Market Daily Report: Bursa ends slightly lower, bucking regional trend

KUALA LUMPUR (April 28): Bursa Malaysia ended the shortened trading week marginally lower on Friday (April 28), as investors sold financial services and plantation blue chips ahead of another shortened trading period next week, bucking the mainly positive regional trend.

Malaysia has public holidays next Monday for Labour Day, and next Thursday for Wesak Day.

At 5pm, the FBM KLCI had eased 2.10 points to 1,415.95, from Thursday’s close at 1,418.05.

The barometer index opened 0.19 of a point better at 1,418.24, and moved between 1,412.84 and 1,420.50 throughout the day.

Market breadth was negative, with decliners leading gainers 427 to 398, while 414 counters were unchanged, 1,040 untraded, and 50 others suspended.

Turnover rose to 2.64 billion units valued at RM1.48 billion, from 2.49 billion units valued at RM1.46 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama the KLCI closed marginally lower after a bumpy trading session.

Market Daily Report: KLCI ends higher on bargain hunting for banking, gaming stocks

KUALA LUMPUR (April 27): Bursa Malaysia ended higher on Thursday (April 27), with the key index rising 0.27%, due to bargain hunting for banking and gaming stocks, an analyst said.

At 5pm, the FBM KLCI had risen 3.80 points to 1,418.05, from Wednesday’s close at 1,414.25.

The barometer index opened 2.19 points better at 1,416.44, and moved between 1,413.46 and 1,418.17 throughout the day.

However, market breadth was negative, with decliners leading gainers 417 to 388, while 414 counters were unchanged, 1,075 untraded, and 65 others suspended.

Turnover fell to 2.49 billion units valued at RM1.46 billion, from 2.55 billion units valued at RM1.54 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices were also in positive territory, as investors were positive on Chinese President Xi Jinping's phone call with Ukraine leader Volodymyr Zelensky, and China’s plan to send a delegation to Ukraine for a possible peace deal.

Meanwhile, Bank of Japan governor Kazuo Ueda was expected to maintain the ultra loose monetary policy, Thong noted.

“Back home, we believe the market undertone remains cautious, due to various external factors, although bargain-hunting activities may continue.

“Hence, we anticipate the KLCI to trend within the 1,410-1,420 range towards the weekend, with immediate support at 1,400 and resistance at 1,440,” he told Bernama.

Among the heavyweights, Malayan Banking Bhd (Maybank) jumped nine sen to RM8.70 a share and CIMB Group Holdings Bhd rose two sen to RM5.07, while Public Bank Bhd at RM3.89 and CelcomDigi Bhd at RM4.40 were both flat. Petronas Chemicals Group Bhd slipped 11 sen to RM7.04.

As for the actives, Classita Holdings Bhd gained two sen to 18 sen, Tanco Holdings Bhd bagged 5.5 sen to 53.5 sen, Computer Forms (Malaysia) Bhd added one sen to 28 sen, and Velesto Energy Bhd was one sen higher at 23 sen.

On the index board, the FBM Emas Index increased 19.74 points to 10,411.82, the FBMT 100 Index rose 17.05 points to 10,094.73, the FBM Emas Shariah Index fell 1.78 points to 10,748.98, the FBM ACE Index was 1.74 points better at 5,352.40, and the FBM 70 Index dropped 18.48 points to 13,540.23.

Market Daily Report: Bursa ends lower, in line with weak regional performance

KUALA LUMPUR (April 26): Bursa Malaysia ended lower on Wednesday (April 26), in line with regional markets after Wall Street fell overnight, as fears of a banking crisis in the US resurfaced, an analyst said.

At 5pm, the FBM KLCI had lost 10.94 points, or 0.77%, to 1,414.25, from Tuesday’s close at 1,425.19.

The barometer index opened 3.22 points weaker at 1,421.97, and moved between 1,412.75 and 1,422.48 throughout the day.

Market breadth was negative, with decliners leading gainers 473 to 349, while 414 counters were unchanged, 1,058 untraded, and 25 others suspended.

Turnover was slightly lower at 2.55 billion units valued at RM1.54 billion, from 2.56 billion units valued at RM1.54 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said adding to the downbeat sentiment, a report on Tuesday showed that confidence among US consumers fell more sharply in April than expected, going down to its lowest level since last July.

