Market Daily Report: KLCI closes higher on persistent buying in telecom, utility counters

 

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 day.

However, he said the upside is limited as traders remain cautious amid the Covid-19 situation in the region and in several countries, which continues to buffer economic activity.

On the domestic front, another dealer said the local bourse gained continued support amid easing political risk and reopening of business activities.

He said investors also reacted positively to Prime Minister Datuk Seri Ismail Sabri Yaakob’s target to achieve a vaccination rate of over 50% of the adult population in six states — Perak, Terengganu, Johor, Kedah, Kelantan and Sabah — by the end of September while considering moving the Klang Valley into Phase 2 of the National Recovery Plan. 

Petronas Gas Bhd and Axiata Group Bhd were the top two contributors towards the local index today with a total of 3.61 points, gaining 54 sen and 10 sen each to end at RM16.80 and RM4.14 respectively.

Among other heavyweights, Malayan Banking Bhd rose three sen to RM8.40, Petronas Chemicals Group Bhd improved 10 sen to RM8.30, Tenaga Nasional Bhd went up eight sen to RM10.46, IHH Healthcare Bhd added five sen to RM6.40 while Public Bank Bhd was flat at RM4.18.

Among the actives, KNM Group Bhd eased half-a-sen to 25.5 sen, Kanger International Bhd slipped one sen to 4.5 sen, while Bintai Kinden Corp Bhd increased 10.5 sen to 48 sen and Sapura Energy Bhd was flat at 12.5 sen.

 

 

Source: The Edge

Market Daily Report: KLCI continues to rise for sixth consecutive day, nears three-month high

 

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 promising progress in vaccinations, coupled with further extension on intraday short selling and intraday short selling by proprietary day traders to Dec 31, 2021, the KLCI may continue to advance further but the upside is likely to be capped near 1600-1615 territory, after the recent surge from August’s low at 1,483,” wrote Ng.

He added that the announcement of the new Cabinet could dictate the direction of the market, going forward.

Around noon today, Prime Minister Datuk Seri Ismail Sabri Yaakob announced the lineup of Cabinet ministers, which saw most ministers maintaining their previous portfolios. However, some ministers who were part of the previous Cabinet were given new portfolios. A notable example is Khairy Jamaluddin and Datuk Seri Adham Baba swapping their portfolios — Khairy is now Minister of Health, while Adham is Minister of Science, Technology and Innovation.

The gainers, in terms of value, were led by DKSH Holdings (Malaysia) Bhd, Dutch Lady Milk Industries Bhd and IHH Healthcare Bhd, while the losers were led by Vitrox Corp Bhd, Genetec Technology Bhd and Oriental Food Industries Holdings Bhd. The most actively-traded stock was KNM Group Bhd.

Regionally, Japan’s Nikkei 225 fell 0.36%, Hong Kong’s Hang Seng Index declined 0.03%, while South Korea’s Kospi rose 0.17%.

 

Source: The Edge

Market Daily Report: Bursa extends rally, KLCI rises to 1,585 level

 

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 reinstil confidence among investors towards Malaysia's leadership.

"At the same time, expectations that the US Federal Reserve would drop hints on scaling back asset purchases during the Jackson Hole symposium on Friday waned, as tapering views may be evolving due to the Delta variant," he told Bernama.

On the local front, Sime Darby was the top winner among the 30 companies that constitute FBM KLCI following a 5.8% jump during the day, while Bursa Malaysia’s Plantation Index gained the most among sectoral indices after ending 1.6% higher.

Among the heavyweights, Sime Darby went up 13 sen to RM2.39, Maybank was 12 sen higher at RM8.45, Press Metal added 16 sen to RM5.40, Public Bank increased six sen to RM4.16, and Petronas Dagangan clinched 78 sen to RM19.80.

MISC gained 16 sen to RM7.07 and Hap Seng Consolidated was 28 sen stronger at RM8.50.

Among the actives, Ta Win jumped 2.5 sen to 5.5 sen, BCM Alliance decreased three sen to 6.5 sen, Scope Industries slid 2.5 sen to 34.5 sen, and D'nonce was six sen lower at 55 sen.

Green Packet was flat at 20.5 sen and AYS Ventures climbed 15.5 sen to 54.5 sen.

On the index board, the FBM Emas Index increased 89.98 points to 11,539.44, the FBMT 100 Index was 90.49 points better at 11,249.08, the FBM Emas Shariah Index bagged 83.18 points to 12,635.08, the FBM 70 rose 32.15 points to 14,965.79 and the FBM ACE lost 26.78 points to 7,262.34.   

