Market Daily Report: KLCI falls 1.21%, tracking regional losses on virus woes

 

KUALA LUMPUR (July 30): The FBM KLCI slipped to below the key support level of 1,500 today, in line with weaker regional markets which were dragged down by Covid-19 worries.

The benchmark index ended 18.33 points or 1.21% lower at its intra-day low of 1,494.6.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the market weakness was in tandem with regional peers.

“Local political uncertainty also dampened sentiment as foreign funds have been selling local equities in the past five days,” he told theedgemarkets.com.

Leong expects the weakness to continue next week in the absence of fresh catalysts.

Overall market breadth was negative with 665 counters ending the day in the red, versus 300 gainers and 407 that were unchanged.

A total of 4.12 billion securities were traded at a value of RM2.72 billion, compared with 4.48 billion securities worth RM2.86 billion yesterday.

Heavyweights that dragged the KLCI down included Sime Darby Plantation Bhd (down 23 sen or 6.34% to RM3.40), Petronas Gas Bhd (down 40 sen or 2.56% to RM15.24) and CIMB Group Holdings Bhd (down 10 sen or 2.2% to RM4.45).

Among the top losers were Kuala Lumpur Kepong Bhd (down 74 sen or 3.84% to RM18.52), Petronas Gas, and Dutch Lady Milk Industries Bhd (down 32 sen or 0.96% to RM33.1).

The top gainers were Genetec Technology Bhd (up RM3.18 or 16.19% to RM22.82), SAM Engineering & Equipment (M) Bhd (up RM2.48 or 29.81% to RM10.80), and Malaysian Pacific Industries Bhd (up RM1.68 or 3.92% to RM44.50).

Kanger International Bhd, which saw 139.61 million shares traded, was the most actively traded stock.

Asian shares slid today, extending their biggest monthly drop on lingering investor concern over regulatory crackdowns in China on the education, property and tech sectors and a resurgence in Covid-19 cases in the country, Reuters reported.

The Shanghai Composite Index ended 0.42% lower at 3,397.36, and Hong Kong’s Hang Seng Index fell 1.35% to 25,961.03.

Japan’s Nikkei 225 fell 1.8% to 27,283.59, its biggest decline since June 21 and the lowest close since Jan 6. South Korea’s Kospi, meanwhile, tumbled 1.24% to 3,202.32, its sharpest daily fall in more than two months.

 

Source: The Edge

Market Daily Report: KLCI erases gains to close lower amid political uncertainty

 

KUALA LUMPUR (July 29): The FBM KLCI erased earlier gains and sank into the red today on concerns about the latest political developments in the country.

The benchmark index closed 2.46 points or 0.16% lower at 1,512.93 after moving between 1,511.51 and 1,520.04 throughout the day.

Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong said the market pulled back in the afternoon after Yang di-Pertuan Agong issued a statement rebuking the government.

“The market in the next few days should remain volatile as political uncertainties will continue to affect market sentiment,” he told The Edge.

The King, in his statement, said he was very disappointed that the Cabinet had decided to revoke the Emergency Ordinances promulgated during the state of emergency without receiving his consent.

Meanwhile, Hong Leong Investment Bank (HLIB) Research analyst Ng Jun Sheng said in a note today that lingering concerns over the precarious local Covid-19 situation and domestic fluid politics should see the KLCI extend its consolidation (gyrating within the 1,500 to 1,534 levels) in the near term.

“Nevertheless, we expect the index to nudge higher towards the 1,545-1,556-1,580 levels in the next few weeks, underpinned by the ongoing aggressive vaccination rates to achieve the targeted 40% and 70% goals by the end of August and September respectively, as well as the government’s optimism that most states will move into Phase 4 of the National Recovery Plan by October to November,” Ng said.

Hence, he advocated a more balanced portfolio proposition with a lean towards recovery plays, which include Malayan Banking Bhd (Maybank), Tenaga Nasional Bhd (TNB), Sunway Bhd, MR DIY Group (M) Bhd, Telekom Malaysia Bhd (TM), UWC Bhd, VS Industry Bhd, Bumi Armada Bhd, MBM Resources Bhd, Sentral REIT and Focus Point Holdings Bhd.

Overall market breadth today was negative, with 636 counters closing lower, versus 350 that rose and 398 that were unchanged.

A total of 4.48 billion shares were traded at a value of RM2.86 billion, compared with 3.65 billion shares worth RM2.16 billion yesterday.

Among the top losers were Panasonic Manufacturing Malaysia Bhd (down 64 sen or 1.96% to RM32.04), Hong Leong Financial Group Bhd (down 32 sen or 1.83% to RM17.16) and Petronas Dagangan Bhd (down 22 sen or 1.19% to RM28.28).

The top gainers were Malaysian Pacific Industries Bhd (up RM1.2 or 2.88% to RM42.82), SAM Engineering & Equipment (M) Bhd (up 43 sen or 5.45% to RM8.32) and ViTrox Corp Bhd (up 34 sen or 1.83% to RM18.90).

Euro Holdings Bhd, which saw 166.66 million shares traded, was the most actively traded stock of the day.

Most regional bourses closed higher today after the US Federal Reserve (Fed) signalled that it was in no rush to taper monetary policy support.

Japan’s Nikkei 225 finished 0.73% higher at 27,782.42, while South Korea’s KOSPI rose 0.18% to 3,242.65.

In China, shares rebounded today after Beijing calmed investor nerves over mounting regulatory risks.

The Shanghai Composite index closed 1.49% higher at 3,411.72, while Hong Kong’s Hang Seng Index added 3.3% to 26,315.32.

 

Source: The Edge

Market Daily Report: FBM KLCI closes flat amid high Covid-19 cases, political uncertainty

 

KUALA LUMPUR (July 28): Political headwinds and persistent rise in the number of Covid-19 infections continue to bog down the stock market.

The FBM KLCI closed almost flat amidst cautious sentiments as it ended 0.79 points or 0.05% lower at 1,515.39, after trading at between 1,509.81 and 1,516.35.

Rakuten Trade Research vice-president Thong Pak Leng said Malaysian equity market sentiments continued to be affected by domestic political uncertainty and high Covid-19 cases.