“Meanwhile, investors expect the US Federal Reserve to raise interest rates at least one more time next week before pausing. On the domestic front, we believe today's (Wednesday) selldown offers opportunities to bargain-hunt for stocks at lower levels. However, we advise investors to remain vigilant due to the rising volatility and uncertainty globally,” he told Bernama.

Market Daily Report: Bursa ends higher on bargain hunting for plantation heavyweights

KUALA LUMPUR (April 25): Bursa Malaysia ended the day higher due to bargain-hunting activities for selected plantation heavyweights during the final hour of trading, said an analyst.

At 5pm on Tuesday (April 25), the FBM KLCI had climbed 3.08 points to 1,425.19, from last Thursday’s close at 1,422.11.

The barometer index opened 0.16 of a point higher at 1,422.27, and moved between 1,420.84 and 1,427.00 throughout the day.

Market breadth, however, was negative, with decliners outnumbering gainers 562 to 329, while 387 counters were unchanged, 1,020 untraded, and 19 others suspended. 

Turnover stood at 2.57 billion units worth RM1.55 billion.

Plantation stocks were higher as investors reacted positively to the news of cooperation with China, after the recent signing of a memorandum of understanding (MOU) in Beijing.

The MOU inked between the Malaysian Palm Oil Board (MPOB) and the China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-Products further broadened cooperation between the two countries in the trade of palm oil, apart from strengthening Malaysia’s position and market share in the Chinese market.

Market Daily Report: Bursa ends lower on muted trading ahead of Raya holiday

KUALA LUMPUR (April 20): Bursa Malaysia closed lower on Thursday (April 20) amid muted trading, as investors retreated to the sidelines ahead of the extended weekend Hari Raya Aidilfitri festive break, an analyst said. 

At 5pm, the FBM KLCI had slipped 2.96 points, or 0.21% lower, to 1,422.11, from Wednesday's close at 1,425.07.

The barometer index opened 3.57 points firmer at 1,428.64, its intraday day. It hit an intraday low of 1,418.82, before paring losses.

Market breadth was negative, as decliners surpassed gainers 446 to 358, while 404 counters were unchanged, 1,091 untraded, and 18 others suspended.

Turnover narrowed to 2.46 billion units valued at RM1.46 billion, from 3.14 billion units valued at RM1.76 billion on Wednesday. 

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the flattish performance was also due to caution over US recessionary risks, after the US Federal Reserve warned recently that access to credit had become tougher since last month's banking crisis in the US.

Market Daily Report: Bursa ends lower for third consecutive day

KUALA LUMPUR (April 19): Bursa Malaysia closed lower for the third consecutive day due to profit-taking activities, ahead of the Hari Raya Aidilfitri holidays, amid weaker regional market performances, an analyst said.  

At 5pm on Wednesday (April 19), the FBM KLCI was 7.29 points or 0.51% lower at 1,425.07, from Tuesday's close at 1,432.36.

The barometer index opened 0.79 of a point weaker at 1,431.57, its intraday high, and moved between 1,423.05 and 1,431.57 throughout the day.

Market breadth was broadly negative, as decliners outpaced gainers 597 to 265, while 374 counters were unchanged, 1,062 untraded, and 11 others suspended.

Turnover narrowed to 3.14 billion units valued at RM1.76 billion, from 3.17 billion units worth RM1.85 billion on Tuesday. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional markets ended mostly lower, as investors were cautiously awaiting earnings reports and possible moves on interest rate hikes by central banks.

Market Daily Report: Bursa closes in negative territory on weak sentiment

KUALA LUMPUR (April 18): Bursa Malaysia closed in negative territory in tandem with the weak regional performance on Tuesday (April 18), with key regional indices ending mostly lower as investors were cautious ahead of the earnings season, an analyst said. 

At 5pm, the FBM KLCI was 0.18% or 2.54 points easier at 1,432.36, from Monday's close at 1,434.90.

The benchmark index opened 0.57 of a point higher at 1,435.47, and moved between 1,429.59 and 1,435.47 throughout the day.

Market breadth was broadly negative, as decliners outpaced gainers 527 to 330, while 390 counters were unchanged, 1,033 untraded, and 12 others suspended.

Turnover narrowed to 3.17 billion units worth RM1.85 billion, from 3.25 billion units valued at RM1.89 billion on Monday. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said China’s equities, however, closed higher after the country released better-than-expected economic data.

The world’s second-largest economy grew 4.5% year-on-year in the first quarter, beating most economists’ expectations.

“As for the local bourse, we believe today's (Tuesday) selldown provides an opportunity for investors to accumulate at a lower level.

