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Showing posts from June, 2022

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China Steel Isn’t Crashing It’s Quietly Rebalancing

China’s steel market is not collapsing despite the property downturn. Instead, demand is stabilising at a lower level as manufacturing, exports and new energy sectors gradually replace construction-driven demand. This is not a demand collapse, it’s a structural shift from property to industrial and export-driven demand. What’s Really Happening The sharp drop in construction activity has clearly hurt steel demand: Property-related steel (like rebar) has fallen significantly Construction’s share of demand is shrinking But the broader market tells a different story: Total steel demand is only slightly below past peaks Manufacturing, shipbuilding and energy transition sectors are absorbing demand Exports are acting as a key buffer Instead of a sudden crash, the industry is entering a  long plateau . Why This Matters The market had expected a sharp collapse but reality is more gradual: Demand is declining slowly, not falling off a cliff China is shifting from construction-led growth to ...
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Market Daily Report: Bursa ends at day's low on heavy last-minute selling

  KUALA LUMPUR (June 30): Bursa Malaysia erased gains made earlier on Thursday (June 30) to end at its intraday low following heavy selling in the last 10 minutes of trading, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 0.5%, or 7.26 points, to finish at 1,444.22 from Wednesday's close of 1,451.48. The benchmark index, which opened 4.02 points better at 1,455.5, moved between 1,444.22 and 1,460.3 throughout the day. Overall market breadth was negative with losers outpacing gainers 520 to 327, while 396 counters were unchanged, 1,039 untraded, and 65 others suspended. Total turnover narrowed to 2.26 billion units worth RM1.97 billion from 2.37 billion units valued at RM1.77 billion on Wednesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices also finished broadly lower following negative cues from Wall Street overnight. The Nikkei 225 in Tokyo declined after Japan’s May industrial production s...
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Market Daily Report: Bursa ends lower on weak regional sentiment

  KUALA LUMPUR (June 29): Shares on Bursa Malaysia closed broadly lower on Wednesday (June 29) in sync with the weak regional market sentiment, said an analyst. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.22% or 3.26 points to 1,451.48 from Tuesday's close of 1,454.74. The benchmark index, which opened 4.29 points lower at 1,450.45, moved between 1,445.23 and 1,459.86 throughout the trading session. The overall market breadth was negative with decliners outpacing gainers 461 to 368, while 399 counters were unchanged, 1,078 untraded, and 89 others suspended. Total turnover expanded to 2.37 billion units valued at RM1.77 billion from 2.28 billion units valued at RM1.61 billion on Tuesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI tracked the key regional indices, which closed mostly lower following steep selloffs on Wall Street overnight. He said market sentiment turned negative as the US consumer confidence cru...
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Market Daily Report: Bursa ends higher in line with improved market sentiment

  KUALA LUMPUR (June 28): Bursa Malaysia closed higher on Tuesday (June 28), lifted by buying interest in most heavyweights and in line with improving market sentiment across the region, said an analyst. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.16% or 16.62 points to 1,454.74 from Monday's close of 1,438.12. The benchmark index, which opened 0.86 of-a-point firmer at 1,438.98, moved between 1,431.35 and 1,455.46 throughout the day. On the broader market, gainers led losers 470 to 410, while 420 counters were unchanged, 1,042 untraded, and 79 others suspended. Total turnover narrowed to 2.28 billion units valued at RM1.61 billion from 2.65 billion units worth RM1.43 billion on Monday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regionally, key indices ended mostly higher as foreign funds returned to the region amid economic concerns in the United States and European Union. On the local front, he said the benchmark index clos...
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Market Daily Report: Bursa ends broadly higher

  KUALA LUMPUR (June 27): Bursa Malaysia closed broadly higher on Monday (June 27) on persistent buying interest mainly in technology and energy stocks, said an analyst. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.42 points to 1,438.12 from Friday's close of 1,436.7. The benchmark index, which opened 2.12 points higher at 1,438.82, fluctuated between 1,431.65 and 1,441.03 throughout the trading session. On the broader market, gainers beat losers 546 to 365, while 393 counters were unchanged, 1,004 untraded, and 55 others suspended. Total turnover expanded to 2.65 billion units worth RM1.43 billion from 2.46 billion units worth RM1.47 billion on Friday. Key regional markets also continued to trend higher following positive cues on Wall Street including the upbeat performance of the tech-heavy Nasdaq Composite last Friday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI, which ended 0.1% higher, was supported b...
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Market Daily Report: Bursa ends on higher note