Sector-wise, the Plantation Index firmed 86.62 points to 6,749.63, the Financial Services Index gained 66.01 points to 15,447.96 and the Industrial Products and Services Index edged up 3.21 points to 197.80.

Main Market volume increased to 2.87 billion shares worth RM2.93 billion from Wednesday’s 2.66 billion shares worth RM2.53 billion.

Warrants turnover eased to 364.68 million units valued at RM51.27 million compared to 394.23 million units valued at RM51.05 million yesterday.

Volume on the ACE Market inched down to 1.14 billion shares worth RM274.06 million from 1.50 billion shares worth RM316.58 million previously.     

Consumer products and services accounted for 594.30 million shares traded on the Main Market, industrial products and services (1.22 billion), construction (69.70 million), technology (212.33 million), SPAC (nil), financial services (104.27 million), property (152.73 million), plantation (57.34 million), REITs (6.50 million), closed/fund (71,500), energy (217.91 million), healthcare (52.87 million), telecommunications and media (122.63 million), transportation and logistics (36.77 million), and utilities (19.68 million).

 

Source: The Edge

Market Daily Report: KLCI climbs higher for fourth consecutive day to two-month high

 

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. We might see some pullback looking ahead," he added.

While corporate earnings have improved on a year-on-year basis, Wan said that some companies have seen lower earnings against in the preceding quarter due to the reinstatement of the Movement Control Order.

He said that financial results have been slightly below expectations, although he added that earnings released so far are "not too disappointing".

"Overall, the worst is over and the economy is slowly opening up but we are not totally out of the woods yet. The daily Covid-19 infections are still high and the vaccination rate has been rather slow in some states," he said.

The gainers, in terms of value, were led by Nestle (Malaysia) Bhd, Kuala Lumpur Kepong Bhd and Tenaga Nasional Bhd, while the decliners were led by KESM Industries Bhd, Genetec Technology Bhd and Petronas Dagangan Bhd.

Kanger International Bhd was the most actively traded stock with 361 million shares.

Regionally, Tokyo's Nikkei 225 fell 0.03% and Hong Kong's Hang Seng Index declined 0.13%, while Seoul's Kospi and the Shanghai Composite Index rose 0.27% and 0.74% respectively.

 

Source: The Edge

Market Daily Report: KLCI closes at two-month high after third straight day of gains

 

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 seven sen at RM3.80, and Petronas Chemicals Group Bhd, which fell 0.5% or four sen to close at RM7.94, were decliners among Bursa Malaysia's heavyweight counters.

Also, shares in Digi.Com Bhd closed unchanged at RM4.30.

Malacca Securities Sdn Bhd senior research analyst Kenneth Leong told theedgemarkets.com that the local bourse is in a recovery mood following the selldown in the past two months amid the ongoing political noises.

"In light of the new appointment of prime minister, I believe this has contributed to more stable political development, which has helped KLCI climb higher lately," he noted.

"Today, the positive market sentiment was also spurred by the rising commodity prices, including crude oil prices," he added.

The top gainers were Genetec Technology Bhd, Sam Engineering & Equipment (M) Bhd, KESM Industries Bhd, Batu Kawan Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd and Ajinomoto (Malaysia) Bhd.

Meanwhile, Tafi Industries Bhd, SKB Shutters Corp Bhd, Warisan TC Holdings Bhd and Yinson Holdings Bhd were among the top losers of the day.

Top active stocks included MMAG Holdings Bhd, Vsolar Group Bhd, Avillion Bhd, Dagang NeXchange Bhd, Focus Dynamics Group Bhd, AE Multi Holdings Bhd, Kanger International Bhd, D'nonce Technology Bhd, Serba Dinamik Holdings Bhd and MY EG Services Bhd.

The upbeat mood was evident in key regional markets. Japan's Nikkei 225 rose 0.87%, South Korea's Kospi added 1.56%. In China, Hong Kong's Hang Seng Index jumped 2.46% and the Shanghai Stock Exchange Composite Index advanced 1.07%.

Reuters reported that a bounce in China's tech sector led Asian stocks higher on Tuesday and markets were also cheered by positive US vaccination news and easing worries about an imminent tapering of stimulus by the Federal Reserve.

It was also reported by Reuters that oil prices rose on Tuesday after the US drug regulator granted full approval to the Pfizer Inc/BioNTech SE Covid-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential rise in US coronavirus vaccination rates.

"Brent crude oil futures gained 21 cents, or 0.3%, to US$68.96 a barrel by 0454 GMT, while US West Texas Intermediate crude futures increased by 14 cents, or 0.2%, to US$65.78 a barrel," the newswire added.