“We expect the outlook for the local equity market to remain positive due to undemanding valuations and improving economic conditions,” he told Bernama.

As such, Thong reckons bargain hunting would emerge anytime soon, and foresees the KLCI to trend within the range of 1,430-1,445 for the remainder of the week.

Of the heavyweights, Malayan Banking Bhd (Maybank) at RM8.70 a share, Petronas Chemicals Group Bhd at RM7.40, and IHH Healthcare Bhd at RM5.88 were all flat. Public Bank Bhd added one sen to RM3.98, while CIMB Group Holdings Bhd was down by one sen to RM5.25, Tenaga Nasional Bhd lost 18 sen to RM9.00, and CelcomDigi Bhd gained five sen to RM4.46. 

Market Daily Report: Bursa ends marginally lower ahead of China's GDP data

KUALA LUMPUR (April 17): Bursa Malaysia closed lower on Monday (April 17), with the key index moving in a tight range ahead of the release of China's first-quarter gross domestic product (GDP) data on Tuesday, an analyst said. 

At 5pm, the FBM KLCI had eased by 0.23 of a point to 1,434.90, from last Friday's close at 1,435.13.

The barometer index opened 0.34 of a point lower at 1,434.79, and moved between 1,429.43 and 1,436.04 throughout the day. 

Market breadth stayed negative, as decliners outpaced gainers 486 to 370, while 408 counters were unchanged, 1,003 untraded, and 13 others suspended.

Turnover stood at 3.25 billion units worth RM1.89 billion.

SPI Asset Management managing partner Stephen Innes said the market is likely to rally on Tuesday once the data has been released.

Nevertheless, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional markets closed higher on Monday, as China's central bank had promised a prudent monetary policy to boost domestic demand.

"Inflation in China has been softening over the past few months, despite the reopening of the economy, after the rollback of pandemic controls,” he told Bernama. 

Back home, he reckoned the outlook for local equities to remain steady, despite the lacklustre performance on Monday, as cheap valuations, accompanied by strong fundamentals of the local economy, would drive the market going forward.

"As such, we expect the KLCI to show a more positive performance, and expect it to hover within the 1,430-1,445 range for the week.

"Technically, we spot immediate resistance at 1,440, followed by 1,460, with support at 1,415," he added. 

Among the heavyweight counters, Malayan Banking Bhd (Maybank) eased one sen to RM8.70 a share, Public Bank Bhd lost two sen to RM3.97, and Tenaga Nasional Bhd fell three sen to RM9.18, while Petronas Chemicals Group Bhd was unchanged at RM7.40, and CIMB Group Holdings Bhd rose three sen to RM5.26. 

As for the actives, Hong Seng Consolidated Bhd added half a sen to 14 sen, Revenue Group Bhd grew four sen to 44.5 sen, SMRT Holdings Bhd earned 11.5 sen to 64.5 sen, Dataprep Holdings Bhd gained five sen to 23 sen, and Top Glove Corp Bhd shed six sen to RM1.05. 

On the index board, the FBM Emas Index dropped 5.15 points to 10,563.76, the FBMT 100 Index trimmed 3.40 points to 10,243.37, and the FBM 70 index contracted by 11.74 points to 13,858.30.

The FBM Emas Shariah Index weakened 18.68 points to 10,924.16, while the FBM ACE Index was 1.14 points higher at 5,369.32.

Market Updates: Bank Stress, Inflation and Rising Recession Odds Fail to Sway Stocks

 

Despite bank stress, persistent inflation, increasing recession risks, and the swiftest Federal Reserve interest-rate hikes in 40 years, the stock market has remained surprisingly stable. Many investors believe this trend will persist.

In a week that included a key reading on consumer prices, Fed meeting minutes and earnings from three of the country’s biggest banks, equities barely budged. The S&P 500 rose 0.8%, the Nasdaq 100 added 0.1%, and the Cboe Volatility Index dropped below 18 to its lowest level since January 2022.

This stability can be attributed to an abundance of information, leading traders to adopt a wait-and-see approach. Market reactions to economic reports have been relatively subdued, and S&P 500 forecasts have remained unchanged for three months, marking the longest streak since 2005.

Reactions to economic reports that used to jar traders have lately been muted. And while earnings are their usual wild card, a case exists that enough pessimism is built in to cushion their impact.

