Market Daily Report: Bursa, regional peers remain under pressure ahead of US debt voting

KUALA LUMPUR (May 31): Bursa Malaysia and regional bourses sank into the red on Wednesday (May 31), amid uncertainties over whether the US Congress would resolve the debt ceiling impasse later in the day.

Hong Kong’s Hang Seng Index led the regional decline, losing 1.94% to 18,234.27, Japan’s Nikkei 225 fell 1.41% to 30,887.88, Singapore’s Straits Times Index eased 0.90% to 3,158.80, and China’s SSE Composite Index dipped by 0.61% to 3,204.56.

The FBM KLCI, the domestic barometer index, ended the day 9.79 points or 0.70% lower at 1,387.12, from 1,396.91 at Tuesday’s close.

The key index opened 0.23 of a point weaker at 1,396.68, and subsequently fluctuated to an intraday low of 1,380.90, or 1.1% lower, and an intraday high of 1,398.38 in the early morning session.

The broader market was bearish, with decliners thumping advancers 521 to 360, while 387 counters were unchanged, 980 untraded, and 33 others suspended.

Turnover jumped to 3.54 billion units worth RM5.25 billion, versus 2.38 billion units valued at RM2.01 billion on Tuesday.

A major debt ceiling bill negotiated by US President Joe Biden and House Speaker Kevin McCarthy passed through a House Committee on Tuesday, and will now go to the full House for a vote expected later on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the focus will remain on developments in the implementation of the US debt deal right up to the June 5 deadline.

Meanwhile, he said the faster-than-expected fall in China's manufacturing print showed that its economic recovery continued to lose steam, further triggering a sour market mood.

It was reported that China’s purchasing managers index slipped to 48.8 this month from 49.2 in April, according to data released by the National Bureau of Statistics on Wednesday. A reading below 50 indicates contraction.

Nevertheless, Thong views the current low valuations in the local equity market to be attractive to entice bargain hunters.

“On the domestic front, sentiments may be cautious in view of external factors. However, we believe the KLCI has been significantly undervalued.

“Hence, we expect the key index to hover within the 1,385-1,395 range for the remainder of the week, with immediate support at 1,370 and resistance at 1,400,” he told Bernama.

Among the heavyweights, Malayan Banking Bhd (Maybank) added six sen to RM8.65 a share, Public Bank Bhd lost three sen to RM3.81, Tenaga Nasional Bhd was 11 sen weaker at RM9.51, Petronas Chemicals Group Bhd dipped 19 sen to RM6.56, while CelcomDigi Bhd eased 10 sen to RM4.47.

CIMB Group Holdings Bhd was down seven sen to RM4.82, and IHH Healthcare Bhd slid one sen to RM5.77.

Market Daily Report: Bursa ends lower amid caution ahead of US debt ceiling vote

KUALA LUMPUR (May 30): Bursa Malaysia ended at its intraday low on Tuesday (May 30) amid mounting caution ahead of the US debt ceiling bill vote as early as Wednesday.

At the time of writing, optimism that a deal would be struck soon remains. US Congress needs to raise the debt ceiling by June 5 or the country could run out of cash to pay its obligations.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.02 points to 1,396.91 from 1,404.93 at Monday’s close.

The barometer index opened 1.11 points higher at 1,406.04, which was its intraday high.

The broader market remained negative with decliners beating advancers 466 to 358, while 431 counters were unchanged, 1,009 untraded and 60 others suspended.

Turnover slipped to 2.38 billion units worth RM2.01 billion from 2.73 billion units worth RM1.87 billion on Monday.

An analyst said banking stocks, which recovered some ground earlier, failed to sustain their performance as investors opted to book profit. Other sectors such as healthcare, technology, plantation, and industrial products and services were also in the red during this results season.

Additionally, interest in the local bourse was also affected by Chinese industrial firms slumping in the first four months of 2023, amid a lack of catalysts following the closure of overnight Wall Street on Monday.

China is Malaysia’s largest trading partner.

The analyst added that investors were also awaiting the US May Conference Board (CB) Consumer Confidence to be released later on Tuesday.

CB Consumer Confidence measures the level of consumer confidence in economic activity.