“People are just afraid it will drag too long and lead to a more difficult economic recovery,” he told theedgemarkets.com, adding that he expects the benchmark index to be range bound in the near term.

Malaysia’s daily Covid-19 cases jumped to an all-time high of 17,405 today, compared with 16,117 yesterday. The previous record high of new cases was 17,045 posted on Sunday (July 25).

Meanwhile, TA Securities said in a note today that blue chips closed slightly higher yesterday, despite heavy losses in the region due to the sharp fall in China's major internet companies due to the government's clampdown.

“Concerns over the local political and Covid situation should see continuation of selling on strength activities, unless vaccinations pick up at a strong pace and infections dwindle. If cases are down it will lead to improvement in buying momentum and trading sentiments,” it said.

On the index, it said the immediate support remains at 1,509, followed by 1,500, while immediate resistance levels are at 1,552 with 1,580 and 1,600 as stronger resistance points.

Overall market breadth was negative with 509 counters ending the day in the red, versus 411 gainers and 459 that were unchanged. A total of 3.65 billion securities were traded at a value of RM2.16 billion.

Among the top losers were Genetec Technology Bhd (down 98 sen or 4.8% to RM19.42), Nestle (Malaysia) Bhd (down 80 sen or 0.6% to RM133), Fraser & Neave Holdings Bhd (down 70 sen or 2.75% to RM24.80).

Top gainers included BIG Industries Bhd and Hwa Tai Industries Bhd, which hit limit-up today. BIG Industries surged 37 sen or 29.6% to RM1.62; Hwa Tai jumped 29.5 sen or 38.06% to RM1.07. Panasonic Manufacturing Malaysia Bhd, which was up 30 sen or 0.93% to RM32.68, was also among the top gainers.

XOX Bhd, which saw 118.37 million shares changed hands, was the most actively traded stock today.

Regional markets were mixed today.

Reuters reported that shares in Chinese exchanges trimmed earlier losses in volatile trade as the state-run media called for calm following a wild rout triggered by investors’ worries over tighter government regulations on internet companies.

China’s Shanghai Composite Index ended 0.58% lower at 3,361.59, after falling as much as 2%. Japan’s Nikkei 225 index also finished 1.39% lower at 27,581.66.

Meanwhile, South Korea’s Kospi index closed 0.13% higher at 3,236.86; Hong Kong’s Hang Seng ended 1.54% higher at 25,473.88.

 

Source: The Edge

Market Daily Report: KLCI rebounds 0.14% after two days of decline

 

KUALA LUMPUR (July 27): The FBM KLCI rebounded today after yesterday’s dip, bucking the trend seen among its regional peers, amid China’s crackdown on certain sectors and the cautiousness ahead of the upcoming US Federal Open Market Committee meeting.

At its close, the benchmark index was up 2.07 points or 0.14% at 1,514.60, a slight rebound after two straight days of decline.

The index remained in positive territory throughout the day, possibly due to a slightly more optimistic sentiment, as Prime Minister Tan Sri Muhyiddin Yassin yesterday said that most states will move into Phase 4 of the National Recovery Plan as early as October.

The gainers among the KLCI constituents were led by MISC Bhd, which rose 2.3% to close at RM6.83, IOI Corp Bhd (up 1.6%) and PPB Group Bhd (up 1.1%).

However, market breadth remained negative, as 657 decliners outnumbered 326 gainers.

The top percentage gainers were Vsolar Group Bhd and Artroniq Bhd, while the decliners were led by B.I.G. Industries Bhd.

Among Bursa Malaysia indices, the Real Estate Investment Trust (REIT) Index was the top gainer, up 0.23% at 809.16, followed by the Plantation Index (up 0.16%) and the Transportation & Logistics index (up 0.11%).

Meanwhile, the Healthcare Index was the top decliner, down by 1.11% at 2,826.22 points, followed by the Technology Index, which fell 0.51% to 88.61 points.

The FBM Small Cap index declined 80.34 points or 0.51% to close at 15,599.79 points.

The rebound in the KLCI was despite the decline among Asian stocks today, which included the Shanghai Composite Index (down 2.49%), the Hang Seng Index (down 4.22%) and the TAIEX Index (down 0.77%).

On the other hand, Japan’s Nikkei 225 rose 0.6%, while South Korea’s Kospi gained 0.23%. 

Reuters reported Asian stocks hit their lowest this year on a third straight session of selling in Chinese internet giants, and real bond yields hit record lows ahead of a Federal Reserve policy meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2.2% to its lowest level since end-December, having slid 2.45% the previous day, the wire said.

 

Source: The Edge

Market Daily Report: KLCI closes lower in lacklustre trading amid virus woes

 

KUALA LUMPUR (July 23): The FBM KLCI closed lower today as investors stayed cautious amid rising number of Covid-19 cases.

The benchmark index ended 4.18 points or 0.27% lower at 1,523.44, after trading between 1,523.16 and 1,529.65.

Malaysia’s daily Covid-19 infections hit a new high of 15,573 today, bringing the nation's cumulative total to 980,491 cases.

Malacca Securities Sdn Bhd head of research Loui Low said the continued rise in the number of Covid-19 cases is not a good sign for the market, adding that he expects the negative sentiment to persist.

However, Low is slightly positive on the market movement next week due to the reconvening of Parliament.

“The reopening of Parliament could be a positive sign as some issues may be discussed during the meeting,” he told The Edge.

Overall, market breadth was mixed, with 559 counters ending the day in the green, versus 443 losers and 432 that were unchanged.

A total of 5.42 billion securities were traded at a value of RM3.21 billion, compared with 5.19 billion securities worth RM2.98 billion yesterday.

Among the top losers were Heineken Malaysia Bhd (down 62 sen or 2.7% to RM22.38), Nestle (Malaysia) Bhd (down 60 sen or 0.45% to RM133.30), and Genetec Technology Bhd (down 56 sen or 2.99% to RM18.16).

The top gainers were ViTrox Corp Bhd (up RM1.84 or 10.47% to RM19.42), Malaysian Pacific Industries Bhd (up 50 sen or 1.19% to RM42.50), and Unisem (M) Bhd (up 40 sen or 5.16% to RM8.15).

Pasukhas Group Bhd, which saw 232.67 million shares changed hands, remained as the most actively traded stock today.

