Market Daily Report: Bursa erases earlier gains to close broadly lower

KUALA LUMPUR (June 30): Bursa Malaysia gave up modest gains earlier to close broadly lower on Friday (June 30) on persistent selling in selected heavyweights led by telecommunications and media as well as financial services counters.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 11.69 points, or 0.84%, to 1,376.68 from 1,388.37 at Wednesday’s close.

The key index opened 0.15 of a point firmer at 1,388.52 on Friday morning and moved between 1,370.15 and 1,391.48 throughout the session.

The broader market was also negative as losers thumped gainers 506 to 348, while 393 counters were unchanged, 1,077 untraded and 96 others suspended.

Turnover narrowed to 2.65 billion units worth RM2.03 billion versus 2.82 billion units worth RM1.49 billion on Wednesday.

Market Daily Report: Bursa closes marginally higher as sentiment improves

KUALA LUMPUR (June 28): Bursa Malaysia pared earlier gains but still ended marginally higher on Wednesday (June 28), in tandem with the improving sentiment in regional peers after a rally on Wall St overnight on a solid set of US economic data.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 1.63 points, or 0.12% to 1,388.37 from 1,386.74 at Tuesday’s June 27) close.

The key index opened 0.93 of a point firmer at 1,387.67 in the morning — the lowest for the day — before rising as high as 1,394.56 during mid-session.

The broader market was also positive as gainers outpaced decliners 395 to 388, while 416 counters were unchanged, 1,123 untraded and 84 others suspended.

Turnover expanded to 2.82 billion units worth RM1.49 billion versus 2.59 billion units worth RM1.51 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended broadly higher following positive cues from global equities.

Regionally, Japan's Nikkei jumped 2.02% to 33,193.99 and Hong Kong’s Hang Seng Index added 0.12% to 19,172.05.

“Investors are positive, yet vigilant, on the outlook for the global economy,” he said. 

He said investors were cautiously optimistic given the improvement in the local and regional market sentiment. “We anticipate the FBM KLCI to trend within the range of 1,385-1,400 for the rest of the week. From a technical point of view, we spot the resistance at 1,400 and support at 1,373,” he added. 

Of the heavyweight stocks, Maybank Bhd and Public Bank Bhd gained two sen each to RM8.73 and RM3.87, respectively. IHH Healthcare Bhd went up five sen to RM5.87, Tenaga Nasional Bhd slid 18 sen to RM9.01 while CIMB Bhd was flat at RM5.15. 

Market Daily Report: Bursa ends lower as May producer price index slips

KUALA LUMPUR (June 27): Bursa Malaysia extended earlier losses to end lower for the second consecutive day as Malaysia’s producer price index (PPI) contracted 4.6% year-on-year (y-o-y) in May 2023, which is faster than expected as compared with a 3% drop in April, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.14 points or 0.23% to 1,386.74 from 1,389.88 at Monday’s close.

The key index opened 0.99 of a point better at 1,390.87 in the morning and moved between 1,385.3 and 1,393.38 throughout the session.

The broader market was also negative as decliners outpaced gainers 425 to 360, while 426 counters were unchanged, 1,124 untraded and 40 others suspended.

Turnover increased marginally to 2.59 billion units worth RM1.51 billion versus 2.56 billion units worth RM1.41 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly higher, particularly in China and Hong Kong, after Chinese Premier Li Qiang said the second quarter would witness greater economic growth compared to the first quarter. 

Li also said that Beijing would implement more impactful policies to boost domestic demand and promote market openness.

Market Daily Report: Bursa ends marginally lower in sync with regional peers

KUALA LUMPUR (June 26): Bursa Malaysia gave up earlier gains to end marginally lower on Monday (June 26), weighed down by persistent selling in heavyweights, particularly financial services stocks, in tandem with the weakness in most regional peers.

Malayan Banking Bhd eased four sen to RM8.70 and Public Bank Bhd slid two sen to RM3.86. Both stocks dragged the composite index down by a combined 1.44 points.  

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.01 points or 0.07% to 1,389.88 from 1,390.89 at last Friday’s close.

The key index opened 0.66 of-a-point better at 1,391.55 on Monday morning and moved between 1,388.41 and 1,394.30 throughout the session.