Market Daily Report: FBM KLCI ends in positive zone, selling weighs on low liners

KUALA LUMPUR (May 29): Bursa Malaysia’s main index ended in positive territory after a see-saw trading session, boosted by gains in selected heavyweights led by Press Metal Aluminium Holdings Bhd and CelcomDigi Bhd.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) went up 1.95 points to close at 1,404.93 compared with 1,402.98 at last Friday's close.

The barometer index, which opened 2.49 points higher at 1,405.47 on Monday morning, moved between 1,401.93 and 1,406.53 throughout the day.

Market Daily Report: Bursa recoups earlier losses to end marginally higher

 KUALA LUMPUR (May 26): Bursa Malaysia recouped earlier losses to close marginally higher on Friday (May 26), lifted by late buying in utilities and technology counters, in line with the upbeat performance in most regional bourses. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.50 of-a-point to close at 1,402.98 compared with 1,402.48 at Thursday's close.

The barometer index opened 0.45 of-a-point firmer at 1,402.93 this morning and moved between 1,397.98 and 1,405.45 throughout the day.

However, the broader market remained negative with decliners beating advancers 433 to 403, while 398 counters were unchanged, 1,042 untraded and 26 others suspended.

Turnover rose to 2.44 billion units worth RM2.28 billion from 2.36 billion units worth RM1.63 billion on Thursday.

Market Daily Report: Bursa closes at intraday low amid weak regional sentiment

KUALA LUMPUR (May 25): Late selling in plantation counters dragged Bursa Malaysia to end at an intraday low on Thursday (May 25) in line with the mostly downbeat performance of its regional peers. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.14 points or 0.51% to close at 1,402.48 compared with 1,409.62 at Wednesday's close.

The barometer index opened 0.68 points weaker at 1,408.94 this morning and moved to its highest level of 1,411.42 in the early morning session.

The broader market was also negative with decliners thumping advancers 556 to 293, while 409 counters were unchanged, 1,000 untraded and 14 others suspended.

Turnover declined to 2.36 billion units worth RM1.63 billion from 2.55 billion units worth RM1.70 billion on Wednesday. 

Sime Darby Plantation and Kuala Lumpur Kepong were the top two contributors to the loss in the benchmark index, with Sime Darby slipping 13.0 sen to RM4.28 and Kuala Lumpur Kepong slipping 76.0 sen to RM21.78, for a combined 2.83 points.    

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed lower in tandem with most key regional indices following yesterday's global sell-down.

Market Daily Report: Bursa ends slightly lower

KUALA LUMPUR (May 24): Bursa Malaysia ended slightly lower on Wednesday (May 24) despite late gains in selected industrial products and services as well as telecommunications and media counters. 

At 5.00pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.92 points to close at 1,409.62 compared with 1,411.54 at Tuesday's close.

The key index opened 0.18 of a point weaker at 1,411.36 this morning and moved between 1,414.66 and 1,406.27 throughout the day.

The broader market was also negative with decliners outpacing advancers 542 to 311, while 395 counters were unchanged, 1,010 untraded and 14 others suspended.

Turnover increased to 2.55 billion units worth RM1.70 billion from 2.46 billion units worth RM1.66 billion on Tuesday. 

Petronas Chemicals and Telekom Malaysia were the top two contributors to the local benchmark index, rising 6.0 sen and 10.0 sen to RM6.95 and RM5.09, respectively, for a combined 1.47 points. 

Market Daily Report: Bursa extends losses to close lower

KUALA LUMPUR (May 23): Bursa Malaysia extended Monday’s (May 22) losses to end lower on Tuesday on continued selling in financial services, as well as industrial products and services counters, amid weaker sentiment on regional bourses.

At 5.00pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.46 points to close at 1,411.54 compared with 1,419.00 at Monday's close.

The market bellwether opened 0.68 of-a-point lower at 1,418.32 this morning and moved between 1,409.51 and 1,419.61 throughout the day.

The broader market was also negative with decliners outpacing advancers 518 to 315, while 399 counters were unchanged, 1,027 untraded and 14 others suspended.

Turnover decreased to 2.46 billion units worth RM1.66 billion from 2.79 billion units worth RM1.79 billion on Monday.

Public Bank and Petronas Chemicals were the top contributors to the local benchmark index losses, declining 4.0 sen and 7.0 sen each to RM3.91 and RM6.89, respectively, with a combined 2.20 points.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI continued to trend lower amid the sell-down regionally.