However, investors have had ample opportunities to worry about deteriorating earnings forecasts and have thus far held their ground. Market concerns about banks have been eased by the Federal Reserve's emergency measures, which have provided relief within the sector.

Global liquidity flows have supported stock prices in recent weeks, but their impact may wane over time. The debt ceiling issue could serve as a potential catalyst for market changes, although a resolution is not expected until late July or early August.

As large-cap companies like Apple, Microsoft, and Amazon trade at high earnings multiples, it might be difficult for them to deliver significant earnings growth. 

As a result, first-quarter results might not do much to the index itself over the next few weeks.

While economic data could provide insight into overall sentiment, recent releases have not moved markets significantly. However, if earnings and economic data do not cause shifts, the Fed's continued rate hikes and commentary on combating inflation might trigger stock market declines.

Other markets, such as Treasury volatility and cryptocurrencies like Bitcoin, have experienced more significant fluctuations. Despite these external forces, the S&P 500 has maintained its current trajectory, and barring any unforeseen events, it may continue this trend for the remainder of the month.

Market Daily Report: KLCI closes marginally higher on late bargain hunting

KUALA LUMPUR (April 14): Bursa Malaysia closed flat on Friday (April 14), with the key index rising marginally by 0.1% on late bargain hunting, in line with the positive regional performance.

At 5pm, the FBM KLCI had edged up by 0.91 of a point to 1,435.13, from Thursday's close at 1,434.22.

The barometer index opened 0.62 point higher at 1,434.84, and moved between 1,431.81 and 1,438.28 throughout the day. 

Market breadth was slightly negative, as decliners outpaced gainers 425 to 415, while 393 counters were unchanged, 1,032 untraded, and 19 others suspended.

Turnover stood at 3.22 billion units worth RM1.75 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that key regional indices were also in positive territory following positive cues from Wall Street overnight.

Apple India iPhone Output Soars to $7 Billion as Apple Diversified away from China

 

Last fiscal year, Apple Inc. tripled its iPhone production in India, the world's fastest-growing smartphone market, assembling over $7 billion worth of iPhones and reducing its dependence on China. Now, nearly 7% of Apple's iPhones are produced in India through partnerships with companies such as Foxconn Technology Group and Pegatron Corp., according to sources. This marks a significant increase for India, which was responsible for an estimated 1% of global iPhone production in 2021.

As tensions between Washington and Beijing persist, Apple is seeking to minimize its reliance on China. The company's long-standing partners, responsible for manufacturing the majority of iPhones in China, have rapidly expanded assembly lines over the past year. In 2022, Apple faced challenges at Foxconn's main "iPhone City" complex in Zhengzhou, which exposed supply chain vulnerabilities and led to reduced output estimates. Meanwhile, Indian Prime Minister Narendra Modi has implemented various incentives to promote local manufacturing.

Apple exported $5 billion worth of iPhones in the year ending March 2023, nearly quadrupling the previous year's figure. The tech giant plans to simultaneously manufacture the next iPhones in India and China by fall 2023, marking the first time assembly begins concurrently in both countries. With continued supplier expansion, Apple could assemble 25% of all its iPhones in India by 2025. Company representatives declined to comment.

Before the "iPhone City" incident, Apple had already recognized the need to diversify its supply chain. The company successfully lobbied for incentives in India, encouraging suppliers like Foxconn, Wistron Corp., and Pegatron to increase local production. These suppliers, employing around 60,000 workers in India, manufacture iPhone models ranging from the iPhone 11 to the latest iPhone 14.

This shift in iPhone production signifies an economic victory for India, potentially influencing the plans of other US brands. For Apple, India represents a significant growth opportunity, especially as the Chinese economy faces challenges following strict Covid Zero restrictions.

Apple is set to open its first two retail stores in India, located in Mumbai and New Delhi, next week. CEO Tim Cook is expected to attend the inaugurations, highlighting the growing significance of the Indian market. The Cupertino, California-based company has also requested changes to India's labor laws to facilitate local production expansion and the development of mega factories.

Foxconn, Apple's largest contract manufacturer, plans to invest approximately $700 million in a southern state facility for producing phone components and potentially iPhones. 

Market Daily Report: Bursa ends flat, late bargain hunting pares loss

KUALA LUMPUR (April 13): Bursa Malaysia pared earlier losses to end marginally lower as bargain hunting emerged in selected heavyweight counters during the final hour of trading.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.52 of a point to 1,434.22 from Wednesday's close of 1,434.74.