The broader market was also negative as decliners outpaced gainers 476 to 292, while 465 counters were unchanged, 1,084 untraded and 40 others suspended.

Turnover declined to 2.56 billion units worth RM1.41 billion versus 4.90 billion units worth RM1.63 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Malaysian equities ended broadly lower, reflecting the overall negative performance of regional bourses.

“The key regional markets trended lower as investors maintained a cautious stance regarding the global economy and the outlook for interest rates following aggressive monetary tightening by major central banks last week,” he told Bernama.

Regionally, Japan’s Nikkei 225 slipped 0.25% to 32,698.81, Hong Kong's Hang Seng Index fell 0.51% to 18,794.13, and SSE Composite Index slid 1.48% to 3,150.62.

On the domestic front, Thong believes market sentiment would remain cautious due to a lack of buying interest amid heightened market risks and volatility globally.

“Hence, we expect the benchmark index to remain in range-bound mode within the 1,385-1,400 range for the week,” he added.

Market Daily Report: Bursa snaps three-day gain to end lower amid global selloff

KUALA LUMPUR (June 23): Bursa Malaysia snapped three straight days of gains to end the week on a weaker note amid a worldwide selloff on worries over the global economic outlook.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.78 points, or 0.27%, to 1,390.89 from 1,394.67 at Thursday’s close.

The key index opened 1.03 points better at 1,395.70 on Friday morning and moved between 1,389.70 and 1,397.54 throughout the session.

The broader market was also negative as decliners outpaced gainers 518 to 353, while 401 counters were unchanged, 1,046 untraded, and 19 others suspended.

Turnover surged to 4.90 billion units worth RM1.63 billion versus 2.16 billion units worth RM1.59 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Malaysian equities closed broadly lower, in tandem with the negative performance in the region after US and European markets fell overnight.

"The unexpectedly large interest rate hike from the Bank of England (BOE) overnight plus the hawkish testimony by the US Federal Reserve (Fed) chairman Jerome Powell before the US Congress that the Fed could raise rates at least two more times this year dented market sentiment.

"Investors have become increasingly wary over recession risks and the health of the global economy.

“Meanwhile, Japanese consumer inflation which exceeded expectations had also exacerbated the market volatility," he told Bernama.

The BOE on Thursday surprised markets with a 50-basis-point hike in interest rates.

Regionally, Japan’s Nikkei 225 slipped 1.45% to 32,781.54, Hong Kong's Hang Seng Index fell 1.71% to 18,889.97 and Singapore's Straits Times Index lost 0.97% to 3,191.17. South Korea’s Kospi shed 0.91% to 2,570.10.

Rise of India: Biden and Modi Deals Span Drones, Jet Engines and Chips

 

President Joe Biden and Indian Prime Minister Narendra Modi will announce a series of defense and commercial deals designed to improve military and economic ties between their nations during Thursday’s state visit at the White House, according to senior US officials.

General Electric Co. has unveiled plans to jointly manufacture F414 engines with state-owned Indian firm Hindustan Aeronautics Ltd. for the Tejas light-combat aircraft as part of an effort to enhance defense and technology sharing, given China's increasing assertiveness in the Indo-Pacific.

Biden and Modi will discuss a deal for MQ-9B SeaGuardian drones made by General Atomics and a new defense pact that will enable American Navy ships to undertake major repairs at Indian shipyards.

Additionally, the two leaders plan to debut a series of semiconductor deals designed to take advantage of Indian subsidies intended to bring advanced technology manufacturing to the South Asian nation.

Micron Technology Inc. will announce an investment of over $800 million towards a $2.75 billion semiconductor assembly and testing facility in India, while Applied Materials Inc. will unveil a new semiconductor center for commercialization and innovation. Chip manufacturer Lam Research will also announce a training program in India for up to 60,000 engineers.

The accords unfold as India has sought to increase its engagement on the global stage both diplomatically and economically, as detailed by officials who provided the plans anonymously in a call with reporters.

The announcements, which also include closer cooperation between the countries' space programs and efforts by the US to facilitate visas for Indian workers, occur on a day of elaborate pageantry for Modi, who will be attending his first official state visit at the White House.