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

KUALA LUMPUR (May 22): Bursa Malaysia snapped four consecutive days of gains to end lower on Monday (May 22) on continued selling in financial services and telecommunication counters despite the upbeat sentiment on regional bourses, said an analyst. 

At 5.00pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 9.54 points to close at 1,419.00 compared with 1,428.54 at last Friday's close.

The barometer index opened 4.92 points weaker at 1,423.62 this morning and moved between 1,416.20 and 1,425.66 throughout the day. 

The broader market saw decliners outnumbering advancers 528 to 324, while 416 counters were unchanged, 980 untraded and 14 others suspended.

Market Daily Report: FBM KLCI recovers on last-minute bargain-hunting

 KUALA LUMPUR (May 19): Bursa Malaysia closed marginally higher on Friday (May 19), as last-minute bargain-hunting activities emerged amid mixed market sentiment.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.5 of-a-point to end the day at an intraday high of 1,428.54, compared with 1,428.04 at Thursday's close.

The barometer index, which opened 2.59 points weaker at 1,425.45, fell to as low as 1,423.65 during the day.

On the broader market, decliners outnumbered gainers 457 to 360, while 432 counters were unchanged, 998 untraded and 14 others suspended.

Turnover increased to 2.85 billion units worth RM1.81 billion, from 2.65 billion units worth RM1.82 billion on Thursday.

Market Daily Report: Bursa ends at intraday high on positive market sentiment

KUALA LUMPUR (May 18): Bursa Malaysia recouped earlier losses to close higher on Thursday (May 18), in sync with the upbeat performance in regional bourses as market sentiment turned positive, fuelling investors' risk appetite.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.7 points to end at its intraday high of 1,428.04 compared with 1,424.34 at Wednesday's close. 

The barometer index opened 0.40 of-a-point higher at 1,424.74 this morning and thereafter hit an intraday low of 1,421.92.

The FBM KLCI was mainly driven by gains in PPB Group, Mr DIY and IOI Corporation. 

PPB surged 38 sen or 2.34% to RM16.34, Mr DIY climbed three sen or 1.92% to RM1.59 and IOI Corporation edged up four sen or 1.01% to RM4.00.

On the broader market, gainers led losers 477 to 355, while 406 counters were unchanged, 1,008 untraded and 13 others suspended.

Turnover increased marginally to 2.65 billion units worth RM1.82 billion from 2.59 billion units worth RM1.63 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI recovered earlier losses and ended in the positive territory as investors started to bargain hunt for stocks during the afternoon session.

Market Daily Report: Bursa stages mild recovery as FBM KLCI ends positive

KUALA LUMPUR (May 17): Bursa Malaysia staged a mild recovery on Wednesday (May 17) as investors took some profits, but the continuous buying support in selected heavyweight counters managed to push the key index into positive territory at the close.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.84 of a point to 1,424.34 from 1,423.50 at Tuesday's close.

The barometer index, which opened 1.49 points lower at 1,422.01 this morning, fluctuated between 1,421.34 and 1,427.40 throughout the day.

The FBM KLCI was mainly driven by gains in Sime Darby Plantation and Petronas Dagangan, with a combined contribution of 3.178 points.

Sime Darby Plantation surged 17 sen or 3.86% to RM4.58 while Petronas Dagangan soared 76 sen or 3.48% to RM22.60.

However, the broader market saw a little gap between losers and gainers at 427 and 412, while 403 counters were unchanged, 1,014 untraded and 23 others suspended.

Turnover increased marginally to 2.59 billion units worth RM1.63 billion from 2.57 billion units valued at RM1.51 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI reversed earlier gains and closed flattish due to some profit-taking towards the end of the trading session.

Nonetheless, the benchmark index managed to end in positive territory, he said.

“We expect bargain hunting activities will continue given the attractive valuations of the benchmark index and other local stocks.

“Nevertheless, investors will remain cautious due to increasing market risks and volatility globally,” he told Bernama, anticipating the FBM KLCI to trend within the range of 1,420 and 1430 for the remainder of the week with immediate resistance at 1,440 and support at 1,415.

Elsewhere, Thong said major stock markets in the region trended mostly lower as investors exercise caution due to concerns about a potential United States (US) debt default.

Negotiations among policymakers are ongoing to raise the debt ceiling before the June 1 deadline.