Most Asian bourses finished lower today as virus worries linger.

South Korea’s Kospi index ended 0.13% higher at 3,254.42, Hong Kong’s Hang Seng closed 1.45% lower at 27,321.98, and the Shanghai Composite index finished 0.68% lower at 3,550.4.

 

Source: The Edge

Market Daily Report: KLCI gains 11 points, tracking regional sentiment

 

KUALA LUMPUR (July 22): The FBM KLCI closed higher today, tracking regional bourses, which were mostly higher, as market sentiment was spurred by the overnight gain on Wall Street that was driven by strong quarter earnings figures so far.

The benchmark index increased 0.73% or 11.1 points to close at the intraday high of 1,527.62.

Elsewhere, Singapore’s Strait Times Index gained 1.28% to 3,159.08; Hong Kong’s Hang Seng Index shot up 1.83% to 27,723.84, Seoul's Kospi index climbed 1.07% to 3,250.21; Tokyo's Nikkei 225 went up 0.58% to 27,548; the Shanghai Composite index rise 0.34% to 3,574.73. 

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI movement today is tracking gains on Wall Street last night, and is in line with regional gains.

“The gains today were driven by mild bargain-hunting activities. Investors are focusing on the economic recovery,” he told The Edge.

However, he expects the market to be range bound tomorrow, as the market recovery remains weak in the absence of catalysts to fuel buying interest.

Meanwhile, Hong Leong Investment Bank Research’s technical analyst Ng Jun Sheng said in a note today he remained optimistic that KLCI would eventually regain its upward momentum towards 1,534-1,556 levels (supports 1,490-1,500), supported by bottoming up technical indicators.

On stocks’ selection, he said the renewed weakness in ringgit may trigger some buying interests on export-oriented stocks in the technology, glove, wood-based, plantation and packaging industries.

Overall, market breadth was positive; 680 gainers outnumbered 320 losers and 418 counters were unchanged.

A total of 5.19 billion securities were traded at a value of RM2.98 billion, compared with 5.47 billion securities worth RM3.44 billion yesterday.

The top gainers were Genetec Technology Bhd (up RM1.12 or 6.36% to RM18.72), Kumpulan H & L High-Tech Bhd (up 89 sen or 22.03% to RM4.93), ViTrox Corp Bhd (up 82 sen or 4.89% to RM17.58).

Among the top losers were Rapid Synergy Bhd (down 40 sen or 4.82% to RM7.90), Hartalega Holdings Bhd (down 14 sen or 1.77% to RM7.75), SAM Engineering & Equipment (M) Bhd (down 12 sen or 1.66% to RM7.10).

Pasukhas Group Bhd, which saw 282.76 million shares change hands, was the most actively traded stock today.

 

Source: The Edge

Market Daily Report: KLCI ends lower on concerns over continued high Covid-19 cases

 

KUALA LUMPUR (July 21): The FBM KLCI closed lower today as market sentiment continued to be affected by the high number of Covid-19 cases.

The benchmark index finished 3.45 points or 0.23% lower at 1,516.52 after moving between 1,515.34 and 1,521.57.

Rakuten Trade Research vice president Thong Pak Leng said the market ended lower after a volatile session, mainly dragged down by banking, plantation and telco stocks.

He noted however that glove counters rose further amid the rising number of Covid-19 cases worldwide, including that of the fast-spreading Delta variant.

“Overall, the performance of FBM KLCI, which had been stuck in a consolidation mode since the past two weeks, is expected to trend within a tight range in the absence of positive catalysts going forward,” Thong told The Edge.

Hong Leong Investment Bank Research analyst Ng Jun Sheng said in a note today that the KLCI may trend sideways but with an upward bias towards 1,534-1,545-1,556 level (support at 1,490-1,500), amid aggressive vaccination rates and optimism that more states will move to phase two of the National Recovery Plan in August.

“Any correction should be viewed as a good opportunity to accumulate undervalued stocks in the technology, building materials, banks, electronics manufacturing services, furniture, auto, glove, plantation, and oil and gas sectors as the nation moves gradually to Phase 2,” he said.

Overall, market breadth was negative, with 580 counters ending the day in the red, versus 400 gainers and 450 that were unchanged.

A total of 5.47 billion shares were traded at a value of RM3.44 billion.

Index-linked glove makers were among the few stocks that closed higher. Top Glove Corp Bhd rose 23 sen or 5.85% to RM4.16, while Hartalega Holdings Bhd added 31 sen or 4.09% to RM7.89.

Among the top losers were Malaysian Pacific Industries Bhd (down 50 sen or 1.2% to RM41.20), Kuala Lumpur Kepong Bhd (down 24 sen or 1.22% to RM19.48), BLD Plantation Bhd (down 20 sen or 2.17% to RM9).

The top gainers included Genetec Technology Bhd (up 62 sen or 3.65% to RM17.60), Hartalega, and Supermax Corp Bhd (up 30 sen or 8.85% to RM3.69).

Borneo Oil Bhd, which saw 326.26 million shares changed hands, was the most actively traded stock today.

Asian equities closed broadly weaker today, as worries persisted over the Delta variant's negative impact on economic growth, Reuters reported.

South Korea’s Kospi index ended 16.79 points or 0.52% lower at 3,215.91, while Hong Kong’s Hang Seng index finished 34.67 points or 0.13% lower at 27,224.58.

 

 

Source: The Edge

Market Daily Report: KLCI flattish amid absence of fresh buying impetus during pandemic

 

KUALA LUMPUR (July 16): The FBM KLCI ended flat on Friday, as daily new Covid-19 cases in the country retreated from an all-time high the day before.

At 5pm, the benchmark index reversed the day’s losses to close slightly higher by 1.66 points or 0.11% to 1,522.48, led by gains at Genting Bhd and Digi.Com Bhd while glovemakers' shares fell.

For the week, the KLCI did not move much against last week’s closing at 1,520.58. 

Malaysia today recorded 12,541 new Covid-19 cases, from 13,215 on Thursday, while daily vaccination numbers reached another new high of 460,158 on July 15.

“Market volatility for this week has reduced much from a week ago, indicating that the sentiment is not as panicked as the previous week,” said HLIB Research analyst Ng Jun Sheng.