 

Source: The Edge

Market Daily Report: FBM KLCI ends 0.29% higher, buoyed by political stability

 

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 Sabri's appointment as Malaysia's third premier in three years.

“The market also reacted positively given that more economic sectors are allowed to operate now, coupled with the recovery theme play also in focus, which drove the market to end higher today,” he added.

Market breadth was positive with gainers outpacing losers 567 to 403, while 440 counters were unchanged. Turnover stood at 4.21 billion shares worth RM2.14 billion, higher compared to 3.68 billion shares worth RM1.89 billion reported last Friday (Aug 20).  

The top gainers were Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Sam Engineering & Equipment (M) Bhd, Genetec Technology Bhd, Malaysia Airports Holdings Bhd, C.I. Holdings Bhd, BP Plastics Holdings Bhd, Kobay Technology Bhd and Unisem (M) Bhd.

Among notable top losers of the day were Nestle (M) Bhd, Advance Information Marketing Bhd, Computer Forms (M) Bhd, Allianz Malaysia Bhd, Aeon Credit Service (M) Bhd and Yinson Holdings Bhd.

Meanwhile, top active stocks included MMAG Holdings Bhd, Fintec Global Bhd, Avillion Bhd, Vsolar Group Bhd, Scope Industries Bhd, Advance Synergy Bhd, Advance Information Marketing, Destini Bhd, KNM Group Bhd and Impiana Hotels Bhd.

Associated Press reported that Asian shares rose Monday as investor sentiment received a big boost from the rally last week on Wall Street, despite concerns over the more contagious coronavirus delta variant, not only in the region but across the world.

Elsewhere in Asia, Japan's Nikkei 225 rose 1.78%, South Korea's Kospi advanced 0.97%. In China, Hong Kong’s Hang Seng Index climbed 1.05% and the Shanghai Stock Exchange Composite Index closed up 1.45%.

 

Source: The Edge

Market Daily Report: FBM KLCI bucks regional trend and ends marginally higher ahead of new PM appointment

 

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 PM has been made known.

"It will be the trend of daily Covid-19 cases that will largely influence market movement. Therefore, the FBM KLCI is expected to trade within a range of 1510 points to 1530 points next week,” he added.

Malaysia's daily Covid-19 cases crossed the 23,000 mark for the first time today, with 23,564 infections — up from yesterday's 22,948. These raised the country's cumulative confirmed infections to 1.51 million.

Market breadth was largely neutral, with 488 counters closing higher versus 418 that settled lower, while 473 ended unchanged.

A total of 3.68 billion shares worth RM1.89 billion were traded, compared with 3.33 billion shares worth RM1.98 billion reported yesterday.

The top gainers were Formosa Prosonic Industries Bhd (up RM43 sen or 15.30% to RM3.24), Carlsberg Brewery Malaysia Bhd (up 36 sen or 1.67% to RM21.90) and Allianz Malaysia Bhd (up 32 sen or 2.56% to RM12.82).

The day's top losers were Genetec Technology Bhd (down RM1.52 or 6.04% to RM23.66), Advance Information Marketing Bhd (down 30 sen or 37.27% to 50.5 sen) and KESM Industries Bhd (down 26 sen or 2.11% to RM12.04).

KNM Group Bhd, which saw 236.70 million shares traded, was the most actively traded stock.

Meanwhile, Reuters reported that Japan’s Nikkei stock average closed at a near eight-month low on Friday, dragged down by automakers and their related sectors on growing concerns about a recovery after Toyota cut its global production.

Stocks in Shanghai also fell, while investors sold risky corporate debt and the Chinese currency. The yuan was poised for its biggest weekly loss in two months, as investors rushed to safety amid ongoing coronavirus concerns.

Japan's Nikkei 225 dropped 0.98% to 27,013.25, while the Shanghai Composite Index fell 1.10% to 3,427.33.

 

Source: The Edge

Market Daily Report: KLCI closes lower in line with regional peers following Wall Street retreat

 

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% or six sen to RM2.76) and Hartalega Holdings Bhd (down 2.08% or 15 sen to RM7.06).

On the broader market, losers led gainers by 634 to  334, while 451 counters finished unchanged.

Turnover declined to 3.3 billion shares valued at RM1.98 billion compared with yesterday’s 3.83 billion shares worth RM2.2 billion.

Notable top losers of the day included Vitrox Corp Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Greatech Technology Bhd, Sam Engineering & Equipment (M) Bhd, Pentamaster Corp Bhd, Petronas Dagangan Bhd and Rapid Synergy Bhd.