Furthermore, the sentiment towards riskier assets has been dampened by the hawkish remarks made by several Federal Reserve officials, indicating that US interest rates are expected to remain elevated for an extended period, he said.

Market Daily Report: Bursa snaps five-day losing streak on bargain hunting

KUALA LUMPUR (May 16): Bursa Malaysia snapped a five-day losing streak to close higher on Tuesday (May 16), in tandem with the uptrend in regional bourses, buoyed by bargain hunting for selected heavyweights.

At 5pm, the FBM KLCI had risen 6.13 points to 1,423.50, from 1,417.37 at Monday's close.

The barometer index, which opened 0.55 of a point better at 1,417.92 on Tuesday morning, fluctuated in the positive zone throughout the day, and hit a high of 1,426.12 at one point.

Gains in Tenaga Nasional Bhd (TNB) and Petronas Chemicals Group Bhd (PetChem) lifted the KLCI by a combined 3.174 points.

TNB surged 21 sen or 2.21% to RM9.73, while PetChem rose nine sen or 1.29% to RM7.07.

Market breadth was positive, with advancers outpacing decliners 428 to 361, while 432 counters were unchanged, 1,021 untraded, and 23 others suspended.

Turnover decreased marginally to 2.57 billion units valued at RM1.51 billion, from 2.66 billion units worth RM1.41 billion on Monday.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI advanced on the back of bargain-hunting activities despite weaker-than-expected China economic data — retail sales and industrial production — that missed economists’ expectations.

Market Daily Report: Bursa closes lower for fifth straight trading day

KUALA LUMPUR (May 15): Bursa Malaysia closed lower for the fifth consecutive session on Monday (May 15), as weak market sentiment due to external developments weighed on investors’ risk appetite.

At 5pm, the FBM KLCI had fallen 5.55 points, or 0.39%, to 1,417.37, from last Friday’s close at 1,422.92.

The barometer index opened slightly higher at 1,423.53 on Monday morning, and then fluctuated between 1,415.94 and 1,427.36 throughout the day.

Market breadth was negative, with decliners beating gainers 547 to 304, while 411 counters were unchanged, 995 untraded, and 28 others suspended.

Turnover dropped marginally to 2.66 billion units worth RM1.41 billion, from 2.74 billion units valued at RM1.77 billion last Friday.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI trended lower on Monday on worries over the US debt ceiling, and ahead of the release of China’s retail sales and industrial production data due on Tuesday.

“We expect the sentiment to remain tepid in the absence of fresh leads, while foreign funds are still trimming their holdings in Malaysian equities. Still, investors may keep a close watch on the current quarterly results reporting season,” he told Bernama.

Leong sees immediate support at 1,413 points, and resistance at 1,437 and 1,450.

Market Daily Report: Bursa ends lower for fourth straight day

KUALA LUMPUR (May 12): Bursa Malaysia gave up earlier gains to slip lower for a fourth straight day, as investors brushed off the country’s stronger-than-expected growth in gross domestic product (GDP) of 5.6% year-on-year (y-o-y) in the first quarter of 2023 (1Q2023).

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said, however, the GDP performance was at a slower pace compared to 4Q2022, which recorded a growth of 7.1% y-o-y.

At 5pm on Friday (May 12), the FBM KLCI had eased by 0.16%, or 2.26 points, to close at its intraday low of 1,422.92, from Thursday’s close at 1,425.18.

The barometer index opened slightly higher at 1,426.48, and hit an intraday high of 1,429.92 in the morning session.

Market breadth was negative, with losers beating gainers 500 to 346, while 417 counters were unchanged, 998 untraded, and 32 others suspended.

Turnover decreased to 2.74 billion units valued at RM1.77 billion, from 3.39 billion units valued at RM1.62 billion on Thursday.

Leong expects economic growth in the upcoming quarters to continue to moderate, due to easing of private consumption, amid ongoing inflation and an environment of higher interest rates that sap purchasing power.

“Looking ahead, investors may be keeping a close tab on the upcoming flurry of corporate earnings releases across Bursa,” he told Bernama.

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI was marginally lower in tandem with the negative performance of global equities.

He noted that key regional indices were mostly lower amid worries over US financial problems as the US government is edging closer to a June 1 deadline, wherein it could run out of cash unless Congress agrees to increase its debt ceiling.

