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  KUALA LUMPUR: (Aug 30): Bursa Malaysia continued its upward momentum to close higher, driven by persistent buying support in selected utilities as well as telecommunications and media counters, in line with bullish sentiment on the regional market, dealers said. The FBM KLCI jumped 11.22 points to end at 1,601.38 from Friday’s close of 1,590.16. The benchmark index opened 3.03 points better at 1,593.19 and moved between 1,592.1 and 1,604.9 throughout the session. Market breadth was positive with gainers surpassing decliners 537 to 503, while 460 counters were unchanged, 746 untraded and 50 others suspended. Turnover was higher at 4.43 billion units worth RM3.67 billion compared with 4.08 billion units worth RM2.96 billion on Friday. A dealer said Asian stock markets were traded mostly higher today, responding to the broadly positive cues from Wall Street on Friday following US Federal Reserve chairman Jerome Powell's remarks at the Jackson Hole symposium on the same d...

  KUALA LUMPUR (Aug 27): The FBM KLCI rose 0.28% today, its highest in almost three months, as the positive market sentiment continued to hold amid the temporary resolution to the political turmoil in recent weeks. At 5pm, the benchmark index gained 4.42 points or 0.28% to close at 1,590.16, after earlier touching an intraday high of 1,594.52. On a week-on-week basis, the index was up 4.8% since last Friday’s closing of 1,518.03 points. The local bourse saw a total of 4.08 billion shares worth RM2.96 billion traded, lower than yesterday’s 4.38 billion worth RM3.25 billion. Market breadth was negative, as 620 decliners outnumbered 393 gainers. Meanwhile, 444 counters were unchanged. In a note, Hong Leong Investment Bank analyst Ng Jun Sheng said the KLCI may continue to rise, although the upside may be capped. “Driven by foreign funds buying in anticipation of easing political risk and confidence in policy continuity, the reopening of more economic sectors amid pro...

  KUALA LUMPUR (Aug 26): Bursa Malaysia continued to hover at a two-month-high level on Thursday, with the benchmark composite index rallying to the 1,585-level. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 15.94 points to 1,585.74 from Wednesday’s close of 1,569.80.    The market bellwether opened 0.92 point higher at 1,570.72, which was also the lowest level for the day, and climbed as high as 1,590.91. Market breadth was positive with gainers outpacing losers 580 to 506, while 419 counters were unchanged, 747 untraded and 23 others suspended. Turnover, however, was lower at 4.38 billion units worth RM3.25 billion compared with 4.55 billion units valued at RM2.89 billion yesterday. Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said Bursa Malaysia outperformed most Asian peers such as Hong Kong, China, South Korea and Indonesia that recorded losses. "Perhaps the anticipated announcement of the Cabinet Ministers line-up continued to reins...

  KUALA LUMPUR (Aug 25): The FBM KLCI closed higher for the fourth consecutive day, as dust seems starting to settle in the political scene after the recent change of premiership. The benchmark index went up 16.43 points or 1.06% to close at a two-month high of 1,564.66 points. The index touched an intraday high of 1,568.67 points. Trading volume was at 4.55 billion units today, worth RM2.89 billion, compared with 4.21 billion shares worth RM2.14 billion yesterday. Market breadth turned slightly negative today with 509 gainers against 532 decliners, while 469 counters were unchanged. According to Inter-Pacific Securities head of research Victor Wan, market sentiment has improved as the political uncertainties are dissipating, at least in the near term. "Obviously, the calmer political environment has been a factor in the rise of the index," said Wan. "However, the way the market has been rising over the past few days, I think it might (have been) overbought....

  KUALA LUMPUR (Aug 24): The FBM KLCI marched higher for the third straight trading session to close at its two-month high, as investors collected oversold stocks following the recent selldown. At 5pm, the KLCI climbed 30.94 points or 2.03% to close at its intraday high of 1,553.37 — also its highest since June 25. Trading volume was at 4.55 billion shares valued at RM3.17 billion, higher compared with 4.21 billion shares worth RM2.14 billion recorded yesterday. Across Bursa Malaysia, gainers led losers 814 to 314 while 394 counters traded unchanged. At a glance, 27 of the 30 KLCI-linked counters closed higher, while one was unchanged whereas two were in the red. Sime Darby Plantation Bhd led the pack as the biggest gainer and closed up 6.39% or 25 sen to RM4.16. This was followed by Public Bank Bhd (rose 4.31% or 17 sen to settle at RM4.11) and Sime Darby Bhd (advanced 4.17% or nine sen to end at RM2.25). Meanwhile, MR DIY Group (M) Bhd, which closed down 1.81% or ...