Top gainers included Nestle (M) Bhd, Computer Forms (M) Bhd, Bintulu Port Holdings Bhd, MyEG Services Bhd, Hong Leong Financial Group Bhd, Berjaya Food Bhd, Duopharma Biotech Bhd, Yinson Holdings Bhd, Kuala Lumpur Kepong Bhd and Dutch Lady Industries Bhd,

The top active counters were Advance Synergy Bhd, Avillion Bhd, Destini Bhd, Dagang NeXchange Bhd,  Kanger International Bhd, Priceworth International Bhd, Appasia Bhd, Malayan United Industries Bhd and KNM Group Bhd.

Reuters reported that minutes from the Fed’s July meeting showed officials expected they could ease stimulus this year, though there was division over recovery in the labour market and the level of risk posed by coronavirus cases rising again.

“Stocks stumbled, global bond yields fell and the dollar hit a nine-month peak on Thursday as a double-whammy of Fed taper fears and Covid worries haunted equity markets and spurred a new rush into safe haven assets,” the newswire said.

In Asia, Japan's Nikkei 225 dropped 1.11%, South Korea's Kospi plummeted 1.93%, Hong Kong’s Hang Seng Index fell 2.13% and the Shanghai Stock Exchange Composite Index closed down 0.57%.

 

Source: The Edge

Market Daily Report: KLCI sees little change as political uncertainties keep investors wary

 

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 glove stocks — Top Glove Corp Bhd and Hartalega Holdings Bhd — as local daily Covid-19 cases rose to a new record high today,” he added.

Top Glove ended 16 sen or 4.24% higher at RM3.93, while Hartalega closed up 14 sen or 1.98% at RM7.21.

Malaysia's new Covid-19 cases topped 22,000 today for the first time with 22,242 infections. Selangor continued to lead with the most cases, at 6,858. Since the pandemic reached its shores in January last year, the country has detected a cumulative 1.47 million cases.

Aside from the glove counters, Sime Darby Plantation Bhd's shares rose 11 sen or 2.94% to RM3.85, after the planter reported a stellar quarterly performance. Its net profit jumped 63% to RM617 million for the second quarter ended June 30, 2021 from RM378 million a year ago, as revenue grew 37.2% to RM4.41 billion from RM3.22 billion.

Meanwhile, the top gainers on the local bourse today included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, Sam Engineering & Equipment (M) Bhd and Batu Kawan Bhd.

Notable top losers, on the other hand, were Genetec Technology Bhd, Nestle (M) Bhd, Vitrox Corp Bhd,  Petronas Dagangan Bhd, Fraser and Neave Holdings Bhd, Kobay Technology Bhd and UWC Bhd.

As for the most actives, there were Avillion Bhd, Advance Synergy Bhd, Sedania Innovator Bhd, Malayan United Industries Bhd, KNM Group Bhd, Serba Dinamik Holdings Bhd, Appasia Bhd, Dagang NeXchange Bhd and Dataprep Holdings Bhd.

Elsewhere in Asia, Reuters reported stocks edged up from a three-week low on Wednesday, but gains were capped by ongoing fears about the Delta variant of the coronavirus, which also caused New Zealand’s central bank to delay a previously expected rate hike.

Hong Kong’s Hang Seng Index climbed up 0.47% and the Shanghai Stock Exchange Composite Index closed up 1.11%; Japan's Nikkei 225 rose 0.59%, while South Korea's Kospi advanced 0.5%.

 

Source: The Edge

Market Daily Report: KLCI bucks regional trend to jump 1.38%

 

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 foreign investors becoming net buyers in the local bourse for the last two trading days, given our KLCI valuation is at attractive levels,” Imran said.

“We experienced a similar political scene in February last year (with the unexpected resignation of Tun Dr Mahathir Mohamad as prime minister), hence I think investors know what to expect and have positioned themselves going forward under the current political scenario,” he added.

Market breadth was positive with gainers leading losers by 632 to 373, while 419 counters closed unchanged.  

Across Bursa Malaysia, 4.34 billion shares were traded for RM2.41 billion, compared with 5.04 billion shares worth RM2.36 billion yesterday.

Notable gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Hartalega, Vitrox Corp Bhd, Hengyuan Refining Co Bhd and Genting Plantations Bhd.

Top losers were Sam Engineering & Equipment (M) Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Genetec Technology Bhd, Batu Kawan Bhd and Pecca Group Bhd

The day’s most active stocks included Advance Synergy Bhd, Fintec Global Bhd, Malayan United Industries Bhd, Avillion Bhd, Komarkcorp Bhd, KNM Group Bhd, Kanger International Bhd and MMAG Holdings Bhd.