The visit includes meetings with Biden and top American officials, a rare press conference for the Indian leader, and an afternoon address to the US Congress. Upon his arrival, the Bidens presented Modi with a vintage American camera, a book of American wildlife photography, and a signed first edition of the collected poems of Robert Frost.

In the evening, hundreds of celebrity guests and business executives, including Alphabet Inc. Chief Executive Officer Sundar Pichai and Microsoft Corp. CEO Satya Nadella, will gather under a tent on the South Lawn of the White House for a vegetarian-forward meal prepared by guest chef Nina Curtis. The menu includes grilled corn salad, stuffed portobello mushrooms, and rose and cardamom-infused strawberry shortcake. Musical performers will include Grammy Award-winning violinist Joshua Bell and Penn Masala, a South Asian a cappella group founded by University of Pennsylvania students.

Yet, the hope in both New Delhi and Washington is that the gathering signifies deeper and lasting relations, particularly as the two nations have a history of announcing cooperation agreements that fail to materialize.

Additional announcements include India's plans to sign the Artemis Accords, a framework governing joint missions and civilian space exploration, and a meeting between Modi and SpaceX chief Elon Musk in New York on Tuesday. NASA and the Indian Space Research Organization have also agreed to a joint mission next year to visit the International Space Station.

The US State Department also plans to begin a pilot program that would allow certain visas to be renewed domestically, eliminating the need for workers to travel back to their home countries. Some Indians in the US on H-1B and L-1 visas, frequently used by skilled workers and corporate executives, would be eligible for the program.

US aides stated that Indian officials are pleased with their efforts to cut through red tape that had previously hindered deals and are determined to ensure the agreements announced on Thursday are successfully implemented.

However, there are expected to be moments of tension in the meetings between the two leaders. India has been reluctant to impose sanctions on Russia since the invasion of Ukraine and has actively purchased Russian oil. Last month, India received 1.96 million barrels a day from Russia, a 15% increase compared to the previous high in April, according to data from Vortexa Ltd.

White House National Security Council spokesman John Kirby previously stated that the US hopes India will continue to abide by the price cap on Russian oil that Washington helped negotiate.

Biden is also expected to raise human rights issues with Modi, and the addition of the press conference on Thursday, which was not initially included in the White House schedule, was seen as a minor victory by some in the White House.

American officials declined to say whether Biden would advocate for the release of specific journalists who have been jailed as part of a crackdown by Modi's government on reporters and opposition leaders. Instead, one official mentioned that the American president would likely approach the discussion with humility, acknowledging challenges faced by the US regarding human rights and democracy.

(Source: Bloomberg)

Market Daily Report: Bursa extends gains for third straight day

KUALA LUMPUR (June 22): Bursa Malaysia extended gains for the third consecutive day on Thursday (June 22) with the key index putting on 0.09%, supported by bargain hunting in selected heavyweights led by financial services and telecommunications stocks, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most of its earlier gains to close at 1,394.67, up 1.22 points, from 1,393.45 at Wednesday’s close.

The market bellwether opened 1.33 points lower at 1,392.12 on Thursday morning and moved between 1,391.76 and 1,402.44 throughout the session.

However, the broader market was negative as decliners surpassed gainers 452 to 334, while 422 counters were unchanged, 1,086 untraded and 19 others suspended.

Turnover decreased to 2.16 billion units worth RM1.59 billion versus 3.06 billion units worth RM1.80 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed marginally higher on continued bargain hunting, given the undemanding valuations.

"On the local front, we are cautiously optimistic amid the improvement in the local market sentiment and strong support from local institutional funds.

"Nonetheless, investors should be wary of the increasing volatility in both regional and global equity markets. We anticipate the FBM KLCI to test the 1,400 psychological level towards the weekend," he told Bernama.

Meanwhile, the key regional indices ended mostly lower following the negative performance of global equities overnight following hawkish testimony by US Federal Reserve chair Jerome Powell to Congress on Wednesday.

"Powell reaffirmed that more interest rate increases are likely ahead until further progress is seen in bringing down inflation, and this weighed on market sentiment," he told Bernama.

"Additionally, according to the June Global Economic Outlook by Fitch Ratings, the global growth forecast for the upcoming year has worsened due to the anticipated hike in interest rates across various regions worldwide," he shared.