  KUALA LUMPUR (June 24): Bursa Malaysia ended the last day of the week on a higher note, with buying interest seen mainly in technology and healthcare stocks and selling in plantation counters, said a dealer.  At 5pm on Friday (June 24), the benchmark FBM KLCI settled 5.65 points, or 0.39%, higher at 1,436.70 from Thursday’s close at 1,431.05. The key index, which opened 0.25 of a point higher at 1,431.30, fluctuated between 1,431.30 and 1,440.73 throughout the day. On the broader market, gainers beat losers 519 to 345, while 405 counters were unchanged, 1,020 untraded and 10 others suspended. Total turnover expanded to 2.46 billion units worth RM1.47 million from 2.34 billion units worth RM1.56 billion on Thursday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the KLCI trended higher due to bargain-hunting activi...
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Market Daily Report: Bursa erases early gains to end flat amid choppy trading

  KUALA LUMPUR (June 23): Bursa Malaysia erased early gains to end flat following a choppy trading session amid cautious investors sentiment on concerns over inflation, a dealer said.  At 5 pm on Thursday (June 23), the benchmark FBM KLCI had fallen 0.05 of a point to 1,431.05 from Wednesday's close at 1,431.10. The key index, which opened 3.40 points firmer at 1,434.50, fluctuated between 1,427.78 and 1,441.47 throughout the day. On the broader market, losers beat gainers 500 to 348, while 410 counters were unchanged, 1,008 untraded and nine others suspended. Total turnover shrank to 2.34 billion units worth RM1.56 billion from 2.72 billion units worth RM1.9 billion on Wednesday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market was dragged down by selling mainly of energy, industrial products and real estate investment trust ...
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Market Daily Report: Bursa ends lower on persistent selling

  KUALA LUMPUR (June 22): Heavy selling of plantation, energy and healthcare stocks dragged Bursa Malaysia to finish at its lowest level in 25 months, dealers said.  At 5pm on Wednesday (June 22), the barometer index closed 26.78 points or 1.83% lower at 1,431.10 from Tuesday's close at 1,457.88. This is the weakest level last seen on the local exchange when it closed at 1,435.12 on May 20, 2020. The key index opened 3.25 points firmer at 1,461.13 and hit a high of 1,461.53 in early morning before slipping to its intraday low of 1,431.10 at the close. On the broader market, losers thumped gainers 640 to 255, while 381 counters were unchanged, 999 untraded and 19 others suspended. Total turnover decreased to 2.72 billion units worth RM1.9 billion from 2.79 billion units worth RM1.86 billion on Tuesday. Rakuten Trade Sdn Bhd vice-president of equity r...
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Market Daily Report: Bursa ends at intraday high on better sentiment

  KUALA LUMPUR (June 21): Bursa Malaysia ended at its intraday high on Tuesday (June 21) due to improved market sentiment across the region, as buying support emerged primarily in healthcare, technology, as well as energy stocks, a dealer said. At 5pm, the barometer index rose 16.64 points or 1.15% to 1,457.88 from Monday's close of 1,441.24. After opening 2.06 points higher at 1,443.3, the market bellwether hit a low of 1,443.26 in the morning session. On the broader market, gainers outnumbered losers 684 to 308, while 333 counters were unchanged, 950 untraded, and 19 others suspended. Total turnover increased to 2.79 billion units worth RM1.86 billion from 2.62 billion units worth RM1.69 billion on Monday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional indices were higher as the upbeat performance of Wall Street futures lifted the overall market sentiments. He said investors also took opportunity to bargain hunt for cheaper ...
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Market Daily Report: Bursa ends lower for second day running

  KUALA LUMPUR (June 20): Bursa Malaysia finished lower for the second consecutive day on Monday (June 20), with the benchmark composite index declining 1.06%, due to heavy selling pressure particularly in energy, technology and plantation stocks, a dealer said. At 5pm, the barometer index fell 15.5 points to 1,441.24 from Friday's close of 1,456.74. The benchmark index, which opened 2.34 points lower at 1,454.4, moved between 1,437.23 and 1,454.4 throughout the day. On the broader market, losers trumped gainers 747 to 200, while 351 counters were unchanged, 986 untraded and 18 others suspended. Total turnover depreciated to 2.62 billion units worth RM1.69 billion from 3.06 billion units worth RM3.02 billion on Friday. Regionally, Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key indices ended mixed as investors were concerned about the possibility of recession due to tightening monetary policies from the major central banks. “On the domest...
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Market Daily Report: Bursa ends the week lower