This week saw a technical rebound after several weeks of downtrend, Ng said, as investors also have more clarity such as through clearer Covid-19 data, as well as the confirmation of Parliament sitting dates. Investors could look at recovery stocks "on big dips", he added.

Across Bursa Malaysia, some 4.49 billion shares were traded at a value of RM2.94 billion. Leading the sectoral gains were the construction index as well as the telecommunications and media index.

Gainers were led by Nestle (M) Bhd (up 40 sen or 0.3% to RM133.40), Petronas Dagangan Bhd (up 36 sen or 1.93% to RM19.04) and B.I.G. Industries Bhd (up 30 sen or 40.54% to RM1.04).

Decliners were led by KESM Industries Bhd (down 38 sen to RM11.20), Genetec Technology Bhd (down 32 sen or 1.76% to RM17.88), and Chin Teck Plantations Bhd (down 26 sen to 1.96% to RM13.02).  

Dagang NeXchange Bhd (up 3.5 sen or 4.9% to 75 sen) was the most active counter of the day, followed by Pasukhas Group Bhd (down seven sen or 35.9% to 12.5 sen) and Serba Dinamik Holdings Bhd (down half a sen or 1.1% to 45 sen).

Elsewhere in Asia, Japan’s Nikkei 225 fell 0.98%, Shanghai Composite Index fell 0.71% the Hong Kong HSI rose 0.03% to close marginally higher.

Asian shares headed lower on Friday as profit-taking in Taiwanese chip giant TSMC, despite record profits, weighed on other tech firms and broader risk sentiment, while a more dovish US rates outlook kept bond yields near multi-month lows, Reuters reported.

 

Source: The Edge

Market Daily Report: KLCI flattish amid absence of fresh buying impetus during pandemic

 

KUALA LUMPUR (July 16): The FBM KLCI ended flat on Friday, as daily new Covid-19 cases in the country retreated from an all-time high the day before.

At 5pm, the benchmark index reversed the day’s losses to close slightly higher by 1.66 points or 0.11% to 1,522.48, led by gains at Genting Bhd and Digi.Com Bhd while glovemakers' shares fell.

For the week, the KLCI did not move much against last week’s closing at 1,520.58. 

Malaysia today recorded 12,541 new Covid-19 cases, from 13,215 on Thursday, while daily vaccination numbers reached another new high of 460,158 on July 15.

“Market volatility for this week has reduced much from a week ago, indicating that the sentiment is not as panicked as the previous week,” said HLIB Research analyst Ng Jun Sheng.

This week saw a technical rebound after several weeks of downtrend, Ng said, as investors also have more clarity such as through clearer Covid-19 data, as well as the confirmation of Parliament sitting dates. Investors could look at recovery stocks "on big dips", he added.

Across Bursa Malaysia, some 4.49 billion shares were traded at a value of RM2.94 billion. Leading the sectoral gains were the construction index as well as the telecommunications and media index.

Gainers were led by Nestle (M) Bhd (up 40 sen or 0.3% to RM133.40), Petronas Dagangan Bhd (up 36 sen or 1.93% to RM19.04) and B.I.G. Industries Bhd (up 30 sen or 40.54% to RM1.04).

Decliners were led by KESM Industries Bhd (down 38 sen to RM11.20), Genetec Technology Bhd (down 32 sen or 1.76% to RM17.88), and Chin Teck Plantations Bhd (down 26 sen to 1.96% to RM13.02).  

Dagang NeXchange Bhd (up 3.5 sen or 4.9% to 75 sen) was the most active counter of the day, followed by Pasukhas Group Bhd (down seven sen or 35.9% to 12.5 sen) and Serba Dinamik Holdings Bhd (down half a sen or 1.1% to 45 sen).

Elsewhere in Asia, Japan’s Nikkei 225 fell 0.98%, Shanghai Composite Index fell 0.71% the Hong Kong HSI rose 0.03% to close marginally higher.

Asian shares headed lower on Friday as profit-taking in Taiwanese chip giant TSMC, despite record profits, weighed on other tech firms and broader risk sentiment, while a more dovish US rates outlook kept bond yields near multi-month lows, Reuters reported.

 

Source: The Edge

Market Daily Report: FBM KLCI gains 0.56% on better sentiment following US Fed stance

 

KUALA LUMPUR (July 15): The FBM KLCI gained 8.5 points, or 0.56%, to close at 1,520.82 today.

Leading the charge in terms of the index’s constituents were Top Glove Corp Bhd, Hartalega Holdings Bhd and Mr DIY Group (M) Bhd. Conversely, the top decliners among the component stocks are Sime Darby Plantation Bhd, Petronas Dagangan Bhd and MISC Bhd.

On the broader market, market breadth was positive with 611 counters posting gains, versus the 348 counters that posted declines and 500 counters that went unchanged.

The top actives today were Serba Dinamik Holdings Bhd, Careplus Group Bhd and LKL International Bhd. The trading day’s top value gainers were Hartalega Holdings Bhd, KESM Industries Bhd and Adventa Bhd. The top losers were Malaysian Pacific Industries Bhd, Kumpulan H&L High-Tech Bhd and Widetech (M) Bhd.

Elsewhere in the region, Hong Kong’s Hang Seng was 0.75% or 208.81 points higher at 29,996.27. The Shanghai Composite climbed 1.02% or 36.09 points to 3,654.59. However, the Nikkei 225 lost 1.15% or 329.4 points at 28,729.09, while the Straits Times Index across the causeway was 0.48% or 15.08 points lower at 3,138.07.

Rakuten Trade Research head of equity sales Vincent Lau noted that better sentiment was due to comments by the US Federal Reserve.

According to Reuters, Asian shares advanced today as dovish comments by the US Federal Reserve chief and fresh liquidity from China’s central bank propped up investor appetite, even as inflationary and growth risks hung over the outlook.

 

Source: The Edge

Market Daily Report: KLCI drifts lower; regional markets take cue from the US

 

KUALA LUMPUR (July 14): The FBM KLCI dropped 7.24 points or 0.48% today in line with the performance of Asian equities as investors fret over an inflation spike in the US market.

On top of that, the concern about the resurgence in new Covid-19 cases in the region has kept investors largely at the sideline.