The barometer index opened 0.87 points lower at 1,433.87 and moved between 1,430.89 and 1,435.01 throughout the day.

Gains by Tenaga Nasional Bhd helped lift the key index by 1.334 points.

The market breadth was negative as decliners surpassed gainers 443 to 429, while 427 counters were unchanged, 976 untraded and 29 others suspended.

Turnover stood at 3.07 billion units worth RM2.03 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said regional indices were mostly in the red following negative cues from Wall Street overnight after US Federal Reserve (Fed) officials warned of a mild recession in the US this year.

“After the [cooling] in the US Consumer Price Index data, the market was expecting the Fed's interest rate cycle to ease off but instead the focus shifted to the Fed’s warning [of a mild recession],” he told Bernama.

Manchester United bidding process goes to third round

RIVAL bidders for Manchester United have been invited to submit a third offer by the end of April, according to reports.

Qatari banker Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani and British billionaire Jim Ratcliffe both submitted a second bid for the Premier League club last month.

Several offers are understood to have been received in recent weeks but Sheikh Jassim and Ratcliffe remain the front runners to buy United should the Glazers give up control of the club they bought in 2005 for £790 million (S$1.3 billion).

United’s unpopular owners announced in November they were conducting a strategic review, with the sale of the club one option being considered.

The Qatari group has reportedly made an offer of about £5 billion for 100 per cent ownership of the club while Ratcliffe, a boyhood United fan, wants to buy the combined Glazer shareholding of 69 per cent.

The Americans’ asking price is believed to be around US$6 billion – a figure that would make the 20-time English champions the most expensive sports club in history.

Finnish entrepreneur Thomas Zilliacus last month entered the race and US hedge fund Elliott Investment Management is understood to have made a bid for a minority stake.

The Glazers have angered many United supporters by saddling the club with huge debts over the past 18 years.

They appeared ready to cash out at an enormous profit when they invited external investment in November but they could yet shun the option of selling a controlling stake. 

World’s Most Expensive Car License Plate Sells for $15 Million in Dubai

A record-breaking 55 million dirhams ($15 million) was spent by a wealthy bidder on a rare car license plate in Dubai, surpassing the previous United Arab Emirates record established over a decade ago.

Emirates Auction LLC sold the P 7 license plate, appearing like the number 7 with the P set aside, during a charity auction on Saturday. The proceeds will be donated to the global food aid initiative, 1 Billion Meals Endowment, led by Dubai ruler Sheikh Mohammed bin Rashid.

The UAE has a tradition of auctioning vanity plates, which the ultra-rich use to flaunt their status and wealth, for charitable causes. The recent auction broke a 2008 record when local businessman Saeed Abdul Ghaffar Khouri paid 52.2 million dirhams for a plate with the number 1 in Abu Dhabi. The identity of the recent auction's winner remains undisclosed.

Exorbitant prices for vanity plates are not exclusive to the Middle East, as a single-letter "R" plate was auctioned in Hong Kong this year for HK$25.5 million ($3.2 million).

Dubai has long been a haven for the ultra-wealthy to display their affluence and enjoy a tax-free lifestyle. While other regions face economic challenges, Dubai's economy remains robust, bolstered by high oil prices and an influx of wealth that supports the real estate market.

Even moderately-paid expatriates indulge in luxury cars due to lower sales tax rates compared to their home countries. However, the recent boom has resulted in increased rent and pressure on middle-class residents.

Businessman Balvinder Singh Sahni, also known as Abu Sabah, bought the D 5 plate in 2016 for 33 million dirhams. He described Dubai as a "city of gold" with "big people, secure people, nice people," where everyone wants to showcase their status.

Sahni shared an experience from 2006 when he was denied entry to the luxury hotel Burj Al Arab due to his car license plate having too many numbers. Since then, obtaining a single-digit number plate became his dream, and he seized the opportunity when he learned the proceeds would go to charity.

The plate auctioned over the weekend can be transferred to any vehicle registered in the emirate, regardless of whether it is a supercar or not. The Guinness World Records has not yet commented on the matter.

Market Daily Report: Bursa snaps three-day winning streak to end slightly lower

KUALA LUMPUR (April 12): Bursa Malaysia snapped a three-day winning streak to end marginally lower on Wednesday (April 12), dragged by profit-taking, said a dealer.

At 5pm, the FBM KLCI had slipped by 1.15 points to 1,434.74, from Tuesday's close at 1,435.89.

