Index closed 0.5% lower at 3,149.31.

 

Source: The Edge

Market Daily Report: KLCI stays below 1,600 amid Covid concerns

 

KUALA LUMPUR (June 3): The FBM KLCI came down today after two days of gains on lack of buying support, amid continued high number of Covid-19 infections and the ongoing full lockdown.

The benchmark index opened at 1,599.08 and thereafter remained below the 1,600 psychological level to close 7.37 points or 0.46% lower at 1,590.97.

Glove counters and other healthcare related stocks in particular came under selling due to the pandemic situation, including the slow pace of vaccination.

TA Securities Research said the market should ease into profit taking consolidation mode in the absence of further confirmation on the acceleration in vaccination rollouts and stimulus fine-tuning, to better cushion the adverse impact from the current lockdown.

“Immediate resistance for the index stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642. Immediate support remains at Monday's low of 1,568, followed by the recent pivot low of 1,552, with better supports seen at 1,540 and 1,520,” it said in a note.

Market breadth was slightly in the negative with declining counters outnumbering gainers by 544 to 538, with 427 other counters closing unchanged.

Top actives today included Progressive Impact Corp Bhd, Serba Dinamik Holdings Bhd and Greenyield Bhd.

Top value losers included Time dotCom Bhd, Pharmaniaga Bhd and Fraser & Neave Holdings Bhd, while glove stocks that fell included heavyweights Hartalega Holdings Bhd and Supermax Corp Bhd.

Gainers were led by Computer Forms (Malaysia) Bhd, Heineken Malaysia Bhd and Choo Bee Metal Industries Bhd.

Reuters reported that world stocks clung close to record highs today, as investors weighed inflation concerns ahead of key US economic data, while oil prices rose for a third straight session. Market sentiment was cagey, as investors backed away from big bets before the release on Friday (June 4) of US jobs data, it said.

Japan's Nikkei 225 closed 0.39% higher, while the Shanghai Composite finished 0.36% lower, and Hong Kong's Hang Seng ended 1.13% down.

 

Source: The Edge

Market Daily Report: FBM KLCI finishes 0.76% higher on crude oil price increase

 

KUALA LUMPUR (June 2): The FBM KLCI rose for the second consecutive day today, closing 12.04 points or 0.76% higher today at 1,597.94 as market sentiment was boosted by a further rise in crude oil prices.

All but three of the 30 index-linked counters rose, led by RHB Bank Bhd, Hap Seng Consolidated Bhd and Axiata Group Bhd.

Crude oil rose to the highest level since October 2018, a positive development for oil-exporting Malaysia.

Trident Analytics founder and chief research officer Peter Lim Tze Cheng said he he did not see any other strong factors that contributed to today's performance.

TA Securities Research said in a note that stocks would stay range-bound pending confirmation on further acceleration in vaccination rollouts, and more stimulus or fine-tuning measures to cushion the impact from a full lockdown.

“On the index, immediate support remains at Monday's low of 1,568, followed by the recent pivot low of 1,552, with better supports seen at 1,540 and 1,520. Immediate resistance stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642,” it said.

Market breadth was firmly in positive territory, with 710 counters posting gains versus 362 decliners and 432 counters that finished unchanged.

Only  two of Bursa Malaysia's indices posted declines, with the top performing ones being the Mids Cap, Mids Cap Shariah and Small Cap indices.

The top active counters were Joe Holdings Bhd, Serba Dinamik Holdings Bhd and Kumpulan Jetson Bhd.

Top gainers were Fraser & Neave Holdings Bhd (F&N), Time dotCom Bhd and Panasonic Manufacturing Malaysia Bhd.

Top losers included Nestle Malaysia Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd (MPI).

The FBM KLCI's gain was in contrast to the losses recorded by most Asian bourses. Hong Kong's Hang Seng index fell 0.58% or 170.38 points to 29,297.62 points, Shanghai Composite closed 0.76% or 27.58 points lower at 3,597.14, and Singapore's Straits Times Index fell 0.92% or 29.33 points to 3,157.90.

Reuters reported that Asian stocks chopped around record peaks, while the dollar was pinned to near recent lows, as markets awaited US jobs data and looked ahead to crucial central bank meetings in Europe and United States for guidance on the interest rates outlook.

 

Source: The Edge

Market Daily Report: KLCI finishes 0.15% higher at 1,585.90 points following rebound in sentiment

 

KUALA LUMPUR (June 1): The FBM KLCI closed 0.15% or 2.35 points higher at 1,585.90 today.

CIMB Group Holdings Bhd as well as gaming giants Genting Bhd and Genting Malaysia Bhd were the leaders among the index’s components.

The positive sentiment was also present on other indices of the local bourse, with only 12 posting declines, while the rest saw gains today.

In terms of market breadth, the numbers of gainers slightly edged the number of losers today at 585 versus 526, while 394 counters were unchanged.

Today’s top actives were Serba Dinamik Holdings Bhd, Focus Dynamics Group Bhd and Dagang NeXchange Bhd (DNeX). The list of top value gainers, meanwhile, was headed by Malaysian Pacific Industries Bhd (MPI), Panasonic Manufacturing Malaysia Bhd and Carlsberg Brewery Malaysia Bhd. 

Conversely, British American Tobacco (Malaysia) Bhd, Pharmaniaga Bhd and Sedania Innovator Bhd were the local bourse’s top losers.

Areca Capital chief executive officer (CEO) Danny Wong noted that today saw a rebound from the decline and negative sentiment seen yesterday, noting that investors were bottom-fishing for value stocks today.

Regional markets were largely in positive territory. Across the causeway, the Singapore Straits Times Index was 0.56% or 17.66 points higher at 3,181.94.

Chinese markets too closed higher. Hong Kong's Hang Seng Index finished 1.08% or 316.20 points higher at 29,468, while the Shanghai Composite was 0.26% or 9.24 points better at 3,624.71.

As for the Nikkei 225, it finished 0.16% or 45.74 points lower at 28.814.34.

Reuters reported today that emerging markets made a strong start to June, with stocks rising to more than three-month highs, while currencies moved further up in record territory.

“May factory activity data from several emerging market countries showed a mixed bag, with manufacturing activity in South Korea and Russia expanding, while [it was] slowing in India and contracting in Turkey.

"In China, factory activity expanded at the fastest pace this year, but inflation pressure crimped production of some companies,” it reported.

 

 

Source: The Edge