Elsewhere in Asia, Japan's Nikkei 225 fell 0.36%, South Korea's Kospi declined 0.89%, Hong Kong’s Hang Seng Index dropped 1.66% and the Shanghai Stock Exchange Composite Index closed down 2%.

Reuters reported that Asian shares stumbled today, rattled by concerns over China's regulations for its once-freewheeling internet sector and the worldwide spike in Covid-19 infections driven by the Delta variant

“Markets were also tracking developments in Afghanistan, with the deteriorating situation in the capital Kabul having eclipsed overnight strength on Wall Street,” the newswire added.

 

Source: The Edge

Market Daily Report: KLCI closes lower amid rising political uncertainties after PM's resignation

 

 

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, he observed some bargain-hunting activities emerged towards the later part of the trading session, which erased most of today's earlier losses and sent the benchmark closing above 1,500.

For the rest of the week, he expects the FBM KLCI to hover around 1,500, with key support at 1,475, and resistance at 1,510.

“For short-term traders, in view of the market volatility and jittery sentiment, I suggest they reduce trading size and save bullets to add [later] should there be more clarity or better signals from the market,” he added.

Among notable top losers of the day were Hartalega Holdings Bhd and Kuala Lumpur Kepong Bhd (KLK). Hartalega dropped 28 sen or 3.93% to RM6.85, while KLK shares fell 60 sen or 2.97% to RM19.58.

Other top losers included Sam Engineering & Equipment (M) Bhd, Genetec Technology Bhd, Malaysian Pacific Industries Bhd, Vitrox Corp Bhd, Widetech (M) Bhd, Pentamaster Corp Bhd, Dutch Lady Milk Industries Bhd and Transocean Holdings Bhd.

The top gainers were P.I.E. Industrial Bhd, Rapid Synergy Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Kobay Technology Bhd, Petronas Dagangan Bhd, Tafi Industries Bhd, Sime Darby Plantation Bhd, MSM Malaysia Bhd and Ge-Shen Corp Bhd.

Avillion Bhd topped the actives list, with 654.4 million shares traded. It took up 13% of the day's total trading volume of 5.04 billion shares. The stock closed two sen or 10.53% higher at two sen.

This was followed by Dagang NeXchange Bhd, AT Systematization Bhd, Fintec Global Bhd, Advance Synergy Bhd, KNM Group Bhd, Malayan United Industries Bhd, Kanger International Bhd and  Impiana Hotels Bhd.

Reuters reported that global shares slid on Monday after a raft of Chinese economic indicators showed a surprisingly sharp slowdown in the engine of global growth, just as much of the world races to stem the spread of the Delta variant of Covid-19 with vaccinations.

In Asia, Japan's Nikkei 225 dived 1.62%, while Seoul's Kospi tumbled 1.16%. In China, Hong Kong’s Hang Seng Index fell 0.8% while the Shanghai Stock Exchange Composite Index closed marginally up 0.03%.

 

 

Source: The Edge

Market Daily Report: FBM KLCI sees marginal change as investors digest Malaysia's latest economic data

 

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 central bank to make a bigger cut to its full-year GDP forecast to below 3%. 

Earlier, the central bank slashed its full-year GDP growth forecast for Malaysia to between 3% and 4%, from the previous forecast of between 6% and 7.5% for 2021. BNM also said Malaysia's GDP grew 16.1% year-on-year in the second quarter, although it contracted 2% on a quarter-on-quarter (q-o-q) basis.

On the pandemic front, the country reported 21,468 new daily Covid-19 infections — the second consecutive day of cases staying above the 21,000 mark — though it was a retreat from the all-time high of 21,668 yesterday.

Back to Bursa Malaysia, among top losers of the day were Carlsberg Brewery Malaysia Bhd (down 18 sen or 0.84% to RM21.28), Bintulu Port Holdings Bhd (down 17 sen or 3.91% to RM4.18) and Kobay Technology Bhd (down 16 sen or 3.17% to RM4.89).

The top gainers were Kuala Lumpur Kepong Bhd (up RM1.04 sen or 5.43% to RM20.18), Genetec Technology Bhd (up 76 sen or 2.87% to RM27.26) and SAM Engineering & Equipment Bhd (up 38 sen or 2.73% to RM14.30).

Serba Dinamik Holdings Bhd, which saw 172.80 million shares traded, was the most actively traded stock.

Elsewhere in Asia, Reuters reported China shares closed lower on Friday, as the country’s top chipmaker SMIC dragged semiconductor stocks. Hong Kong shares also fell as tech stocks weighed on the city’s benchmark index.