On the home front, heavyweight Malayan Banking Bhd (Maybank) lost five sen to RM8.69 a share, Public Bank Bhd fell four sen to RM3.97, and Petronas Chemicals Group Bhd slid 13 sen to RM7.03, while CIMB Group Holdings Bhd was flat at RM4.95.

Tenaga Nasional Bhd added 37 sen to RM9.46.

As for the actives, VinVest Capital Holdings Bhd decreased 3.5 sen to 16 sen, Dagang NeXchange Bhd went down three sen to 43 sen, and Bahvest Resources Bhd at 12.5 sen and BSL Corp Bhd at 4.5 sen had slipped half a sen each, while Autocount Dotcom Bhd perked up 1.5 sen to 69 sen.

On the index board, the FBM Emas Index slid 15.27 points to 10,415.65, the FBMT 100 Index erased 16.13 points to 10,111.39, the FBM ACE Index declined 41.72 points to 4,984.48, and the FBM 70 index slipped 21.79 points to 13,488.16.

The FBM Emas Shariah Index climbed by 7.37 points to 10,775.92.

Sector-wise, the Industrial Products and Services Index shed 1.35 points to 167.12, the Energy Index eased 2.42 points to 829.39, and the Financial Services Index trimmed 74.93 points to 15,513.28.

The Plantation Index put on 42.35 points to 6,956.66.

The Main Market volume went down to 1.70 billion units valued at RM1.50 billion, from 2.13 billion units valued at RM1.36 billion on Thursday.

Warrant turnover improved to 338.39 million units worth RM54.18 million, against 313.53 million units worth RM47.96 million previously.

The ACE Market volume tumbled to 699.03 million shares valued at RM215.96 million, versus 955.12 million shares valued at RM215.66 million a day earlier.

Consumer products and services counters accounted for 341.54 million shares traded on the Main Market, followed by industrial products and services (568.56 million), construction (55.30 million), technology (213.86 million), special purpose acquisition companies (nil), financial services (66.48 million), property (146.73 million), plantation (23.77 million), real estate investment trusts (5.06 million), closed/funds (60,000), energy (96.90 million), healthcare (83.24 million), telecommunications and media (40.85 million), transportation and logistics (23.95 million), and utilities (38.87 million).

Source: The Edge

Market Daily Report: KLCI closes marginally lower, down for third consecutive day

KUALA LUMPUR (May 11): Bursa Malaysia closed marginally lower on Thursday (May 11), with cautious investor sentiment pushing the key benchmark index down for a third straight day.

At 5pm, the FBM KLCI had eased by 0.04% or half a point to 1,425.18, from Wednesday’s close at 1,425.68.

The barometer index opened at 1,425.58, and moved between 1,424.82 and 1,428.78 throughout the day.

Market breadth was negative, with decliners surpassing gainers 467 to 310, while 465 counters were unchanged, 991 untraded, and 17 others suspended.

Turnover increased to 3.39 billion units valued at RM1.62 billion, from 2.78 billion units valued at RM1.65 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said regional bourses closed mostly lower on US banking worries, and a mixed Wall Street performance overnight.

Market Daily Report: Bursa ends lower for second day running

KUALA LUMPUR (May 10): The FBM KLCI extended its decline for a second consecutive day on Wednesday (May 10), dragged down by selling mainly for banking stocks, in tandem with the weak regional performance.

At 5pm, the market bellwether had eased by 6.95 points or 0.49% to 1,425.68, from Tuesday’s close at 1,432.63.

The key index opened 0.48 of a point firmer at 1,433.11, and moved between 1,424.53 and 1,433.68 throughout the day.

Market breadth was negative, with decliners surpassing gainers 438 to 364, while 435 counters were unchanged, 1,005 untraded, and 23 others suspended.

Turnover decreased to 2.78 billion units valued at RM1.65 billion, from 3.45 billion units valued at RM2.12 billion on Tuesday.

The financial services index dipped 0.74% or 117.62 points to 15,597.95.

Market Daily Report: Bursa ends slightly lower on profit-taking

KUALA LUMPUR (May 9): Bursa Malaysia closed slightly lower due to profit-taking on Tuesday (May 9), particularly for banking and plantation stocks, an analyst said.

At 5pm, the FBM KLCI had eased by 1.11 points to 1,432.63, from Monday’s close at 1,433.74.