Malaysia’s benchmark index closed at 1,512.32 today, drifting to near this year’s low of 1,508.71 recorded on July 8. 

Overnight, the US reported that its consumer price index jumped 0.9% in June and 5.4% from the same month last year, topping all forecasts and showing higher costs associated with the American economy’s reopening continue to fuel inflationary pressures.

Reuters reported that Asian shares fell on Wednesday after data showing the biggest jump in US inflation in 13 years fuelled expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought.

In Asia markets, Japan's Nikkei 225 gave up 0.2%, while Seoul's Kospi dropped 0.22%. In China, Hong Kong’s Hang Seng Index fell 0.63% while the Shanghai Stock Exchange Composite Index closed down 1.07%.

US stocks retreated on Tuesday after government data showed inflation could be gaining strength, overshadowing big earnings announcements from major banks.

Back on the home market, Rakuten Trade Sdn Bhd expects some sellers to emerge.

In a note, it said stronger-than-expected inflation data spooked Wall Street as traders turned sellers.

“Though many viewed this as a temporary blip, overall sentiments are becoming increasingly jittery following a record breaking run recently. Therefore, we reckon regional markets to follow suit and should see trading to be mixed today,” it added.

Market breadth was mixed with 544 losers versus 411 losers, while 463 stocks were unchanged.  

Today’s trading volume stood at 4.38 billion shares worth RM2.97 billion.

Pasukhas Group Bhd topped the active list on the local bourse for the second day, with 241.97 million shares traded. The stock slid 10 sen or 30.3% at 23 sen.

Other actives included Serba Dinamik Holdings Bhd, Lambo Group Bhd, Sedania Innovator Bhd, Pelikan International Corp Bhd, Kanger International Bhd, Kumpulan Jetson Bhd, Kejuruteraan Asastera Bhd and AT Systematization Bhd.

Notable gainers by value were Malaysian Pacific Industries Bhd, Vitrox Corp Bhd, D&O Green Technologies Bhd, BLD Plantation Bhd, Greatech Technology Bhd, OCB Bhd, Kobay Technology Bhd, KESM Industries Bhd and Southern Acids (M) Bhd.

Top losers included Nestle (M) Bhd, Genetec Technology Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Panasonic Manufacturing Malaysia Bhd, Computer Forms (M) Bhd, Kumpulan H & L High-Tech Bhd,  Petronas Dagangan Bhd, British American Tobacco (Malaysia) Bhd and Widetech (M) Bhd.

 

Source: The Edge

Market Daily Report: KLCI ends 0.44% higher, boosted by 11th-hour buying

 KUALA LUMPUR (July 13): The FBM KLCI closed 0.44% higher, thanks to late buying support in selected index-linked stocks, particularly glove, telco and plantation counters.

At 5pm, the FBM KLCI was up 6.67 points at 1,519.56 points, after hovering between 1,513.54 points and 1,520.03 points. 

Hartalega Holdings Bhd, Top Glove Corp Bhd, Axiata Group Bhd, Telekom Malaysia Bhd, Digi.com Bhd, Maxis Bhd, Kuala Lumpur Kepong Bhd were among the heavyweights that advanced today.   

Rakuten Trade Research vice-president Thong Pak Leng said the Malaysian stock market ended mostly higher, after a day of volatile trading, as new Covid-19 cases surpassed the 11,000-mark.

“Overall, the FBM KLCI – which had been stuck in consolidation mode since end-June – is expected to trend within a tight range in the absence of positive catalysts, going forward,” he added. 

Nonetheless, Thong still believes this is a good opportunity for bargain hunting, especially for strong fundamental stocks which have been oversold lately.

Market breadth was mixed with  504 gainers versus 409  losers, while 484 stocks were unchanged.  

In terms of trading volume, 4.54 billion shares worth RM2.52 billion exchanged hands today.

Top active counters included Pasukhas Group Bhd, Vsolar Group Bhd, Pelikan International Corp Bhd, Dagang NeXchange Bhd, Serba Dinamik Holdings Bhd, Ramssol Group Bhd, Pegasus Heights Bhd, Straits Inter Logistics Bhd and Saudee Group Bhd.

Notable gainers by value were Genetec Technology Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Fraser and Neave Holdings Bhd, Computer Forms (M) Bhd,  Y&G Corp Bhd, Kumpulan H&L High Tech Bhd, Hong Leong Financial Group Bhd and Hartalega Holdings Bhd.

Meanwhile, top losers included UMS Holdings Bhd,  Aeon Credit Service (M) Bhd, Panasonic Manufacturing (M) Bhd, MR D.I.Y. Group Bhd, Teo Guan Lee Corp Bhd, BP PLastics Holdings Bhd and Kobay Technology Bhd.

Elsewhere in Asia, Japan's Nikkei 225 rose 0.52%, while Seoul's Kospi added 0.77%. In China, Hong Kong’s Hang Seng Index jumped 1.63%, while the Shanghai Stock Exchange Composite Index closed up 0.53%.

Reuters reported global shares pushed to a record high on Tuesday, buoyed by better-than-expected Chinese export data, as markets awaited the release of US inflation data for further clues about the global economic recovery.

 

Source: The Edge

Market Daily Report: KLCI bucks regional trend to close lower on political uncertainty and economy woes

 

KUALA LUMPUR (July 12): The FBM KLCI bucked the regional trend to close lower today as investor sentiment was dented by political uncertainty and the likelihood of the Government lowering its 2021 economic growth projection.

The FBM KLCI closed down 7.69 points or 0.51% at 1,512.89 after lingering in the negative territory for most of the day's session.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the heated domestic political landscape has led to some investors pulling out from the market.

The expected cut in the country’s economic growth projection also further weighed on market sentiment, he told theedgemarkets.com

Finance Minister Tengku Zafrul Abdul Aziz has said that the growth forecast for the year could be cut to about 4% from the current 6% to 7.5%.

Across Bursa Malaysia, 4.28 billion shares worth RM2.28 billion were traded. Losers led gainers by 742 to 246, while 395 counters closed unchanged.

Index-linked Top Glove Corp Bhd and Hartalega Holdings Bhd continued to remain under pressure today. Top Glove closed down 11 sen or 2.88% at RM3.71, while Hartalega slipped 25 sen or 3.52% to RM6.86.

