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Showing posts from October, 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 finishes higher in line with regional peers

KUALA LUMPUR (Oct 31): Bursa Malaysia finished broadly higher after two consecutive days of losses, tracking regional market peers amid the improved performance of global equities, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.07 points to 1,460.38 from Friday's close of 1,447.31. The key index, which opened 3.63 points higher at 1,450.94, moved between 1,450.94 and 1,468.41 throughout the day. The broader market was also positive with gainers trouncing losers 450 to 365, while 410 counters were unchanged, 1,137 untraded, and 66 others suspended. Turnover increased to 2.89 billion units valued at RM1.94 billion versus 2.38 billion units valued at RM1.65 billion on Friday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI trended sharply higher with buying interest mainly in plantation, oil and gas, banking as well as telecommunications heavyweights. He said that regionally, key indices closed mostly hig...
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Market Daily Report: KLCI closes below 1,450 level on profit-taking

KUALA LUMPUR (Oct 28): Bursa Malaysia’s key index staged a pullback on Friday (Oct 28) for the second day running, after having breached the 1,450 level on Wednesday, as profit-taking set in across the broader market. Lacklustre trading on the local bourse also mirrored the weak regional market performance, as investors digested interest rates announcements by the European Central Bank (ECB) and Bank of Japan (BOJ) for clues ahead of the US Federal Open Market Committee and Bank Negara Malaysia (BNM) meetings next week. At 5pm, the FBM KLCI had slipped 6.78 points to 1,447.31, compared with Thursday's close at 1,454.09. The key index opened 0.45 of a point higher at 1,454.54, and moved between 1,442.04 and 1,456.47 throughout the day. The broader market was bearish, with losers outpacing gainers 450 to 393, while 409 counters were unchanged, 1,117 untraded, and 83 others suspended. Turnover decreased to 2.38 billion un...
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Market Daily Report: Bursa gives up earlier gains to end marginally lower

KUALA LUMPUR (Oct 27): Bursa Malaysia gave up earlier gains to slip marginally lower on Thursday (Oct 27), as the key index struggled to stay in the green for most of the trading session, amid a mixed performance in regional markets. At 5pm, the FBM KLCI had trimmed 0.89 of a point to 1,454.09, due to mild selling of heavyweights, particularly financial services and plantation counters, compared with Wednesday's close at 1,454.98. The key index opened 2.98 points higher at 1,457.96, and fluctuated between 1,452.28 and 1,459.86 throughout the day. However, the broader market remained positive, with gainers surpassing losers 505 to 325, while 395 counters were unchanged, 1,136 untraded, and 24 others suspended. Turnover decreased to 2.53 billion units valued at RM1.87 billion, versus 2.61 billion units valued at RM1.80 billion on Wednesday. Rakuten Trade Sdn Bhd vice-president of equity research Thong...
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Market Daily Report: Bursa resumes uptrend, KLCI ends at intraday high

KUALA LUMPUR (Oct 26): Continuous buying spree in heavyweights mainly in the healthcare, plantation, and telecommunications sectors boosted Bursa Malaysia to end in the positive zone on Wednesday (Oct 26) after a marginal decline on Tuesday. An analyst attributed the rise in trading to a pre-election rally. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 10.57 points to end at its intraday high of 1,454.98 compared with Tuesday's close of 1,444.41. The barometer index opened 3.16 points higher at 1,447.57. The broader market was also positive with gainers trouncing losers 519 to 354, while 376 counters were unchanged, 1,115 untraded, and 11 others suspended. Turnover increased to 2.61 billion units valued at RM1.80 billion versus 2.26 billion units valued at RM1.76 billion on Tuesday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng told Bernama that Wednesday's interest was also inspired by the positive Wall Street performance ov...
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Market Daily Report: Bursa pauses for breather after six-day winning streak

KUALA LUMPUR (Oct 25): Bursa Malaysia ended in the red on Tuesday (Oct 25), taking a pause after a six-day winning streak due to profit-taking in heavyweights led by Petronas Chemicals Group Bhd and Public Bank Bhd. Significant gains in Axiata Group Bhd and CIMB Group Holdings Bhd, however, helped to curb further downtrend in the FTSE Bursa Malaysia KLCI (FBM KLCI), which ended 2.01 points easier at 1,444.41 compared to last Friday's close of 1,446.42. The barometer index opened 2.72 points higher at 1,449.14 and moved between 1,441.19 and 1,454.06 throughout the session. The broader market was slightly negative with losers outpacing gainers 445 to 420, while 384 counters were unchanged, 1,103 untraded, and 12 others suspended. Turnover increased to 2.26 billion units valued at RM1.76 billion versus 2.04 billion units worth RM1.51 billion on Friday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng told Bernama that the local market performance w...
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Market Daily Report: Bursa closes higher