The Shanghai Composite Index dipped 0.24% to close at 3,516.30, while Hong Kong’s Hang Seng Index fell 0.48% to 26,391.62.

 

Source: The Edge

Market Daily Report: KLCI closes lower as rising Covid-19 cases dampen market sentiment

 

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.

A total of 3.44 billion shares worth RM2.26 billion were traded, a decline from 4.58 billion shares worth RM3.09 billion reported yesterday. 

Among the top losers were Vitrox Corporation Bhd (down 90 sen or 4.54% to RM18.94), Genetec Technology Bhd (down 50 sen or 1.85% to RM26.50) and KLK (down 46 sen or 2.35% to RM19.14).

The top gainers were Kobay Technology Bhd (up 47 sen or 10.26% to RM5.05), Malaysian Pacific Industries Bhd (up 36 sen or 0.83% to RM43.86) and Malaysia Smelting Corporation Bhd (up 15 sen or 7.28% to RM2.21).

KNM Group Bhd, which saw 197.1 million shares traded, was the most actively traded stock.

Elsewhere in Asia, Reuters reported that Hong Kong shares dropped as weaker-than-expected lending data deepened China’s economic slowdown concerns and weighed on sentiment. The Hang Seng Index closed 0.53% lower at 26,517.82.

South Korean shares, meanwhile, slipped for a sixth straight session as foreign investors offloaded heavyweight chip stocks Samsung Electronics and SK Hynix. The South Korean won weakened, while the benchmark bond yield fell, Reuters added. The KOSPI Index ended 0.38% lower at 3,208.38. 

 

Source: The Edge

Market Daily Report: FBM KLCI extends gain as US stimulus boost tempers Delta woes

 

 

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, however, was negative, with 654 counters closing lower versus 433 that settled higher, while 407 ended unchanged.

A total of 4.58 billion shares worth RM3.09 billion were traded, up from 3.64 billion shares worth RM2.18 billion reported on Monday (Aug 9).

The top gainers were Genetec Technology Bhd (up RM1.60 sen or 6.3% to RM27), Kumpulan H&L High-Tech Bhd (up 51 sen or 11.11% to RM5.10) and Widetech (M) Bhd (up 44 sen or 12.22% to RM4.04).

Among the top losers were Malaysian Pacific Industries Bhd (down RM1.20 or 2.68% to RM43.50), Pecca Group Bhd (down 49 sen or 12.96% to RM3.29) and KESM Industries Bhd (down 48 sen or 3.69% to RM12.54).

Dagang NeXchange Bhd, which saw 283.8 million shares traded, was the most actively traded stock.

Reuters reported that South Korea shares slipped for a fifth straight day on Wednesday as domestic Covid-19 cases rose to a record high, while concerns about a decline in chip prices drove tech shares lower.

Shanghai stocks, on the other hand, edged higher as real estate and banks rebounded sharply. But its blue-chip index fell, dragged down by healthcare and consumer staple shares.

South Korea’s KOSPI fell 0.7% to 3,220.62, while Shanghai Composite Index gained 0.1% to 3,532.62.

Elsewhere, Japan’s Nikkei rose 0.65% to 28,070.51, while Hong Kong’s Hang Seng Index ended 0.2% higher to 26,660.16. 

 

Source: The Edge

Market Daily Report: FBM KLCI settles slightly higher on better-than-expected economic data

 

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 relaxations of movement restriction,” he told The Edge.

Shares in Genting ended 18 sen or 3.96% higher to RM4.73, while GenM finished 11 sen or 4.06% higher to RM2.82.

Adam also pointed out that the latest daily tally of Covid-19 cases in the country experienced another drop today – to 17,236 from yesterday’s 18,688 – continuing a downward trend seen in the past few days since the country recorded its record high daily infections of 20,889 on Friday (Aug 6). This had helped somewhat to offset concerns about the acceleration of infections from the Delta variant in many countries, he added.

Meanwhile, the broader market was positive, with 520 counters closing higher, versus 449 that fell and 456 that closed unchanged.

A total of 3.64 billion shares were traded at a value of RM2.18 billion, compared with 4.29 billion shares worth RM2.53 billion yesterday.

The top gainers were Genetec Technology Bhd (up 78 sen or 3.17% to RM25.40), Heineken Malaysia Bhd (up 60 sen or 2.73% to RM22.60) and Carlsberg Brewery Malaysia Bhd (up 44 sen or 2.09% to RM21.54).