The barometer index opened 1.13 points higher at 1,437.02, and moved between 1,429.00 and 1,437.08 throughout the day. 

Market breadth was negative, as decliners surpassed gainers 469 to 359, while 424 counters were unchanged, 1,011 untraded, and 23 others suspended.

Turnover stood at 2.79 billion units worth RM1.78 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that regionally, the key indices closed mixed, following the mixed cue from global equities overnight.

Besides, investors were cautiously awaiting the US Consumer Price Index data to be released on Wednesday night.

Daily Market Update: Tech Stocks Slump Extends Ahead of Inflation Data: Markets Wrap

US stocks were mixed as investors brace for inflation data that could solidify bets for another Federal Reserve interest-rate hike.

The tech-heavy Nasdaq 100 fell for the fifth time in six sessions as traders considered another rate hike in May. The S&P 500 fluctuated between gains and losses, while the yield on policy-sensitive two-year Treasuries remained stable at roughly 4%.

Cracks are forming in 2023's equity advance, as hedge funds and other speculators amass the largest short position since November 2011, when the US sovereign credit rating was downgraded. Inflation data will be released on Wednesday, and banks will begin what is expected to be the worst earnings season since the pandemic's depths on Friday.

Despite recent financial difficulties, the Federal Reserve appears to be on pace to keep hiking rates, with solid job markets and rising oil prices swaying officials focused on their price-stability mandate.

Although US payrolls rose at a solid pace last month and the unemployment rate fell, markets are pricing in a significant possibility that the Fed will boost borrowing by a quarter-point on May 3 to manage inflation. Wednesday's consumer price report, which is projected to show a 0.4% monthly increase in the core consumer price index, could solidify the Fed's rate path.

A scenario in which the Fed stops raising interest rates in May, which markets briefly contemplated last month as bank instability heightened recession fears, appears increasingly implausible.

Furthermore, the International Monetary Fund cut its global growth predictions, citing recent banking sector turbulence as well as Russia's invasion of Ukraine. Bitcoin gained for the fourth day in a row, breaking through the $30,000 barrier for the first time in ten months.

Oil prices fluctuated, with West Texas Intermediate trading at $80 per barrel after falling below. Gold was somewhat higher, hovering about $2,000 per ounce.

Tim Cook will open the first Apple stores outside of China in India

 

Apple Inc. CEO Tim Cook has scheduled a trip to India to open the iPhone maker's first stores next week, highlighting the company's ambitions for the nation as a growing market and manufacturing base.

Cook is expected to preside over the opening of the twin restaurants in India's financial and political capital, according to people familiar with the situation who requested anonymity to disclose private arrangements. Apple said Tuesday that a store will open in Mumbai on 18 April and another in New Delhi on 20 April.

The trip comes seven years after the CEO's first visit in 2016, and it coincides with the world's most valuable firm surpassing significant milestones: India iPhone sales have reached an all-time high, and yearly iPhone exports from the nation have reached billions of dollars. In the midst of tight relations between Beijing and Washington, Apple is banking on India to expand its assembly operations beyond China.

Cook plans to open Apple's first India store within an expensive mall in Mumbai's Bandra Kurla Complex, also known as BKC. A few days later, he plans to open the doors to the New Delhi store, which will be located in a high-end mall in the Saket district. The store's barricades were removed on Tuesday.

The two stores have been in the works for a long time because India's tight restrictions prohibit multinational businesses from opening their own-brand stores unless they source a major amount of their items from within the country.

According to Bloomberg, Apple did not respond to email seeking for a comment on Cook's visit. 

In 2020, the company will launch its Indian internet store. Although the country boasts the world's second-largest smartphone market and one of the fastest-growing, Apple's comparatively expensive sticker prices remain a disincentive in a country of 1.4 billion people where affordability is a big factor in purchasing decisions.

In between the two store inaugurals, Apple has sought a meeting for Cook with Prime Minister Narendra Modi, said one of the people. Modi’s government has been pushing for electronics manufacturing and has offered billions of dollars in incentives to attract Apple’s manufacturing partners like Foxconn Technology Group and Pegatron Corp.

On Apple earnings calls, Cook has stressed India’s importance as a market and production base. During the latest such conference, Cook said Apple set “a quarterly revenue record and grew very strong double digits year over year” in the country.

“India is a hugely exciting market for us and a major focus,” Cook said on the call. “I’m very bullish on India.” 