Top losers included Kumpulan H&L High Tech Bhd,Widetech (M) Bhd, Malaysian Pacific Industries Bhd, Transocean Holdings Bhd, Nestle (M) Bhd, Kobay Technology Bhd, Heineken (M) Bhd, Hartalega, Dutch Lady Milk Industries Bhd and Genetec Technology Bhd.

Notable gainers by value were UMS Holdings Bhd, Carlsberg Brewery (M) Bhd, BP Plastics Holdings Bhd, C.I. Holdings Bhd, LBI Capital Bhd, Advanced Packaging Technology (M) Bhd, SKB Shutters Corp Bhd, Batu Kawan Bhd, YNH Property Bhd and Keck Seng (M) Bhd.

Top active counters included Managepay Systems Bhd, YBS International Bhd, Serba Dinamik Holdings Bhd, Fintec Global Bhd, Asdion Bhd, Lambo Group Bhd, Hong Seng Consolidated Bhd, NCT Alliance Bhd (formerly known as Grand-Flo Bhd) and  Metronic Global Bhd.

Elsewhere in Asia, Japan's Nikkei 225 jumped 2.25%, while Seoul's Kospi rose 0.89%. Hong Kong’s Hang Seng Index gained 0.62% while the Shanghai Stock Exchange Composite Index closed up 0.67% .

Reuters reported that Asian shares enjoyed a relief rally today as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week.

 

Source: The Edge

Market Daily Report: FBM KLCI snaps four-day losing streak as bargain hunting lifts

 

KUALA LUMPUR (July 9): The FBM KLCI finished 0.79% or 11.87 points higher at 1,520.58 points today, snapping a four-day losing streak, as bargain hunting emerges.

MIDF research head Imran Yassin Md Yusof said investors were looking for equities that are deemed to have more attractive valuations now, following the significant sell-off yesterday as concerns over domestic political developments and the lower Dow Jones weighed on sentiment.

“In addition, the political concerns that affected the market appear to have cooled off for the time being,” Imran said, adding political developments that impact the market tend to be short-term in nature as investors ultimately will look at valuations as well earnings in the long run.

Most of the index’s constituents posted gains, with 22 counters rising — led by Top Glove Corp Bhd, Digi.Com Bhd and Telekom Malaysia Bhd. Six declined — led by Hong Leong Financial Group Bhd, Petronas Gas Bhd and Dialog Group Bhd. Two constituents — Hong Leong Bank Bhd and RHB Bank Bhd — closed unchanged.

Market breadth was largely positive, as 659 counters posted gains versus 447 decliners; 322 counters settled unchanged.

Gainers were topped by Kumpulan H & L High-Tech Bhd, Malaysian Pacific Industries Bhd and Widetech (Malaysia) Bhd; losers were led by Carlsberg Brewery Malaysia Bhd, Y&G Corp Bhd and Heineken Malaysia Bhd.

The most active stocks of the day were Serba Dinamik Holdings Bhd, Asdion Bhd and Pegasus Heights Bhd.

Regional markets closed mixed today. The Hong Kong Hang Seng delivered a 0.7% gain to settle at 27,344.54, while the Shanghai Composite was down a marginal 0.04% to 3,524.09. The Nikkei 225 also slid 0.63% or 177.61 points to 27,940.42.

Reuters reported that world stocks largely steadied today and treasury yields bounced, as markets took a cautious breather in the face of fresh concerns over the pace of the world’s economic recovery from Covid-19.

“Markets have been roiled this week, as a rise in cases of the Delta coronavirus variant globally crimped risk appetite and led to a flight to safety as some bet the post-pandemic reflation trade is over for now,” it reported.

 

Source: The Edge

Market Daily Report: FBM KLCI closes 1.4% lower to one-year low as political developments, rising Covid-19 cases weigh on sentiment

 

KUALA LUMPUR (July 8): The FBM KLCI closed 1.4% or 21.44 points lower today at 1,508.71, marking a one-year low for the headline index.

Out of the 30 counters on the index, 28 posted declines while only one counter posted gains, whereas one closed unchanged.

Leading the decliners among the FBM KLCI’s constituents were Mr DIY Group (M) Bhd, CIMB Group Holdings Bhd and Telekom Malaysia Bhd. Meanwhile, the lone gainer was Petronas Gas Bhd, and Digi.Com Bhd was unchanged.

According to Malacca Securities head of research Loui Low, the decline in investor sentiment was due to a confluence of factors.

For one, the higher number of Covid-19 cases has dampened the outlook on the reopening of the economy in the second phase of the National Recovery Plan.

Meanwhile, recent political events and the lower Dow Jones futures have also weighed on sentiment as well.

“As such, all these factors have been priced into today’s decline,” he said.

Over the past year, the FBM KLCI has declined by 4.7%.

Market breadth was too firmly in the red, with 1,055 counters posting declines, versus the 147 counters that saw gains and the 287 counters that went unchanged.

Top actives included Serba Dinamik Holdings Bhd, Advance Synergy Bhd and Pelikan International Corp Bhd, whereas the top gainers' list was dominated by Kumpulan H & L High-Tech Bhd, Widetech (Malaysia) Bhd and Y&G Corp Bhd. The top losers' list was headed by Genetec Technology Bhd, Nestle (Malaysia) Bhd and Kuala Lumpur Kepong Bhd.

In terms of market developments today, Bank Negara Malaysia announced that it would be maintaining the overnight policy rate (OPR) at 1.75%. It noted that the country’s growth outlook remains subject to significant downside risks, due mainly to factors that could lead to a delay in the easing of containment measures or imposition of tighter containment measures, and weaker-than-expected global growth recovery.

The declines seen at Bursa Malaysia were not out of place today. Other regional bourses were largely in the red, with the Straits Times Index down 1.08% or 34.01 points at 3,107.59.

Markets in China were also down as well. Hong Kong's Hang Seng finished 2.89% or 807.49 points lower at 27,153.13, while the Shanghai Composite was 0.79% or 28.21 points lower at 3,525.5.

The Nikkei 225 in Japan closed 0.88% or 248.92 points lower at 28,118.03.

