Skip to main content

Featured Post

Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
Post a Comment

Market Daily Report: Bursa ends in the red, with some support seen in broader market



KUALA LUMPUR (Aug 23): Bursa Malaysia pared most of its earlier losses to close off its intraday low on Tuesday (Aug 23), falling 0.3%, after some buying activity emerged for oil and gas and telecommunications stocks during the final hour of trading, a trader said.

At 5pm, the FBM KLCI had declined 4.80 points to end at 1,482.57, compared with Monday’s closing at 1,487.37.

The benchmark index opened 2.45 points easier at 1,484.92 in the morning at its intraday high, and hit a low of 1,477.54 during the mid-morning session.

Total turnover declined to 2.03 billion units worth RM1.55 billion, from 2.18 billion units worth RM1.56 billion on Monday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said despite the cautious market undertone, bargain hunting is expected to prevail given the cheap valuations of local stocks, continuous inflow from foreign investors and improving corporate earnings for the second quarter of 2022.

“As such, we expect the benchmark index to trend slightly higher within the 1,480 to 1,500 range for the remainder of the week, with immediate support at 1,460 and resistance at 1,500,” he told Bernama.

Meanwhile, key regional markets were lower following negative cues from Wall Street overnight amid speculation about another interest rate hike by the US Federal Reserve. 

Japan’s Nikkei 225 fell 1.19% to 28,452.75, South Korea’s Kospi was down 1.1% at 2,435.34, and Hong Kong’s Hang Seng Index dipped 0.78% to 19,503.25.

Among the heavyweights, Public Bank Bhd earned one sen to RM4.60, Malayan Banking Bhd (Maybank) slipped four sen to RM8.83, Petronas Chemicals Group Bhd shed 14 sen to RM8.56, and IHH Healthcare Bhd was one sen lower at RM6.34. 

Of the actives, oil and gas related counters Borneo Oil Bhd was flat at 2.5 sen, Hibiscus Petroleum Bhd added 7.5 sen at 97.5 sen, and Sapura Energy Bhd was half a sen better at 4.5 sen.

Among the top gainers, Hengyuan Refining Company Bhd jumped RM1.29 to RM5.59, Petron Malaysia Refining & Marketing Bhd soared RM1.02 to RM5.86, and Dialog Group Bhd rose nine sen to RM2.35.

On the index board, the FBM ACE Index climbed 36.80 points to 4,891.80, the FBMT 100 Index fell 25.87 points to 10,277.53, the FBM Emas Shariah Index shed 19.05 points to 10,648.62, and the FBM 70 eased 1.97 points to 12,631.87, while the FBM Emas Index slid 23.39 points to 10,532.96.

Sector-wise, the Financial Services Index decreased 76.54 points to 16,538.59, the Plantation Index dipped 111.78 points to 7,059.85, and the Industrial Products and Services Index erased 1.25 points to 180.42, while the Energy Index rose 47.48 points to 712.88.

The Main Market volume slipped to 1.33 billion shares worth RM1.32 billion, from 1.34 billion shares worth RM1.22 billion on Monday.

The warrant turnover improved to 367.06 million units valued at RM59.58 million, from 329.54 million units valued at RM53.58 million on Monday.

The ACE Market volume dwindled to 321.66 million shares worth RM166.68 million, from 514.66 million shares worth RM288 million previously.

Consumer products and services counters accounted for 151.74 million shares traded on the Main Market, followed by industrial products and services (400.08 million), construction (40.96 million), technology (164.57 million), special purpose acquisition companies (nil), financial services (45.13 million), property (72.4 million), plantation (22.5 million), real estate investment trusts (5.48 million), closed/funds (500), energy (270.04 million), healthcare (103.55 million), telecommunications and media (19.3 million), transportation and logistics (27.69 million), and utilities (13.55 million).


Source: The Edge

Labels:

Comments

Post a Comment

Popular posts from this blog

INTC Share Watch and News

Stock Info Market Monitor Company Profile Intel Corporation designs, manufactures, and sells integrated circuits for computing and communications industries worldwide. It offers microprocessor products used in notebooks, netbooks, desktops, servers, workstations, storage products, embedded applications, communications products, consumer electronics devices, and handhelds. The company also offers system on chip products that integrate its core processing functionalities with other system components, such as graphics, audio, and video, onto a single chip. It also provides chipset products that send data between the microprocessor and input, display, and storage devices, such as keyboard, mouse, monitor, hard drive, and CD or DVD drives; motherboards that has connectors for attaching devices to the bus, and products designed for desktop, server, and workstation platforms; and wired and wireless connectivity products, including network adapters and embedded wireless cards used to translat
1 comment
Read more

Analysts See Asset Resilience of Bank of Chengdu Benefiting Hong Leong Bank

Analysts predict that the asset quality of Bank of Chengdu, in which Hong Leong Bank Bhd holds a 19.76% stake, will remain robust due to its strict risk management policies and proactive measures. Key Takeaways: Strong Risk Management Practices : According to CIMB, Bank of Chengdu has adopted a conservative risk culture, performing thorough assessments of location, developer reputation, project viability, and management integrity before financing property projects. The bank closely monitors early warning signals like construction progress, sales progress, budget overruns, and fund usage by developers to mitigate potential risks. Proactive Measures Against Property Slowdown : The bank's precautionary measures allowed it to reduce exposure to problematic property loans and exit risky loans before China's property market slowdown. This conservative approach is expected to benefit Hong Leong Bank by minimizing potential asset quality concerns. Continued Optimism and Buy Recommendat
Post a Comment
Read more

Investors Keep Buying US Junk Debt Despite Weak Protections

  When US-based construction material supplier Wilsonart issued a junk bond to raise US$500 million (RM2.13 billion) for an acquisition this summer, a research firm warned potential investors about the bond's weak protections. The bond’s covenants could allow the company to move valuable assets to another entity and raise more money, potentially disadvantaging bond investors, according to Covenant Review , a research firm. This warning comes amid growing concerns in credit markets as more companies engage in practices like "liability management exercises," where they borrow more against the same assets. These practices, often favoring some creditors over others, have been dubbed "creditor-on-creditor violence," prompting some creditors to unite to protect their interests. Despite the warnings, investors eagerly purchased Wilsonart's offering, underscoring a paradox in US credit markets. While investors face the consequences of weak covenants, they continu
Post a Comment
Read more