Market Daily Report: Bursa ends at intraday high on better sentiment

KUALA LUMPUR (April 11): Bursa Malaysia ended at its intraday high on Tuesday (April 11), prompted by improved market sentiment across the region as bargain hunting continued, particularly for industrial products and services as well as financial services counters.

At 5pm, the FBM KLCI had risen 7.76 points to 1,435.89, from Monday's close at 1,428.13.

The barometer index opened 0.99 point higher at 1,429.12, and subsequently hit a low of 1,426.50 during the mid-morning session.

Market breadth was positive, as gainers beat decliners 535 to 321, while 421 counters were unchanged, 956 untraded, and 13 others suspended.

Turnover stood at 3.05 billion units worth RM1.83 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices closed mostly higher, after Warren Buffett said he plans to add to his Japanese investments.

Furthermore, the Bank of Korea’s plan to keep the country's interest rate unchanged at 3.5% was well received by investors.

"As for the local bourse, we believe the market undertone will remain positive as investor sentiment improves.

“Hence, we anticipate the KLCI to trend within the range of 1,425-1,445 for the remainder of the week,” he told Bernama.

Region-wise, Japan’s Nikkei 225 rose 1.05% to 27,923.37, South Korea’s Kospi gained 1.42% to 2,547.86, and Hong Kong's Hang Seng climbed 0.76% to 20,485.24, while Singapore's Straits Times Index perked up 0.05% to 3,297.83, and China's SSE Composite Index went down 0.05% to 3,313.57.

Market Daily Report: Bursa ends mixed in sync with regional peers

KUALA LUMPUR (April 10): Bursa Malaysia closed mixed on Monday (April 10) in sync with regional peers.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 1.09 points to 1,428.13 from last Friday's closing of 1,427.04.

The barometer index opened 0.85 point higher at 1,427.89 and moved between 1,425.19 and 1,429.65 throughout the day.

The market breadth was negative as decliners led gainers 405 to 395, while 396 counters were unchanged, 1,021 untraded and 13 others suspended.

Turnover stood at 3.07 billion units worth RM1.45 billion.

Region-wise, Japan’s Nikkei 225 rose 0.42% to 27,633.66, South Korea’s Kospi gained 0.87% to 2,512.08, Singapore's Straits Times Index fell 0.18% to 3,294.43, while China's SSE Composite Index went down 0.37% to 3,315.36.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects bargain hunting in local stocks to continue given the lower valuation of the FBM KLCI.

“At present, the benchmark index is trading at 2023 forward price to earnings ratio of 13 times as compared with its five-year average of 15 times.

Market Daily Report: Bursa rebounds on bargain hunting after three-day losing streak

KUALA LUMPUR (April 7): Bursa Malaysia snapped a three-day losing streak to end the week slightly higher on Friday (April 7), with the main index inching up 0.15% on bargain hunting, a dealer said.

At 5pm, the FBM KLCI had risen 2.15 points to 1,427.04, from Thursday's closing at 1,424.89.

The barometer index opened 0.03 of a point lower at 1,424.86, and traded sideways during the morning session, but was lifted up towards the end of trading hours. It moved between 1,421.62 and 1,427.08 during the day.

Market breadth was positive, as gainers beat decliners 437 to 367, while 363 counters were unchanged, 1,049 untraded, and 13 others suspended.

Turnover narrowed to 2.33 billion units worth RM1.39 billion, versus 2.50 billion units worth RM1.54 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI’s rise was in tandem with the positive regional performance following Wall Street’s advance overnight.

"Key regional indices trended mostly higher, as investors took the opportunity to bargain hunt stocks at lower levels following Thursday's selldown," he told Bernama.

Among the heavyweight counters, Malayan Banking Bhd (Maybank) gained one sen to RM8.66 a share, Public Bank Bhd fell two sen to RM3.99, and Petronas Chemicals Group Bhd jumped 25 sen, or 3.45%, to RM7.40.

CIMB Group Holdings Bhd lost 10 sen to RM5.16, and Tenaga Nasional Bhd trimmed two sen to RM9.23.

As for the actives, Top Glove Corp Bhd edged up five sen to RM1.07, Sunsuria Bhd rose 2.5 sen to 64 sen, and Careplus Group Bhd increased 1.5 sen to 35.5 sen.

Techna-X Bhd gained half a sen to two sen, while Computer Forms (Malaysia) Bhd eased 1.5 sen to 22.5 sen.