KUALA LUMPUR (Oct 21): Bursa Malaysia ended the trading week higher against a backdrop of weak regional markets. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) settled 8.7 points higher at an intraday high of 1,446.42 from Thursday's close of 1,437.72. The market bellwether opened easier by 2.33 points at 1,435.39 and reached an intraday low of 1,433.26, before picking up steam to close higher. On a weekly basis, the benchmark index gained 63.95 points over the last five trading days. On the broader market, gainers outpaced losers 400 to 388, while 591 counters were unchanged, 983 untraded and 19 others suspended. Turnover decreased to 2.04 billion units worth RM1.51 billion against 2.71 billion units worth RM2.60 billion on Thursday. Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said equity markets around the world had been very volatile recently as investors were worried that major economies would be pushed into recession before i...
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Market Daily Report: Bursa rallies to close higher, KLCI up 1.6%

KUALA LUMPUR (Oct 20): Bursa Malaysia shook off early losses to end the trading day higher for the fifth straight day, with the benchmark index putting on 1.6% driven by buying interests in selected heavyweights led by Petronas Chemicals Group Bhd and Public Bank Bhd.  The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) has gained a total of 55.25 points over the last five trading days. At 5pm, the market bellwether surged 22.62 points to settle at its intraday high of 1,437.72 from Wednesday's close of 1,415.1.  The FBM KLCI opened 0.38 of-a-point easier at 1,414.72, but thereafter hit an intraday low of 1,411.74, before picking up steam throughout the day to close higher.  On the broader market, gainers outpaced losers 493 to 365, while 373 counters were unchanged, 1,131 untraded, and 18 others suspended. Turnover increased to 2.71 billion units worth RM2.6 billion from Wednesday's 2.23 billion units worth RM1.72 billion.    Rakuten Trade Sdn Bhd vi...
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Market Daily Report: Bursa extends rally for fourth day running, KLCI ends at intraday high of 1,415.10

KUALA LUMPUR (Oct 19): Bursa Malaysia continued its upbeat momentum for the fourth consecutive trading day, with the key index gaining 1.05%, lifted by buying of banking stocks.  At 5pm on Wednesday (Oct 19), the benchmark FBM KLCI had surged 14.74 points to finish at an intraday high of 1,415.10, from Tuesday's close at 1,400.36.  The index opened 2.32 points higher at 1,402.68, and then hit an intraday low of 1,400.28, before picking up steam throughout the day to close higher.  On the broader market, gainers slightly outpaced losers 437 to 426, while 382 counters were unchanged, 1,117 untraded and 18 others suspended. Turnover eased to 2.23 billion units worth RM1.72 billion, from Tuesday's 2.40 billion units worth RM1.71 billion.   Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said trading in the local market was cautiously optimistic, given the improvement in reg...
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Market Daily Report: KLCI closes above 1,400 points on buying interest in plantation, telco stocks

KUALA LUMPUR (Oct 18): Bursa Malaysia rallied to close broadly higher on Tuesday (Oct 18), amid strong buying interest mainly in plantation and telecommunications company (telco) stocks, with the benchmark index settling above the 1,400-point mark. At 5pm, the FBM KLCI had surged 14.09 points or 1.02% to finish at 1,400.36, from Monday's close at 1,386.27. The barometer index opened 6.65 points higher at 1,392.92, and moved between 1,389.16 and 1,400.39. On the broader market, gainers led decliners 566 to 272, while 368 counters were unchanged, 1,144 untraded and seven others suspended. Turnover widened to 2.40 billion units worth RM1.71 billion, against Monday's 1.98 billion units worth RM1.49 billion.  Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng was cautiously optimistic about the near term, given the improving global market sentiment. "We expect investors to continue to bargain-hunt fo...
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Market Daily Report: Bursa ends mixed, KLCI up 3.8 points