Among top losers were Malaysian Pacific Industries Bhd (down 70 sen or 1.54% to RM44.70), KESM Industries Bhd (down 38 sen or 2.84% to RM13.02) and D&O Green Technologies Bhd (down 23 sen or 3.24% to RM5.19).

Dagang NeXchange Bhd, which saw 145.28 million shares traded, was the most actively traded stock.

Elsewhere in the region, trading was muted with holidays in Japan and Singapore.

Reuters reported China stocks rose on Monday, with a strong rebound in blue-chip stocks offsetting losses in highly-valued tech shares, as signs of slowing economic growth fanned hopes of fresh policy easing.

The Shanghai Composite index closed 1.05% higher at 3,494.63 today, while Hong Kong’s Hang Seng Index rose 0.40% to 26,283.40; South Korea’s KOSPI fell 0.30% to 3,260.42.

 

Source: The Edge

Market Daily Report: KLCI edges lower in line with regional retreat

 

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-19 cases in the country. 

Malaysia reported another record high number of daily cases at 20,889, the second day with more than 20,000 new infections.

The broader market was mixed, with 496 counters closing higher, versus 495 that fell and 431 that closed unchanged.

A total of 4.29 billion shares were traded at a value of RM2.53 billion, compared with 4.69 billion shares worth RM2.42 billion yesterday.

The top gainers were SAM Engineering & Equipment (M) Bhd (up RM1.82 or 14.82% to RM14.10), Genetec Technology Bhd (up RM1.30 or 5.57% to RM24.62) and Kobay Technology Bhd (up 72 sen or 18.18% to RM4.68).

Among the top losers were Nestle (M) Bhd (down 80 sen or 0.6% to RM133.10), AEON Credit Service (M) Bhd (down 22 sen or 1.85% to RM11.68) and Malaysian Pacific Industries (down 20 sen or 0.44% to RM45.40).

Dagang NeXchange Bhd, which saw 307.7 million shares changing hands, was the most actively traded stock.

Meanwhile, Reuters reported that China shares closed lower today on worries over a continuing surge of new coronavirus cases and tightening government regulations. 

The Shanghai Composite index closed 0.24% lower at 3,458.23, while Hong Kong’s Hang Seng Index declined 0.09% to 26,179.4.

Elsewhere, South Korea’s KOSPI fell 0.18% to 3,270.36, while Japan’s Nikkei 225 finished 0.33% higher at 27,820.04.

 

Source: The Edge

Market Daily Report: FBM KLCI rebounds 0.3% to finish at 1,495.78; bucks regional trend on virus fear

 

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 while plantation group Sime Darby Plantation ended seven sen or 2.08% higher at RM3.44 on late buying activity.

Adam added that the daily gains also occurred despite daily Covid-19 cases reaching another record high today, as investors were probably bargain hunting.

Malaysia's daily number of newly confirmed Covid-19 cases climbed past 20,000 for the first time to a record high of 20,596 today from yesterday's 19,819 as the number of fresh cases rose in states including Selangor, Johor and Sabah.

Overall market breadth was positive, with 517 counters closing higher, versus 435 that fell into the red and 450 that were unchanged.

A total of 4.69 billion shares were traded at a value of RM2.42 billion, compared with 3.66 billion shares worth RM2.54 billion yesterday.

The top gainers were SAM Engineering & Equipment (M) Bhd (up RM1.68 or 15.85% to RM12.28), Fraser & Neave Holdings Bhd (up RM1.06 or 4.34% to RM25.50) and Nestle (M) Bhd (up 90 sen or 0.68% to RM133.90).

Among the top losers were Hong Leong Capital Bhd (down 21 sen or 3.49% to RM5.80), Chin Teck Plantations Bhd (down 14 sen or 2% to RM6.86) and Tenaga Nasional Bhd (down 11 sen or 1.12% to RM9.72).

VSolar Group Bhd, which saw 879.66 million shares changing hands, was the most actively traded stock of the day.

Meanwhile, Reuters reported South Korean shares edged down on Thursday as it reported 1,776 new coronavirus cases for Wednesday, more than a day earlier and nearing the daily record of 1,895 marked last week, as it struggled to tame the worst-ever outbreak of variant strains.

South Korea’s KOSPI fell 0.13% to 3,276.13, while Japan’s Nikkei 225 finished 0.52% lower at 27,728.12.

The Shanghai Composite index closed 0.31% lower at 3,466.55, while Hong Kong’s Hang Seng Index declined 0.84% to 26,204.69.

 

Source: The Edge

Market Daily Report: KLCI closes lower as rising Covid-19 cases, political uncertainty continue to haunt market

 

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 times SD below the PER mean. With increasing rates of inoculation and more people getting full vaccination, the market is pointing to recovery and economic reopening soon,” he added. 