The benchmark index opened 2.16 points weaker at 1,431.58, and moved between 1,428.52 and 1,432.75 throughout the day.

Market breadth was negative, with decliners surpassing gainers 555 to 328, while 402 counters were unchanged, 957 untraded, and 21 others suspended.

Turnover rose to 3.45 billion units valued at RM2.12 billion, from 3.05 billion units valued at RM1.58 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices closed mixed following cues from Wall Street.

Market Daily Report: KLCI closes higher, but decliners outpace gainers on Bursa

KUALA LUMPUR (May 8): Bursa Malaysia ended mixed on Monday (May 8) , in tandem with the regional performance, with the key index moving in a tight range, said an analyst.

At 5pm, the FBM KLCI closed 0.19%, or 2.70 points higher, at 1,433.74, from last Friday’s close at 1,431.04.

The benchmark index opened 1.26 points firmer at 1,432.30, and moved between 1,430.86 and 1,438.33 throughout the day.

Market breadth was negative, with decliners outpacing gainers 446 to 385, while 396 counters were unchanged, 1,014 untraded, and 11 others suspended.

Turnover rose to 3.05 billion units valued at RM1.58 billion, from 2.57 billion units valued at RM1.42 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices also trended higher, with energy and commodity stocks leading the gains.

Market Daily Report: KLCI closes 5.05 points higher at 1,431.04

KUALA LUMPUR (May 5): The shortened trading week led Malaysian equities to close broadly lower on Friday (May 5), with selling mainly for technology and industrial products and services counters. 

At 5pm, the FBM KLCI, however, closed 0.35% or 5.05 points higher at 1,431.04, from Wednesday’s close at 1,425.99.

The benchmark index opened 2.38 points lower at 1,423.61, and moved between 1,421.78 and 1,431.15 throughout the day.

Market breadth was negative, with decliners outpacing gainers 487 to 332, while 411 counters were unchanged, 1,001 untraded, and 11 others suspended.

Turnover eased to 2.57 billion units valued at RM1.42 billion, from 3.48 billion units worth RM1.57 billion on Wednesday.

The market was closed on Thursday, in conjunction with Wesak Day.

Market Daily Report: Bursa Malaysia ends marginally lower after surprise interest rate hike

KUALA LUMPUR (May 3): Bursa Malaysia took a small step back on Wednesday (May 3) after Bank Negara Malaysia (BNM) unexpectedly raised the overnight policy rate (OPR) by 25 basis points (bps) to 3.0% amid financial and economic worries in the United States.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell a marginal 0.12 points to its intraday high of 1,425.99, from Tuesday’s close of 1,426.11.

The benchmark index opened 2.21 points lower at 1,423.90 and moved between 1,415.47 and 1,425.99 throughout the trading session. 

The market breadth was negative with decliners outnumbering gainers 553 to 277, while 405 counters were unchanged, 1,004 untraded and 19 others suspended.

Turnover rose to 3.48 billion units worth RM1.57 billion, from 2.90 billion units valued at RM1.52 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly lower, as investors were worried about the mounting US debt ceiling issue and the country’s interest rate outlook. He reckoned that the local bourse would see some headwinds following BNM's monetary tightening measure.

Market Daily Report: Bursa closes higher on bargain hunting, led by banking stocks

KUALA LUMPUR (May 2): Bursa Malaysia closed higher on Tuesday (May 2) due to bargain hunting, led by banking, gaming, and oil and gas stocks. 

At 5pm, the FBM KLCI had risen 0.72%, or 10.16 points, to 1,426.11, from last Friday’s close at 1,415.95.

The index opened 0.26 of a point better at 1,416.21, and moved between 1,415.92 and 1,428.32 throughout the day.

Market breadth was positive, with gainers outnumbering decliners 433 to 403, while 397 counters were unchanged, 1,006 untraded, and 18 others suspended.

Turnover rose to 2.90 billion units valued at RM1.52 billion, from 2.64 billion units worth RM1.48 billion last Friday.

The market was closed on Monday for Labour Day.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices were also in positive territory, following positive economic data from Hong Kong, South Korea, and Thailand.

On the domestic front, he said the online brokerage is cautiously optimistic given the improvement in the regional market sentiment.

“Nonetheless, investors will stay alert due to increasing market volatility, especially in the US and Europe.