  KUALA LUMPUR (Aug 23): The FBM KLCI extended its gains for a second trading day on Monday as investors cheered the stability of the political landscape following the appointment of the new prime minister, Datuk Seri Ismail Sabri Yaakob.  At 5pm, the benchmark index closed up 4.4 points or 0.29% at 1,522.43, after trading between 1,519.53 and 1,524.86.   Genting Malaysia Bhd, which added 3.24% or nine sen to close at RM2.87; Genting Bhd, which rose 1.69% or eight sen to end at RM4.82; and Press Metal Aluminium Holdings Bhd, which closed up 1.43% or seven sen to RM4.95, were among the heavyweight stocks that led the gains today. Index-linked banking stocks — CIMB Group Holdings Bhd, Malayan Banking Bhd, RHB Bank Bhd, Public Bank Bhd and Hong Leong Bank Bhd — also contributed to the gains for the benchmark index. Remisier Jeffry Azizi Jaafar said the KLCI continued its Friday’s uptrend today, driven by positive sentiment as the market took its cue from Ismail ...

  KUALA LUMPUR (Aug 20): The FBM KLCI bucked regional trend and ended marginally higher today, despite Malaysia posting another day of record high Covid-19 cases, as domestic political uncertainties were tempered by the anticipated appointment of a new prime minister. The benchmark index, which opened higher at 1,518.23, closed at 1,518.03, up 3.08 points or 0.20% from yesterday's 1,514.95 close. Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said investors were feeling more calm ahead of the announcement on the next prime minister. “Istana Negara's statement regarding the next PM was released a few minutes before markets closed. On further scrutiny, Sime Darby Plantations led gainers on the FBM KLCI index after ending 3.4% higher, followed by telco stocks such as Maxis Bhd and Digi.Com Bhd, which gained 2.3% and 1.4% respectively," he told theedgemarkets.com when contacted. The local bourse, he said, is also expected to be calmer next week, as the new ...

  KUALA LUMPUR (Aug 19): The FBM KLCI ended lower today in line with the retreat by other Asian indices, following Wall Street’s slide that came after the US Federal Reserve (Fed) minutes signaled a pullback in stimulus measures. The benchmark index closed 10.29 points or 0.67% lower at 1,515.95 after lingering in negative territory for the entire session. Rakuten Trade head of equity sales Vincent Lau said the Fed’s taper talks has soured local sentiment, resulting in losses. “Despite the drop seen today, the local bourse is still holding above the 1,500 level now, partly due to the fact that the political front has somehow shown some certainty with Datuk Seri Ismail Sabri Yaakob likely to clinch premiership,” he added. Top Glove Corp Bhd plunged 4.07% or 16 sen to RM3.77 to become the top percentage decliner among the KLCI’s 30 component stocks. This was followed by Press Metal Aluminium Holdings Bhd (down 2.77% or 14 sen to RM4.91), Genting Malaysia Bhd (down 2.13% ...

  KUALA LUMPUR (Aug 18): The FBM KLCI ended the day on a flat note as investors remained on the sidelines, amid concerns over domestic political developments, while new Covid-19 cases in the country hit another fresh record high. At 5pm, the benchmark index ended 1.65 points or 0.11% higher at 1,525.24. It opened the trading session 1.3 points higher at 1,524.98, and ranged between 1,518.95 and 1,526.34 throughout the day. Market breadth was mixed, with 472 losers versus 436 gainers, while 459 stocks were unchanged. Trading volume shrank to 3.83 billion shares worth RM2.20 billion, compared with yesterday's 4.38 billion shares worth RM2.97 billion. Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told theedgemarkets.com that market sentiment remained cautious. “Investors are staying sideline, awaiting further clarity on the local political development,” he said. “Today’s KLCI was supported by last-minute buying, especially among the index-linked g...

  KUALA LUMPUR (Aug 17): The FBM KLCI bucked the regional trend to close higher on broad-based buying today, helped by attractive valuations after the recent decline. The index finished 1.38% or 20.69 points higher at 1,523.59, after staying in the positive territory for the entire session. Index-linked counters that rose included Press Metal Aluminium Holdings Bhd (up 19 sen or 3.87% at RM5.10), Sime Darby Bhd (up eight sen or 3.79% at RM2.19) and Hartalega Holdings Bhd (up 22 sen or 3.21% at RM7.07). The KLCI’s gain was also contributed by gains in banking stocks CIMB Group Holdings Bhd, Malayan Banking Bhd, RHB Bank Bhd, Hong Leong Bank Bhd, Public Bank Bhd and Hong Leong Financial Group Bhd. MIDF's head of research Imran Yassin Md Yusof said the market sentiment was lifted by the government’s move to reopen more economic sectors, and the cheap valuation that prompted buying interest from foreign investors. “Despite the current political uncertainty, we have seen...