Regionally, Japan’s Nikkei 225 slipped 0.92% to 33,264.88, Singapore's Straits Times Index eased 0.05% to 3,222.02, while South Korea’s Kospi rose 0.43% to 2,593.70.

The markets were closed in Hong Kong and Shanghai for the Dragon Boat Festival, a national holiday.

Market Daily Report: Bursa closes on firmer note, bucking regional trend

KUALA LUMPUR (June 21): Bursa Malaysia rebounded to end on a firmer note on Wednesday (June 21), bucking the mainly negative regional trend, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.12 points, or 0.37% to 1,393.45 from 1,388.33 at Tuesday’s (June 20) close.

The FBM KLCI, which opened 2.6 points lower at 1,385.73 in the morning, moved between 1,383.88 and 1,395.85 throughout the session.

The broader market was positive as gainers surpassed decliners 422 to 415, while 436 counters were unchanged, 1,022 untraded and 18 others suspended.

Turnover increased to 3.06 billion units worth RM1.8 billion versus 2.85 billion units worth RM1.75 billion on Tuesday.

On the index board, the FBM Emas Index was 44.92 points better at 10,250.46, the FBMT 100 Index climbed 44.97 points to 9,951.46 and the FBM 70 Index advanced 96.53 points to 13,477.88.

However, the FBM ACE Index eased by 1.04 points to 5,088.02.

Market Daily Report: Bursa ends mixed in range-bound trade

KUALA LUMPUR (June 20): Bursa Malaysia ended mixed on Monday (June 20), trading cautiously in a tight range, with buying interspersed with selling in selected heavyweights, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up one point, or 0.07%, to 1,388.33 from 1,387.33 at Monday’s (June 19) close.

The key index opened 0.09 of a point easier at 1,387.24 in the morning and moved between 1,383.86 and 1,388.75 throughout the trading session.

However, on the broader market, decliners trounced gainers 531 to 313, while 408 counters were unchanged, 1,031 untraded and 16 others suspended.

Turnover increased to 2.85 billion units worth RM1.75 billion versus 2.58 billion units worth RM1.47 billion on Monday.

A dealer said the local bourse was tracking its Asian peers which were mostly lower as market sentiment remained subdued.

Investors are still digesting China’s loan prime rate cut by 10 basis points across the board on Tuesday, while awaiting an upcoming testimony by the US Federal Reserve chair Jerome Powell before Congress on Wednesday (June 21) for clues of the market direction, he noted.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the FBM KLCI staged a mild recovery but China's government measures to restore the republic’s economic growth through lending rate cut were not sufficient to lift sentiment.

"Also, our local government announcement of several initiatives to stimulate the stock market yesterday deemed to be inadequate to boost trading sentiment. We expect trading activities to be muted ahead of the six states elections to provide a clearer national economic policy.

"Technically, should the 1,390 resistance be cleared, the next resistance levels are located at 1,405 and 1,412. Meanwhile, support is spotted at 1,372," he told Bernama.

Market Daily Report: Bursa closes slightly lower, in line with regional peers

KUALA LUMPUR (June 19): Bursa Malaysia pared most of its earlier losses to end marginally lower Monday (June 19), tracking the downbeat performance in regional bourses as market sentiment turned cautious ahead of China’s rate decision and the US Federal Reserve (Fed) chair Jerome Powell’s upcoming testimony.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.28 points to 1,387.33 from 1,388.61 at the close last Friday.

The key index opened 4.72 points lower at 1,383.89 in the morning and moved between 1,379.83 and 1,390.5 throughout the trading session.

On the broader market, decliners outpaced gainers 452 to 371, while 426 counters were unchanged, 1,044 untraded and 25 others suspended.

Turnover decreased to 2.58 billion units worth RM1.47 billion versus 3.54 billion units worth RM3.25 billion last Friday (June 16).

A dealer said the local bourse opened broadly lower, however, buying interest in plantation and financial services counters helped to pare earlier losses.

Asian stock markets were also under pressure, taking the cue from Wall Street losses last Friday and as Chinese stimulus hopes fade after US and Chinese foreign ministers met and agreed to cooperate, he said.

Meanwhile, SPI Asset Management managing partner, Stephen Innes noted that as Wall Street is closed for the US Juneteenth National Independence Day on Monday, the trading volume in Asia and Europe will be much lower than usual.