On the index board, the FBM Emas Index rose 23.30 points to 10,478.44, the FBMT 100 Index gained 20.49 points to 10,161.04, and the FBM Emas Shariah Index added 59.98 points to 10,822.66.

Market Daily Report: Bursa ends lower for third consecutive day

KUALA LUMPUR (April 6): Bursa Malaysia closed marginally lower for the third consecutive day on Thursday (April 6), dragged by persistent selling across the board due to rising concerns over the global market outlook, an analyst said.

At 5pm, the FBM KLCI had declined by 4.66 points or 0.33% to 1,424.89, from Wednesday's closing at 1,429.55.

The barometer index opened 1.77 points higher at 1,431.32, which was also its intraday high, and then moved downwards to as low as 1,416.67.

Market breadth was negative, as decliners thumped gainers 450 to 321, while 430 counters were unchanged, 1,015 untraded, and 12 others suspended.

Turnover improved to 2.50 billion units worth RM1.54 billion, from 2.33 billion units worth RM1.41 billion on Wednesday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said trading on the local bourse was weaker on Thursday, as market participants became increasingly anxious about the global outlook.

Market Daily Report: Bursa pares earlier losses to end almost flat

KUALA LUMPUR (April 5): Bursa Malaysia's main index pared most of its earlier losses to close almost flat on Wednesday (April 5), due to a lack of buying catalysts, amid cautious sentiment on the back of mixed signals from global markets, a dealer said.

At 5pm, the FBM KLCI had eased 0.06 of a point to 1,429.55, from Tuesday's closing at 1,429.61.

The barometer index opened 0.32 of a point lower at 1,429.29, and moved between 1,425.71 and 1,430.20 throughout the day.

However, market breadth was positive, with gainers leading decliners 396 to 366, while 383 counters were unchanged, 1,071 untraded, and 21 others suspended.

Turnover narrowed to 2.33 billion units worth RM1.41 billion, from 2.62 billion units worth RM1.73 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local bourse trended in a narrow and bumpy session with a low volume, as investors were reluctant to make significant moves.

"While the local benchmark index was still in an oversold position, we advise investors to accumulate on weakness, especially blue-chips stocks. 

Market Daily Report: Bursa ends lower on profit-taking

KUALA LUMPUR (April 4): Bursa Malaysia retreated from Monday's (April 3) gains to end marginally lower on Tuesday, dragged by profit-taking, particularly for large-cap stocks, a dealer said.

At 5pm, the FBM KLCI had declined 3.78 points to 1,429.61, from Monday's close at 1,433.39.

The barometer index opened 1.15 points lower at 1,432.24, and moved between 1,426.63 and 1,432.83 throughout the day.

Market breadth was negative, as decliners beat gainers 439 to 417, while 402 counters were unchanged, 967 untraded, and 30 others suspended.

Turnover fell to 2.62 billion units worth RM1.73 billion, from 3.38 billion units worth RM1.63 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said profit-taking emerged, following strong gains on Monday, and this was viewed as positive, allowing the market to digest the recent uptrend. 

Market Daily Report: Bursa ends firmer on improved sentiment

KUALA LUMPUR (April 3): Bursa Malaysia ended higher on Monday (April 3), driven by bargain hunting amid improved sentiment across the board, with the key composite index closing at an intraday high.  

At 5pm, the FBM KLCI had gained 10.80 points to 1,433.39, from last Friday's close at 1,422.59.

The main index opened 4.18 points higher at 1,426.77, and moved in uptrend mode to 1,433.39 at the close.

Market breadth was positive, as gainers thumped decliners at 592 to 312, while 388 counters were unchanged, 934 untraded, and 32 others suspended.

Turnover widened to 3.38 billion units worth RM1.63 billion, versus 3.27 billion units worth RM1.76 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly higher with accumulation of technology stocks, while investors closely monitored a slew of central bank meetings and economic readings around the globe.

On the home front, he said, the return of foreign buying will boost investors' confidence and market sentiment.  

“We believe the market undertone will remain steady on the domestic front, and we expect the index to stay positive going forward,” he said in a note.  

Among Bursa’s heavyweight counters, Malayan Banking Bhd (Maybank) gained 10 sen to RM8.67, Public Bank Bhd was unchanged at RM4.00, Petronas Chemicals Group Bhd rose 14 sen to RM7.21, Tenaga Nasional Bhd added one sen to RM9.24, while CIMB Group Holdings Bhd lost one sen to RM5.30.