    KUALA LUMPUR (Aug 16): The FBM KLCI slipped 2.21 points or 0.15% to 1,502.9 today, following news that Prime Minister Tan Sri Muhyiddin Yassin and his entire Cabinet have resigned, which drew his turbulent 17-month premiership to an abrupt end. The FBM KLCI was in the red throughout the day, as it hovered between 1,493.6 and 1,502.9. The benchmark index closed at 1,505.11 last Friday (Aug 13). Market breadth was negative overall with 629 losers against 377 gainers, while 426 counters were unchanged. A total of 5.04 billion shares worth RM2.36 billion were traded. Rakuten Trade Research vice-president Thong Pak Leng said the Malaysian stock market ended lower mostly because political uncertainty has dampened investors' confidence. “Though the manufacturing sector under non-essential services are allowed to resume operation is positive news to the market, today’s upside has been capped by the selling pressure due to the political scene,” he said. Nonetheless,...

  KUALA LUMPUR (Aug 13): The FBMKLCI ended marginally higher today as plantation stocks lifted, while investors digested domestic economic data and developments on Covid-19 cases in the country. The benchmark index ticked up just 3.14 points or 0.21% to settle at 1,505.11. Market breadth, however, was negative, with 579 counters closing lower versus 373 that settled higher, while 457 ended unchanged. A total of 3.53 billion shares worth RM2.09 billion were traded, a decline from 3.44 billion shares worth RM2.26 billion reported yesterday. Areca Capital Sdn Bhd CEO Danny Wong said plantation stocks such as Kuala Lumpur Kepong Bhd helped to push the index higher today. “Market is waiting for catalysts, including the latest gross domestic product (GDP) announcement by Bank Negara Malaysia (BNM) today and corporate earnings report, aside from development on political and Covid-19 cases,” he told theedgemarkets.com when contacted. He also said investors had expected the c...

  KUALA LUMPUR (Aug 12): The FBM KLCI gave up yesterday’s gain to settle marginally lower today as a new record high of Covid-19 cases in the country dampened market sentiment. The benchmark index finished 2.47 points or 0.16% lower at 1,501.97. Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said investors in general were at ease as the US inflation rate in July remained unchanged at 5.4%, which calmed jitters on the Federal Reserve's path towards monetary policy normalisation. “However, on the domestic front, the number of daily Covid-19 cases saw another record high of 21,668 today, and this dampened investor sentiment,” he told The Edge . Among the FBM KLCI members, Kuala Lumpur Kepong Bhd (KLK) led laggards with a 2.35% decline while the Bursa Malaysia Technology Index was the biggest loser among sectors after declining 1.1% during the day. Market breadth was negative, with 576 counters closing lower versus 384 that settled higher, while 449 ended unchanged...

    KUALA LUMPUR (Aug 11): The FBM KLCI extended its gain today and ended the day 0.5% higher, following US lawmakers' nod on Tuesday to a trillion dollar boost to the US economy, which helped to temper worries about the rapid spread of the Delta variant in many Asian countries. This led to a second consecutive trading-day gain in the benchmark index, which finished 7.71 points higher at 1,504.5, according to Bank Islam Malaysia Bhd economist Adam Mohamed Rahim. The KLCI climbed 0.47% on Monday. “Under the FBM KLCI index, Mr DIY led gainers among the constituents with a 5.3% gain. Meanwhile, the Bursa Malaysia healthcare index led gainers among sectors with a 1.5% increase supported by rubber glove counters such as Hartalega [Holdings Bhd], which rose 3.4% during the day,” Adam told theedgemarkets.com when contacted. Hartalega closed 23 sen or 3.43% higher at RM6.94, while Top Glove Corp Bhd settled four sen or 1.07% higher at RM3.77. The broader market breadth...

  KUALA LUMPUR (Aug 9): The FBM KLCI rose marginally on the back of better-than-expected economic data, as Malaysia’s Industrial Production Index (IPI) rose 1.4% in June from a year earlier. Growth in the mining segment led the recovery in the IPI index, even as manufacturing and electricity segments contracted, according to the latest data from the Department of Statistics Malaysia that were released earlier today. At 5pm, the benchmark index settled 6.93 or 0.47% higher at 1,496.73. Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said gain in the FBMKLCI index is in line with positive regional markets backdrop and shared that selected constituents, namely Genting Bhd (Genting) and Genting Malaysia Bhd (GenM), had pushed the benchmark index higher today. “On a sectoral basis, the Bursa Malaysia Transportation and Logistics Index was the largest gainer, after ending 1.3% higher. The local market was probably upbeat on the latest announcement regarding relaxati...