“Still, investors will likely set the table for tomorrow's (June 20) interest rate decision in China, where it is widely expected that the key benchmark lending rate will be trimmed to jump-start a sputtering economy.

“With the wide disparity between the Fed and the market's forward inflation expectations, we might see some cautious trading, perhaps skewing to more profit-taking following Friday's soft sell-off in the US markets," he told Bernama.

Region-wise, Hong Kong's Hang Seng Index eased 0.64% to 19,912.89, China’s SSE Composite Index shed 0.54% to 3,255.81, South Korea’s Kospi slipped 0.62% to 2,609.5, Singapore's Straits Times Index lost 0.58% to 3,241.17, and Japan’s Nikkei 225 went down 1% to 33,370.42. 

Back home, heavyweights Maybank Bhd rose eight sen to RM8.65, CIMB Bhd gained 10 sen to RM5.08 and Tenaga Nasional Bhd added two sen to RM9.22.

Market Daily Report: Bursa ends at intraday high as sentiment turns positive

KUALA LUMPUR (June 16): Late buying lifted Bursa Malaysia to end at its intraday high on Friday (June 16), in sync with the upbeat performance of regional bourses, as market sentiment turned positive, fuelling investors' risk appetite.

At 5pm, the FBM KLCI had risen 6.88 points, or 0.50%, to end at 1,388.61, from 1,381.73 at Thursday’s close.

The barometer index opened 0.69 of a point firmer at 1,382.42 on Friday morning, and thereafter hit an intraday low of 1,373.15 during the mid-morning session. 

However, market breadth was negative, as decliners outpaced gainers 451 to 397, while 462 counters were unchanged, 974 untraded, and 25 others suspended.

Turnover increased to 3.54 billion units worth RM3.25 billion, versus 3.48 billion units worth RM1.80 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices trended mostly higher, following a positive cue from Wall Street overnight, except for the Indonesia Stock Exchange, which fell 0.23% to 6,698.55. 

Market Daily Report: Bursa ends lower on profit-taking

KUALA LUMPUR (June 15): Bursa Malaysia retreated from gains on Wednesday to close lower on Thursday (June 15) due to profit-taking activities, bucking the mostly positive regional market performance, said an analyst.

At 5pm, the FBM KLCI had slid 3.69 points, or 0.27%, to 1,381.73, from 1,385.42 at Wednesday’s close.

The key index opened 2.46 points lower at 1,382.96 on Thursday morning, and hit a low of 1,378.83 later in the day.

Market breadth was negative, as decliners outpaced gainers 546 to 361, while 403 counters were unchanged, 974 untraded, and 13 others suspended.

Turnover increased to 3.48 billion units worth RM1.80 billion, versus 2.86 billion units worth RM1.75 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said regionally, the key indices ended mostly higher buoyed by the prospect of increased stimulus in China after the republic made more rate cuts.

Japan's Nikkei 225 eased 0.05% to 33,485.49, China’s SSE Composite Index rose 0.74% to 3,252,98, the Shenzhen Index jumped 1.81% to 11,182.94, Hong Kong’s Hang Seng Index put on 2.17% to 19,828.92, while South Korea's Kospi declined 0.40% to 2,608.54.

"The rate cuts point to increased liquidity conditions in the world's second-largest economy, potentially offering temporary market support in the near future. In addition, the US Federal Reserve’s (Fed) stance in keeping interest rates steady was also well received by investors," he told Bernama.

Thong said, nevertheless, investors had turned cautious and reluctant to make significant moves due to ongoing global economic uncertainty, coupled with the Fed’s hawkish comments, which caused the benchmark index to remain stagnant in consolidation mode.

"As such, we foresee the KLCI to trend within the range of 1,380-1,390 towards the weekend," he added.  

Market Daily Report: Bursa recoups earlier losses, ends higher

KUALA LUMPUR (June 14): Bursa Malaysia recouped earlier losses to close higher on Wednesday (June 14), amid a mixed regional market performance, ahead of the US interest rate decision later in the day.

At 5pm, the FBM KLCI had risen 4.81 points, or 0.35%, to 1,385.42, compared with 1,380.61 at Tuesday’s close.

The key index opened 1.09 points firmer at 1,381.70 on Wednesday morning, and moved between 1,381.49 and 1,386.79 throughout the day.