  KUALA LUMPUR (June 17): Bursa Malaysia ended the week broadly lower with the FTSE Bursa Malaysia KLCI (FBM KLCI) declining 1.09% amid market volatility in tandem with the weak regional peers’ performance, a dealer said. At 5pm, the barometer index fell 16.03 points to 1,456.74 from Thursday's close of 1,472.77. The benchmark index opened 11.84 points lower at 1,460.93 and fell further to a 24-month low of 1,445.64, with the lowest level last seen on May 29, 2020 (1,448.84). The index moved between 1,445.64 and 1,461.03 throughout the day. On the broader market, losers trumped gainers 726 to 267, while 344 counters were unchanged, 942 untraded and 21 others suspended. Total turnover improved to 3.06 billion units worth RM3.02 billion from 2.48 billion units worth RM1.84 billion on Thursday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said regional indices trended on mixed sentiment following the negative cues overnight from global markets ...
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Market Daily Report: Bargain hunting lifts Bursa to end higher

  KUALA LUMPUR (June 16): Bursa Malaysia ended higher on Thursday (June 16) with the FTSE Bursa Malaysia KLCI (FBM KLCI) rising by 0.94%, supported by continuous bargain hunting in selected heavyweights, amid mixed regional market performance, a dealer said. On the broader market, however, losers outnumbered gainers 556 to 392, while 412 counters were unchanged, 919 untraded, and 13 others suspended.   At 5pm, the barometer index rose 13.72 points to 1,472.77 from Wednesday's close of 1,459.05. The index opened 10.05 points higher at 1,469.1 and moved between 1,461.94 and 1,476.02 throughout the day. Total turnover improved marginally to 2.48 billion units worth RM1.84 billion from 2.43 billion units worth RM1.82 billion on Wednesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng told Bernama that the key regional markets were mixed due to various reactions relating to the US Federal Reserve’s interest hike of 0.75%. On the home front, he sa...
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Market Daily Report: Bursa ends lower on profit-taking

  KUALA LUMPUR (June 15): Bursa Malaysia reversed Tuesday's (June 14) gains to end lower across the board on profit-taking after a sharp rise as investors remained in a cautious mode, a dealer said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 22.23 points, or 1.5% to 1,459.05 from Tuesday's close of 1,481.28. The barometer index, which opened 0.4 of-a-point lower at 1,480.88, moved between 1,453.19 and 1,480.96 throughout the day.  On the broader market, losers thumped gainers 731 to 231, while 383 counters were unchanged, 934 untraded, and nine others suspended. Total turnover narrowed to 2.43 billion units worth RM1.82 billion from 2.72 billion units worth RM2.11 billion on Tuesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng expects investor sentiment to remain soft due to external factors such as market risks and volatility in global markets amid multi-year high inflation in the United States. "A potential aggressive...
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Market Daily Report: FBM KLCI snaps eight-day losing streak to end in positive territory

  KUALA LUMPUR (June 14): The FTSE Bursa Malaysia KLCI (FBM KLCI) snapped its eight-day losing streak to end in positive territory on Tuesday (June 14), rising by 1.12% as bargain-hunting activities emerged following the heavy sell-down recently, a dealer said. At 5pm, the barometer index rose 16.45 points to 1,481.28 from Monday's close of 1,464.83. The FBM KLCI opened 6.97 points lower at 1,457.86, but turned higher at mid-morning and moved between its year-to-date low of 1,451.18 and 1,481.72 throughout the day. On the broader market, losers and gainers were neck and neck at 483 to 482, respectively, while 422 counters were unchanged, 876 untraded, and nine others suspended. Total turnover declined to 2.72 billion units worth RM2.11 billion from 3.27 billion units worth RM2.26 billion on Monday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said nevertheless, investors remained cautious, believing the near-term direction of the local market ...
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Market Daily Report: KLCI tumbles 29.12 points, Bursa decliners top 1,000

  KUALA LUMPUR (June 13): Bursa Malaysia ended in the negative territory for the eighth consecutive day on Monday (June 13), with the benchmark index declining 1.95% as market sentiment was hit by heavy selling across the board, a dealer said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 29.12 points to 1,464.83 from Friday's close of 1,493.95. The barometer index opened 10.19 points lower at 1,483.76, its intraday high, and hit its low of 1,458.85 year-to-date in the afternoon session. On the broader market, losers thumped gainers 1,084 to 138, while 253 counters were unchanged, 799 untraded, and 21 others suspended. Total turnover rose to 3.27 billion units worth RM2.26 billion compared to 2.26 billion units worth RM1.69 billion on Friday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI had broken several support levels in the past two trading weeks and slumped to a YTD low on Monday, in tandem with regional weaknes...
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Market Daily Report: Bursa ends week on weaker note