  KUALA LUMPUR (Aug 6): The FBM KLCI edged lower today against the backdrop of retreating regional markets amid a surge in Covid-19 cases and its impact across the region.  The benchmark index settled 5.98 points or 0.4% lower at 1,489.8.  UOB KayHian investment analyst Mohd Fakhrul Asyraq Mohd Aluwi said the KLCI drifted lower on selling pressure in rubber glove heavyweights.  “On a sectoral basis, the Healthcare Index dragged the market lower after declining by 1.16%, as Top Glove [Corp Bhd] and Hartalega [Holdings Bhd] were both down by 2% today. “Meanwhile, Asian shares lost ground despite gains overnight on Wall Street, as the spread of the Delta variant of the coronavirus across the region heightened worries on economic recovery,” Fakhrul told The Edge . Top Glove ended nine sen or 2.39% lower at RM3.68 while Hartalega fell 14 sen or 2.07% to RM6.63.  Fakhrul added that investors turned cautious amid worries over the continued rise in Covid-...

  KUALA LUMPUR (Aug 5): The FBM KLCI ended the day marginally higher and bucked regional market trends as worries over the Delta coronavirus variant persisted and hawkish remarks from senior US Federal Reserve officials weighed on investors’ risk appetite. The benchmark index finished 4.45 points or 0.3% higher at 1,495.78. “The FBM KLCI index rebounded today, propelled by gains in index members, namely Digi.Com Bhd and Sime Darby Plantation Bhd, which advanced by more than 2% during the day. “On a sectoral basis, the Bursa Malaysia Technology index gained the most after ending 1.3%. Looking at a broader scale, the FBM KLCI bucked the regional trend as most of its Asian peers such as Thailand, South Korea and the Philippines were in the red amid hawkish comments by the US Federal Reserve, citing that it may taper its asset purchasing programme soon,” said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim. Shares in Digi settled 11 sen or 2.63% higher at RM4.30 wh...

  KUALA LUMPUR (Aug 4): The FBM KLCI settled lower again today despite rises in regional markets, as investor sentiment continued to be dampened by rising Covid-19 infections and political uncertainty. The benchmark index finished 8.93 points or 0.6% lower at 1,491.33.  “While regional markets like Taiwan, South Korea and Hong Kong, and even Singapore, are on a positive move, Bursa Malaysia continues to head south and is the worst performing market in the region,” said Areca Capital Sdn Bhd CEO Danny Wong.  Noting that local issues, especially political developments, are the main factors that are keeping investors away, Wong told The Edge : “This also means the market is pricing in the risks.”   He said today’s announcement by Prime Minister Tan Sri Muhyiddin Yassin that he will table a vote of confidence in Parliament next month is positive as it will provide clarity and direction for the country.  “Valuation wise the market is trading near 1.5 tim...

  KUALA LUMPUR (Aug 3): The FBM KLCI closed up 7.26 points or 0.49% to finish at its intraday high at 1,500.26, helped among others by late bargain hunting in plantation and banking shares, while major Asian equity indices ended lower. At 5pm today, the 30-stock KLCI topped 1,500 points after closing down 1.6 points at 1,493 yesterday, as investors weighed factors including lingering concerns about Malaysia’s Covid-19 pandemic situation. Today, Maybank Investment Bank Bhd senior chartist Nik Ihsan Raja Abdullah told theedgemarkets.com that from a technical viewpoint, the Malaysian stock market was oversold yesterday.  Nik Ihsan said "sentiment in general remains cautious”, as investors weigh the country’s daily number of Covid-19 cases which rose to 17,105 today, from 15,764 yesterday. Across Bursa Malaysia today, 4.16 billion shares were traded for RM2.72 billion. There were 493 decliners and 473 gainers. Top gainers included KLCI stocks Kuala Lumpur...

  KUALA LUMPUR (Aug 2): The FBM KLCI extended last week’s losses as market sentiment continued to be affected by coronavirus woes and domestic political developments. The benchmark index finished 1.6 points or 0.11% lower at 1,493, after moving between 1,486.23 and 1,499.74.  Areca Capital Sdn Bhd CEO Danny Wong said the market bucked its regional peers, which rose in line with gains in China after the authorities there indicated they will provide more support for the economy. He said the continued high number of Covid-19 cases in the country is keeping local investors away from the market. “Political uncertainty also played a role in affecting market sentiment,” he told The Edge . Overall market breadth was negative with 594 counters ending the day in the red, versus 440 gainers and 378 that were unchanged. Some 3.41 billion shares were traded at a value of RM2.37 billion, compared with 4.12 billion securities worth RM2.72 billion last Friday (July 30).  Amo...