Reuters reported that stocks, particularly Chinese equities, were down on jitters over a Chinese crackdown on technology firms.

 

Source: The Edge

Market Daily Report: FBM KLCI stays in the red ahead of Bank Negara's MPC meeting on Thursday

 

KUALA LUMPUR (July 7): The FMB KLCI slipped 0.1% or 1.48 points, tracking regional market declines as market sentiment continues to be weighed by high Covid-19 cases, besides domestic political issues. The benchmark index settled at 1,530.15 points on market close.

This is the third consecutive day the benchmark index has closed in the red following the start of the Enhanced Movement Control Order or EMCO on July 3 in many parts of Selangor and certain localities in Kuala Lumpur — where new infections remain high —  to contain the Covid-19 pandemic. The index has retreated 0.26% or 4.08 points in the last three days.

Investors are also watching carefully what Bank Negara Malaysia's next move will be as its monetary policy committee meets tomorrow (July 8), amid the current economic climate, according to Areca Capital chief executive officer Danny Wong. “There are no strong catalysts right now for the market to move either way,” he added.

The benchmark index saw 11 counters in the red today — led by Top Glove Corp Bhd, Press Metal Aluminium Holdings Bhd and Genting Bhd — versus 13 gainers  led by Mr DIY Group (Malaysia) Bhd, Hong Leong Financial Group Bhd and IHH Healthcare Bhd. Six other components settled unchanged.

Overall market breadth was negative today with losers exceeding gainers at 568 versus 382, while 464 were unchanged.

Top gainers were Genetec Technology Bhd, Malaysian Pacific Industries Bhd and Nestle Malaysia Bhd. Top losers were headed by Computer Forms (Malaysia) Bhd, Heineken Malaysia Bhd and British American Tobacco (M) Bhd. Top actives were Metronic Global Bhd, Serba Dinamik Holdings Bhd and Pelikan International Corp Bhd.

TA Securities Research pointed out in a note today that given the weak market undertone and buying momentum, the local stock market should stay in a downward bias with most investors staying on the sidelines, pending an improvement in sentiment.

Immediate support for the index stays at 1,520, it said, adding that immediate resistance remains at 1,552, with 1,580 and 1,600 as stronger resistance points.

Regionally, most indices also registered declines. Nikkei 225 finished 0.96% or 276.26 points lower at 28,366.95 points, while the Hong Kong Hang Seng was down 0.4% or 112.24 points at 27,960.62 points. Across the causeway, Singapore’s Straits Times Index finished 1.65% or 52.78 points lower at 3,137.81 points.

Reuters reported that Asian currencies and shares eased today as investors cut risk ahead of the release of the US Federal Reserve's June meeting minutes. “Asian equities fell across the board as market sentiment remained fragile after a mixed Wall Street session,” it wrote.

 

 

Source: The Edge

Market Daily Report: KLCI ends flat for second day amid pandemic worries

 

KUALA LUMPUR (July 6): The FBM KLCI finished near the flatline for the second day running today as investor sentiment continued to be affected by a high number of new Covid-19 cases.

The benchmark index closed 0.73 point or 0.05% lower at 1,531.63.

The index component stocks that saw the biggest declines were Digi.Com Bhd, Sime Darby Plantation Bhd and Maxis Bhd.

On the broader market, gainers led losers by 579 versus 417, while 427 counters closed unchanged.

Rakuten Trade head of equity sales Vincent Lau said that while the wider market was mixed to steadier,  the KLCI was impacted by the latest rise in new Covid-19 cases.

TA Securities Research, on the other hand, said lingering worries over rising infections and domestic political turmoil would continue to cloud local sentiment.

“On the index, immediate support remains at 1,520, with the 61.8% Fibonacci retracement (FR) of the 1,207 low to 1,695 peak at 1,509 as key retracement support, followed by 1,500.

“The 50% FR at 1,452, matching the November 2020 low, will be the next key support to watch upon further weakness. Immediate resistance is at 1,552, with 1,580 and 1,600 as stronger resistance points,” it said in a note.

The day’s top active stocks were Serba Dinamik Holdings Bhd, Metronic Global Bhd and Sapura Energy Bhd.

Top value gainers were Genetec Technology Bhd, Hengyuan Refining Company Bhd and Petronas Dagangan Bhd (PetDag).

Top value losers included Nestlé (Malaysia) Bhd, Malaysian Pacific Industries Bhd (MPI) and ViTrox Corp Bhd.

Reuters reported that Asian share markets were volatile today. Japan’s Nikkei 225 finished 0.16% higher and Singapore’s Straits Times Index rose 1.7%. The Shanghai Composite, meanwhile, fell 0.11%, while Hong Kong’s Hang Seng Index closed 0.25% lower.

 

Source: The Edge

Market Daily Report: KLCI ends on flat note amid lack of buying catalyst

 

KUALA LUMPUR (July 5): The FBM KLCI ended the day on a flat note as investors remained on the sidelines on lack of catalysts.

The index closed 0.99 points or 0.06% lower at 1,532.36, after moving between 1,525.4 and 1,535.88.  

Rakuten Trade vice president of equity research Thong Pak Leng said the lacklustre trading seen today was due to the absence of buying catalyst.

“The FBM KLCI rebounded in the last minutes of trading with buying on banking and telco counters. Overall, the benchmark index ended flattish, dragged down mainly by plantation, oil and gas and glove counters,” he said.

Thong said the high number of Covid-19 cases and the enhanced movement control order (EMCO) in many areas in KL and Selangor has dampened investor sentiment.

Nonetheless, Thong believes the market is oversold and the downside risk remains low.

“We reckon this is a good opportunity for bottom fishing, especially in blue chip stocks whose valuations are currently hovering at attractive levels,” he added.

Notable losers today included IOI Corp Bhd, which dropped 2.36% or nine sen to RM3.73, followed by Top Glove Corp Bhd, Mr D.I.Y. Group (M) Bhd, and Kuala Lumpur Kepong Bhd (KLK).

Total volume on Bursa Malaysia was 6.5 billion shares. Market breadth was mixed with 525 gainers, 501 losers, and 405 unchanged counters.