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim also noted that the local market has once again bucked the steadier regional trend on the back of strong corporate profits recorded by companies on Wall Street.

“Investors today digested the latest political developments in the country while Covid-19 cases in the country reached another record high,” Adam said.

Malaysia reported 19,819 new Covid-19 cases today — a record number of daily infections — up 15.87% from yesterday’s 17,105.

Overall market breadth was negative, with 685 counters closing lower, versus 333 that rose and 411 that were unchanged.

A total of 3.66 billion shares were traded at a value of RM2.54 billion, compared with 4.16 billion shares worth RM2.72 billion yesterday.

Among the top losers were Malaysian Pacific Industries Bhd (down 70 sen or 1.53% to RM45.10), Nestle (M) Bhd (down 70 sen or 0.52% to RM133) and Vitrox Corporation Bhd (down 48 sen or 2.40% to RM19.50).

The top gainers were Genetec Technology Bhd (up 30 sen or 1.3% to RM23.30), B.I.G Industries Bhd (up 26 sen or 19.12% to RM1.62) and P.I.E Industrial Bhd (up 22 sen or 6.85% to RM3.43).

Dagang NeXchange Bhd, which saw 189.18 million shares traded, was the most actively traded stock of the day.

Meanwhile, Reuters reported that a bounce back in tech shares lifted up China’s main stock indexes today, as a private survey showed faster service sector growth, but worries over surging Covid-19 cases weighed on sentiment, keeping gains in check.

The Shanghai Composite index closed 0.85% higher at 3,477.22, while Hong Kong’s Hang Seng Index added 0.88% to 26,426.55.

South Korea’s KOSPI rose 1.34% to 3,280.38, but Japan’s Nikkei 225 finished 0.21% lower at 27,584.08.

 

Source: The Edge

Market Daily Report: KLCI tops 1,500 points to end at intraday high

 

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 Kepong Bhd (KLK) and Hong Leong Financial Group Bhd (HLFG).

Plantation company KLK’s share price closed up 64 sen or 3.43% at RM19.30, while HLFG rose  28 sen or 1.65% to RM17.30.

At a glance, the KLCI’s rise above 1,500 points today was also helped by share price gains in other KLCI constituents including Petronas Gas Bhd, which closed up 24 sen or 1.55% at RM15.72.

The KLCI closed higher today, while major Asian equity indices fell. In China, the Shanghai Stock Exchange Composite closed 0.47% lower at 3,447.99, while Hong Kong’s Hang Seng settled down 0.16% at 26,194.82.

Elsewhere, Japan’s Nikkei 225 finished 0.5% lower at 27,641.83.

Globally, it was reported that the government bond market rally that had sent US Treasury yields under 1.2% and the entire German curve negative fizzled out on Tuesday, though there were more problems in China, as internet giant Tencent took another battering.

It was reported that the US dollar meanwhile lurked just off one-month lows, after disappointing economic data on Monday. 

"It had also pushed the benchmark 10-year Treasury yield as low as 1.151%, its lowest since July 20. Germany's 10-year yield, the benchmark for the euro zone, fell to its lowest since early February at -0.486%,” Reuters reported.

 

 

Source: The Edge

Market Daily Report: KLCI bucks regional trend to extend losses on pandemic woes, political uncertainty

 

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). 

Among the top losers were Hong Leong Financial Group (down 22 sen or 1.28% to RM17.02), Hengyuan Refining Company Bhd (down 21 sen or 4.86% to RM4.11), and Quality Concrete Holdings Bhd (down 17 sen or 11.33% to RM1.33).

The top gainers were Malaysian Pacific Industries Bhd (up RM1.06 or 2.38% to RM45.56), KESM Industries Bhd (up 82 sen or 6.23% to RM13.98), and Vitrox Corporation Bhd (up 72 sen or 3.81% to RM19.62).

Resintech Bhd, which saw 111.95 million shares traded, was the most actively traded stock.

Most regional bourses closed higher today, with Philippine equities leading gains, tracking a rebound in Chinese shares, Reuters reported.

China shares advanced as much as 2%, as the Shanghai Composite Index slightly recuperated from a sharp drop last week following a crackdown on the private education sector. The index closed 1.97% higher at 3,464.29.

Hong Kong’s Hang Seng Index rose 0.96% to 26,210.16, while Japan’s Nikkei 225 finished 1.82% higher at 27,781.02 and South Korea’s KOSPI was up 0.65% at 3,223.04.

 

Source: The Edge