Market breadth was positive, as gainers beat decliners 444 to 343, while 515 counters were unchanged, 953 untraded, and 13 others suspended.

Turnover decreased to 2.86 billion units worth RM1.75 billion, versus 3.08 billion units worth RM1.97 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors’ attention was primarily focused on the US Federal Open Market Committee meeting, wherein they anticipated a halt in interest rate hikes after a series of 10 consecutive hikes.

“Additionally, market sentiment was boosted by the easing tension between the US and China, and supportive monetary policy from central banks in China and Japan.

“We maintain our cautiously optimistic view due to the aforementioned reasons. We anticipate the KLCI to trend within the range of 1,380 to 1,395 for the rest of the week,” he told Bernama.

Among the heavyweights, Malayan Banking Bhd (Maybank) at RM8.60 a share and Petronas Chemicals Group Bhd at RM6.40 had dipped two sen each, Public Bank Bhd rose one sen to RM3.82, Tenaga Nasional Bhd improved six sen to RM9.20, while CIMB Group Holdings Bhd was flat at RM4.99. 

Of the actives, Sarawak Consolidated Industries Bhd perked up 1.5 sen to 38.5 sen, MyEG Services Bhd ticked up two sen to 86 sen, Bahvest Resources Bhd was 2.5 sen firmer at 26.5 sen, while XOX Bhd at 1.5 sen and Classita Holdings Bhd at 10.5 sen were both flat.

Market Daily Report: Bursa reverses Monday's gains, closes lower

KUALA LUMPUR (June 13): Bursa Malaysia retreated from Monday's (June 12) gains to close lower on Tuesday, despite the upbeat regional market performance ahead of the release of US consumer price index (CPI) data later on Tuesday.

At 5pm, the FBM KLCI had eased 6.16 points, or 0.44%, to 1,380.61, from 1,386.77 at Monday’s close.

The key index opened 0.92 of a point firmer at 1,387.69 on Tuesday morning, and moved between 1,378.15 and 1,387.79 throughout the day.

Market breadth was negative, as decliners led gainers 466 to 434, while 421 counters were unchanged, 923 untraded, and 12 others suspended.

Turnover increased marginally to 3.08 billion units worth RM1.97 billion, versus 3.01 billion units worth RM1.72 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI was lower on Tuesday, as investors took profit after Monday's firm rally.

He said the key regional indices were higher, following a positive cue from global equities overnight, with strong gains for tech stocks.

Japan's Nikkei 225 added 1.80% to 33,018.65, Hong Kong’s Hang Seng Index put on 0.60% to 19,521.42, and China’s Shenzhen Index rose 0.76% to 10,955,96, while Singapore’s Straits Times Index slipped 0.16% to 3,190.82.

"Investors were eagerly anticipating a temporary break in the US Federal Reserve's (Fed) highly aggressive tightening campaign, leading the stock market to maintain its bullish momentum.

"Additionally, China’s central bank cut a short-term policy interest rate, easing its monetary stance to help aid the world's second-largest economy in its recovery," he told Bernama. 

Thong said despite the profit-taking on Tuesday, investors remained cautiously optimistic, amid the improving global market sentiment.

He anticipates the KLCI to move within the range of 1,375-1,390 for the remainder of the week, with immediate resistance at 1,390, followed by 1,415, and support at 1,373.

Meanwhile, SPI Asset Management managing director Stephen Innes said even though US stocks were trading higher on expectations of a US Fed interest rate pause and softer inflation, Asian markets were not keeping pace with this run.

In addition, he said China's economy was still struggling, which put a damper on regional risk, hence he expects investors to be reticent to push higher this week, ahead of China's activity data to be released on Friday.

"Still, the bigger and more immediate question comes from today's (Tuesday) US CPI data, and how that outcome affects the Fed’s reaction.

"In other words, local investors are still worried that US inflation could come in hot, and could cause the Fed to hike [interest rates] on Wednesday," he added. 

Market Daily Report: Bursa higher on improved sentiment, KLCI may test 1,400

KUALA LUMPUR (June 12): Bursa Malaysia maintained its upbeat momentum to close higher on Monday (June 12), driven by bargain-hunting on improved market sentiment, said an analyst.