Top active counters were Serba Dinamik Holdings Bhd, Kumpulan Jetson Bhd, Sedania Innovator Bhd, Pasukhas Group Bhd, Sarawak Consolidated Industries Bhd, Hiap Teck Venture Bhd, KPower Bhd and Metronic Global Bhd.

Leading gainers by value were Genetec Technology Bhd, Widetech (M) Bhd, Transocean Holdings Bhd,  Malaysian Pacific Industries Bhd, Mesiniaga Bhd, Computer Forms (M) Bhd, KESM Industries Bhd, British American Tobacco (M) Bhd, OM Holdings Ltd and Dataprep Holdings Bhd.

Top losers included Chin Teck Plantations Bhd, Dutch Lady Milk Industries Bhd, KLK, Heineken (M) Bhd, TIME dotCom Bhd, HengYuan Refining Co Bhd and Duopharma Biotech Bhd. 

Asian stocks were mixed today amid growing worries about China's crackdown on local tech companies, paring earlier gains made after a welcome US jobs report drove global shares to a record high, Reuters reported.

Japan’s Nikkei 225 fell 0.64% and Hong Kong’s Hang Seng Index was down 0.59%, while South Korea's KOSPI gained 0.35% and the Shanghai Composite Index closed up 0.44%.

 

Source: The Edge

Market Daily Report: KLCI flat as Klang Valley EMCO weighs on sentiment

 

KUALA LUMPUR (July 2): The FBM KLCI lost ground and fell into the red today as the implementation of a two-week Enhanced Movement Control Order (EMCO) over most parts of Selangor and 15 localities in Kuala Lumpur soured market sentiment.

The FBM KLCI opened lower at 1,533.7 today. Selling pressure heightened at noon session sent the benchmark index to 1,529.68 — the lowest in almost eight months since Nov 9.

At closing, the benchmark index pared some losses and closed at 1,533.35, still down 0.06% or 0.88 points compared to yesterday’s closing of 1,534.23.

TA Securities Holdings Bhd senior technical analyst Stephen Soo told theedgemarkets.com the sentiment was weak due to yesterday's announcement of the EMCO that covered most areas in Klang Valley.

He noted that the KLCI's resistance levels are at 1,552 and 1,580, while its support levels are at 1,452 and 1,480.

Today, Bursa Malaysia saw 5.51 billion shares worth RM2.88 billion traded. There were 406 gainers and 529 losers, while 456 counters remained unchanged.

Among the blue chips, Sime Darby Plantation Bhd, Hartalega Holdings Bhd and Top Glove Corp Bhd were among the biggest losers.

Sime Darby Plantation closed down 1.97% or eight sen at RM3.98.

Meanwhile, Hartalega closed at its 15-month low of RM7.02, after it dropped 12 sen or 1.68%; Top Glove shares dived to settle at RM7.02 — lowest since May last year — after dropping six sen or 1.47%.

Top active counters included Serba Dinamik Holdings Bhd, Sarawak Consolidated Industries Bhd, Saudee Group Bhd, Focus Dynamics Bhd, Dagang NeXchange Bhd, KPower Bhd, M3 Technologies (Asia) Bhd and Pasukhas Group Bhd.

Notable gainers by value were Genetec Technology Bhd, Kumpulan H&L High-Tech Bhd, Kobay Technology Bhd, SKB Shutters Corp Bhd, Nestle (M) Bhd, Hong Leong Financial Group Bhd and Computer Forms (M) Bhd.

Top losers included Carlsberg Brewery (M) Bhd, Malaysian Pacific Industries Bhd, Heineken (M) Bhd, OM Holdings Ltd and Genting Plantations Bhd.

Elsewhere in Asia, Japan’s Nikkei 225 increased 0.27%, while Hong Kong’s Hang Seng Index was down 1.8%. China’s Shanghai Composite Index fell 1.95% and South Korea's KOSPI slid 0.01%.

Reuters reported that a slump in Chinese shares sent an index of emerging market stocks 1% lower on Friday, on track for its biggest daily drop in seven weeks, while currencies lost ahead of US jobs data which could give clues on when the Federal Reserve will tighten its policy.

 

 

Source: The Edge

Market Daily Report: Bargain hunting, higher oil prices help lift KLCI

 

KUALA LUMPUR (July 1): Bargain hunting lifted the FBM KLCI higher on the first trading day of the second half of this year, with market sentiment also boosted by higher crude oil prices.

However, the benchmark index closed off the day’s high at 1,534.23 — up 0.1% or 1.6 points from yesterday — due to profit-taking, especially in glove counters Hartalega Holdings Bhd and Top Glove Corp Bhd.

On the broader market, gainers triumphed over losers by 554 to 374, while 422 counters finished unchanged. 

Trading volume stood at 7.18 billion shares, 54% higher than yesterday’s 4.65 billion shares. Trading value jumped 31% to RM3.49 billion from RM2.67 billion.

Rakuten Trade head of equity sales Vincent Lau said the KLCI edged higher mainly due to mild bargain hunting following yesterday's steep losses.  

Oil prices rose today, supported by lower US inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year, Reuters reported.

In line with the firmer oil prices, Bursa Malaysia’s Energy Index rose the most among all indices in percentage terms, closed up 2.4% to 808.36.

Gainers among heavyweights included Sime Darby Plantation Bhd (up 2.01% or eight sen at RM4.06), IHH Healthcare Bhd (up 1.65% or nine sen at RM5.56) and Genting Malaysia Bhd (up 1.44% or four sen at RM2.81).

Other notable gainers by value included Genetec Technology Bhd, Malaysian Pacific Industries Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Sarawak Consolidated Industries Bhd, British American Tobacco (M) Bhd, Computer Forms (M) Bhd and Aeon Credit Service (M) Bhd.

Heineken (M) Bhd topped the losers list, dropping 34 sen or 1.44% to close at RM23.26. Other top losers were Hartalega, Carlsberg Brewery Malaysia Bhd, Teck Guan Bhd, PPB Group Bhd and Top Glove.

Elsewhere in Asia, Japan's Nikkei 225 fell 0.29%, South Korea's Kospi fell 0.44%, Hong Kong’s Hang Seng Index dropped 0.57% and the Shanghai Stock Exchange Composite Index closed down 0.81%.

 

Source: The Edge