KUALA LUMPUR (Oct 17): Bursa Malaysia ended trading on a mixed note on Monday (Oct 17), with continued buying of selected healthcare and utility counters, which kept the local benchmark index in positive territory, in line with regional markets as investors remained cautious over the economic outlook. At 5pm, the benchmark FBM KLCI index settled 3.80 points higher at 1,386.27, from last Friday's close at 1,382.47. The barometer index opened 1.03 points higher at 1,383.50, dipping to a low of 1,376.68, before gathering momentum to trend upwards throughout the afternoon to an intraday high of 1,389.21. On the broader market, however, decliners led advancers 443 to 363, while 394 counters were unchanged, 1,145 untraded, and 17 others suspended. Turnover narrowed to 1.98 billion units worth RM1.49 billion, against 2.25 billion units worth RM1.76 billion last Friday. IHH Healthcare Bhd and Tenaga Nasional Bhd (TNB) were the top two contributo...
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Market Daily Report: Bursa stages rebound to end week on positive tone

KUALA LUMPUR (Oct 14): Bursa Malaysia rebounded from Thursday's (Oct 13) loss to end the week on a positive note, with the benchmark index rising by 0.66% on renewed buying interest after Wall Street rallied overnight, an analyst said. At 5pm on Friday, the benchmark FBM KLCI had risen by 9.11 points to 1,382.47, from Thursday's close at 1,373.36. The barometer index opened 8.27 points higher at 1,381.63, and continued its uptrend throughout the day, trading between an intraday low of 1,381.34 and an intraday high of 1,391.38. On the broader market, gainers led decliners 481 to 335, while 407 counters were unchanged, 1,123 untraded, and 19 others suspended. Turnover widened to 2.25 billion units worth RM1.76 billion, against 2.03 billion units worth RM1.69 billion on Thursday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that key regional markets also trended higher on Friday, taking their cue from the strong rebou...
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Market Daily Report: Bursa down for fourth day running, KLCI at lowest year-to-date

KUALA LUMPUR (Oct 13): Bursa Malaysia extended its downtrend at the close for the fourth consecutive trading day on Thursday (Oct 13), with the benchmark index hitting a new year-to-date (YTD) low, as cautious investors offloaded shares. At 5pm, the benchmark FBM KLCI had fallen by 7.21 points, or 0.52%, to 1,373.36, from Wednesday's close at 1,380.57. The barometer index opened 4.29 points higher at 1,384.86, before retreating in the mid-morning into negative territory. It was traded between an intraday low of 1,372.57 and an intraday high of 1,385.07. On the broader market, decliners surpassed gainers 521 to 321, while 353 counters were unchanged, 1,151 untraded, and nine others suspended. Turnover widened to 2.03 billion units worth RM1.69 billion, from 1.85 billion units worth RM1.56 billion on Wednesday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that the KLCI remained in negative territory, after a lacklustre trading da...
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Market Daily Report: Bursa ends lower amid caution ahead of US inflation data

KUALA LUMPUR (Oct 12): Bursa Malaysia continued its downtrend to end lower on Wednesday (Oct 12), due to a lack of buying interest, as investors were cautious amid global economic uncertainties and US inflation data due this week, an analyst said. At 5pm, the benchmark FBM KLCI settled 6.25 points, or 0.45%, lower at 1,380.57, from Tuesday's close at 1,386.82. The barometer index opened 1.46 points higher at 1,388.28, before turning negative in the mid-morning, and stayed in negative territory during the afternoon session. It was traded between an intraday low of 1,376.54 and an intraday high of 1,391.47. On the broader market, decliners surpassed gainers 490 to 344, while 384 counters were unchanged, 1,140 untraded, and 17 others suspended. Turnover narrowed to 1.85 billion units worth RM1.56 billion, from 2.35 billion units worth RM1.86 billion on Tuesday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional key in...
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Market Daily Report: Bursa ends lower on global selldown

KUALA LUMPUR (Oct 11): Bursa Malaysia ended sharply lower on Tuesday (Oct 11), weighed down by persistent selling in heavyweight stocks due to the global market selldown, said an analyst. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 19.18 points to 1,386.82 from Friday's close of 1,406. The benchmark index, which opened 5.42 points lower at 1,400.58, remained in the negative territory throughout the day, hitting at one point an intraday low of 1,383.25. On the broader market, decliners trounced gainers 787 to 197, while 302 counters were unchanged, 1,073 untraded and 17 others suspended. Turnover stood at 2.35 billion units worth RM1.86 billion. Rakuten Trade Sdn Bhd vice-president of Equity Research Thong Pak Leng said key regional indices trended mostly lower with selling mainly in technology stocks after the US announced measures limiting their access to certain US-made technology. “Meanwhile, sentiment across the region was brought down by hawki...
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Market Daily Report: Bursa ends flat on last-minute profit-taking ahead of Budget 2023