  KUALA LUMPUR (June 10): Bursa Malaysia ended the week on a weaker note while breaking the 1,500 psychological level on Friday (June 10), dragged down by persistent selling across the board, in tandem with regional peers, a dealer said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 15.76 points or 1.04% lower at 1,493.95 from Thursday’s close of 1,509.71. The benchmark index opened 4.03 points weaker at 1,505.68, which was its day’s high, and hit a low of 1,493.32 in the morning session. On the broader market, losers thumped gainers 667 to 254, while 400 counters were unchanged, 953 untraded, and 22 others suspended. Total turnover decreased to 2.26 billion units worth RM1.69 billion compared with 2.88 billion units worth RM2.06 billion on Thursday. A dealer said Bursa Malaysia was in the red for the whole trading session, in sync with regional peers which took a cue from the overnight steep fall of US stocks and government bonds, ahead of the co...
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Market Daily Report: Bursa ends lower across the board

  KUALA LUMPUR (June 9): Bursa Malaysia ended lower across the board, in tandem with regional peers, extending its losses for the sixth consecutive day, amid the negative sentiment surrounding the region. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 14.15 points weaker at 1,509.71 from Wednesday’s close of 1,523.86. The benchmark index, which opened 0.55 of-a-point easier at 1,523.31, moved between 1,508 and 1,526.83 throughout the trading session. On the broader market, losers outpaced gainers 601 to 315, while 394 counters were unchanged, 964 untraded and 10 others suspended. Total turnover decreased to 2.88 billion units worth RM2.06 billion compared with 3.26 billion units worth RM1.96 billion on Wednesday. A dealer said Bursa Malaysia opened easier on Thursday morning and continued to trend lower till the end of the morning session, weighed down by persistent selling in heavyweight stocks. Rakuten Trade Sdn Bhd vice president of equity resear...
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Market Daily Report: Bursa erases earlier gains to end at intraday low on late selling

    KUALA LUMPUR (June 8): Bursa Malaysia erased earlier gains to end at the day’s low on Wednesday (June 8), extending its losses for the fifth consecutive day, on last-minute selling in selected heavyweights as investors remained cautious ahead of the release of a series of global economic data, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 2.07 points weaker at 1,523.86, from Tuesday’s close of 1,525.93. The index, which opened 0.03 points easier at 1,525.90, hit a high of 1,532.72 in the morning session. On the broader market, losers thumped gainers 524 to 388, while 398 counters were unchanged, 964 untraded, and nine others suspended. Total turnover increased to 3.26 billion units worth RM1.96 billion compared with 2.62 billion units worth RM1.78 billion on Tuesday. A dealer said the local bourse opened easier on Tuesday morning but rebounded thereafter to remain in positive territory for most of the day before succumbing to...
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Market Daily Report: Bursa Malaysia ends at intraday low amid selling pressure

  KUALA LUMPUR (June 7): Bursa Malaysia ended at the day’s low on Tuesday (June 7), extending its losses for the fourth consecutive day amid persistent selling pressure in selected heavyweights as weak sentiment prevailed in the region, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 11.9 points lower, erasing 0.77% at last Friday’s close of 1,537.83. The index, which opened 0.91 points better at 1,538.74, moved between 1,525.93 and 1,541.43 throughout the trading session. On the broader market, losers thumped gainers 592 to 365, while 395 counters were unchanged, 903 untraded and nine others suspended. Total turnover was higher at 2.62 billion units worth RM1.78 billion from 2.23 billion units worth RM1.67 billion last Friday. A dealer said Bursa Malaysia opened higher on Tuesday morning, taking the cue from overnight positive performance on Wall Street, but turned into negative territory at mid-morning to end lower, succumbing to se...
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Market Daily Report: Bursa Malaysia ends lower on profit taking

    KUALA LUMPUR (June 1): Bursa Malaysia reversed Tuesday's (May 31) gains to end lower on Wednesday on profit taking, amid mixed performance on regional peers as investors remained cautious on uncertainties such as global recession, inflation and rising interest rates, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 16.69 points or 1.06% to 1,553.41 from 1,570.1 at Tuesday’s close. The index, which opened 6.7 points weaker at 1,563.4, moved between 1,552.22 and 1,563.89 throughout the session. Market breadth skewed towards positive with gainers leading losers 508 to 450, while 405 counters were unchanged, 880 untraded, and 16 others suspended. Total turnover decreased to 2.57 billion units worth RM2.49 billion from 3.8 billion units worth RM6.11 billion on Tuesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said on the local bourse, investors took profit as a result of a sudden surge in the FBM KLCI dur...
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