KUALA LUMPUR (Oct 6): Bursa Malaysia ended flat on Thursday (Oct 6) on last-minute selling ahead of the tabling of Budget 2023 on Friday, an analyst said. At 5pm, the benchmark index fell 0.12 points, or 0.01%, to 1,420.43 from Wednesday's close of 1,420.55. It opened 4.2 points better at 1,424.75 and moved to a high of 1,428.13 at mid-morning. However, market breadth was positive, with gainers outpacing decliners 435 to 328, while 427 counters were unchanged, 1,157 untraded, and seven others suspended. Turnover stood at 2.25 billion units worth RM1.59 billion. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI closed in negative territory as profit-taking emerged in the final minutes of the trading session. Regionally, key indices closed broadly higher as investors continued to pick up battered stocks at a bargain following a brutal selldown since mid-September. "Despite the improvement in the regional market sentiment, we...
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Market Daily Report: Bursa ends higher for third consecutive day on Wall St rally

KUALA LUMPUR (Oct 5): Bursa Malaysia ended higher for the third consecutive day on Wednesday (Oct 5), in line with regional peers amid improving sentiment after a rally on Wall Street overnight, an analyst said. At 5pm, the benchmark index advanced 11.19 points, or 0.8%, to end at 1,420.55 from Tuesday's close of 1,409.36. It opened 4.31 points better at 1,413.67 and moved to a high of 1,424.65. Market breadth was positive with gainers outpacing decliners 518 to 349, while 397 counters were unchanged, 1,066 untraded, and six others suspended. Turnover stood at 3.23 billion units worth RM1.72 billion. Mohd Sedek Jantan, UOB Kay Hian Wealth Advisors Sdn Bhd head of wealth research and adviser, said the Wall Street rally overnight bolstered trading in the FBM KLCI and Asian markets. "In the short term, the market will remain highly vulnerable to external headwinds and the performance of US markets. "Locally, all eyes will be on the Budget 2023, which will be un...
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Market Daily Report: Bursa ends higher on improving global sentiment

KUALA LUMPUR (Oct 4): Bursa Malaysia extended Monday's (Oct 3) gains to close higher on Tuesday, bolstered by the improving global sentiment and bargain-hunting activities in selected heavyweight stocks, a dealer said. At 5pm, the benchmark index advanced 11.74 points to end at 1,409.36 from Monday’s close of 1,397.62. It opened 6.14 points firmer at 1,403.76 and moved between 1,402.9 and 1,411.55 throughout the day.      Market breadth was positive with gainers outpacing decliners 567 to 280, while 331 counters remained unchanged, 1,175 untraded, and 30 others suspended. Total turnover widened to 1.92 billion units worth RM1.46 billion from 1.79 billion units worth RM1.45 billion on Monday.  Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI trended higher on Tuesday as investors continued to bargain hunt stocks at lower levels after recent selldowns. He said key regional indices also trended broadly higher af...
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Market Dail Report: KLCI snaps eight-day losing streak, broader market stays negative

KUALA LUMPUR (Oct 3): The FTSE Bursa Malaysia KLCI (FBM KLCI) snapped eight days of losses to end higher on Monday (Oct 3) on mild bargain-hunting activities, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.99 points to end at 1,397.62 from last Friday's close of 1,394.63. The benchmark index opened 0.93 of a point easier at 1,393.7 and moved between 1,384.82 and 1,401.82 throughout the day.      Market breadth, however, remained negative with losers leading gainers 530 to 285, while 383 counters remained unchanged, 1,155 untraded, and 31 others suspended. Total turnover decreased to 1.79 billion units worth RM1.45 billion from 2.08 billion units worth RM1.91 billion last Friday. "Still, gains are kept in check amid ongoing concerns over the rising inflationary pressure and tightening of monetary policy," Malacca Securities Sdn Bhd senior analyst Kenneth Leong told Bernama . Moving forward, investors would be looking out for fres...
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