At 5pm, the FBM KLCI had improved 10.69 points, or 0.78%, to 1,386.77, from 1,376.08 at last Friday’s close.

The key index opened 1.53 points firmer at 1,377.61 on Monday morning, and moved between 1,377.61 and 1,390.55 throughout the day.

Market breadth was positive, as gainers beat decliners 481 to 371, while 434 counters were unchanged, 958 untraded, and 12 others suspended.

Turnover decreased marginally to 3.01 billion units worth RM1.72 billion, versus 3.34 billion units worth RM1.49 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI ended higher, as investors took the opportunity to bargain-hunt for stocks at lower levels, following the heavy selldown since late May.

“The key regional markets closed broadly higher as market sentiment was positive, ahead of this week's US Federal Open Market Committee meeting [on Tuesday and Wednesday],” he told Bernama. 

Japan's Nikkei 225 added 0.52% to 32,434.00, Hong Kong’s Hang Seng Index put on 0.07% to 19,404.31, and China’s Shenzhen Index rose 0.74% to 10,873.74.

Thong said there is a possibility that the KLCI may visit the 1,400 level this week.

He said, in the meantime, multiple rate cuts from several lenders in China had raised the expectations of no rate hike from the People’s Bank of China.

“As for the local bourse, we are cautiously optimistic given the improving sentiment in the local market. Nonetheless, global volatility will also play a major role in the direction of the market. 

“Barring unforeseen circumstances, we anticipate the KLCI to trend within the 1,385-1,400 range for the week. 

“Technically, we see immediate resistance at 1,390, followed by 1,415, and support at 1,373, followed by 1,350,” he added. 

Market Daily Report: Bursa snaps two-day losing streak to end slightly higher

 KUALA LUMPUR (June 9): Bursa Malaysia snapped a two-day losing streak to close slightly higher on Friday (June 9), in tandem with the uptrend in regional bourses, said an analyst.   

At 5pm, the FBM KLCI was marginally higher by 1.44 points, or 0.10%, at 1,376.08, from 1,374.64 at Thursday’s close.

The key index opened 0.94 of a point higher at 1,375.58 on Friday morning, and moved between 1,373.08 and 1,381.26 throughout the day.

The market breadth was positive, as gainers led decliners 489 to 341, while 445 counters were unchanged, 968 untraded, and 21 others suspended.

Turnover widened to 3.34 billion units worth RM1.49 billion, versus 2.68 billion units worth RM1.61 billion on Thursday.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI rebounded from earlier losses in the mid-morning on mild bargain-hunting activities for oversold stocks. 

"Nevertheless, gains in the local bourse were kept to a minimal, owing to the extended weakness in selected Petroliam Nasional Bhd (Petronas)-related and banking heavyweights," he told Bernama.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly higher on optimism about potential economic stimulus in China.

Additionally, he said investors are leaning towards bets that the US Federal Reserve is likely to abstain from raising interest rates next week, lifting the regional sentiment. 

Market Daily Report: Bursa ends lower for second day

KUALA LUMPUR (June 8): Bursa Malaysia closed lower on Thursday (June 8) for the second consecutive day, as selling pressure persisted, mainly on telecommunications and commodity related stocks.

At 5pm, the FBM KLCI had fallen 4.01 points or 0.29% to 1,374.64, from 1,378.65 at Wednesday’s close.

The key index opened 2.86 points lower at 1,375.79 on Thursday morning, and moved between 1,369.41 and 1,376.62 throughout the day.

Market breadth was negative, as decliners led gainers by 487 to 300, while 433 counters were unchanged, 1,023 untraded, and 21 others suspended.

Turnover shrank to 2.68 billion units worth RM1.61 billion, versus 3.12 billion units worth RM1.73 billion on Wednesday. 

Market Daily Report: Bursa succumbs to selling pressure, KLCI down 0.33%

KUALA LUMPUR (June 7): Bursa Malaysia was lower on Wednesday (June 7), but closed off its intraday low, dragged down by extended selling pressure from the outflow of foreign funds, said an analyst. 

At 5pm, the FBM KLCI had fallen 4.52 points or 0.33% to 1,378.65, from 1,383.17 at Tuesday’s close.

The key index opened 1.17 points easier at 1,382.00 on Wednesday morning, and moved between an intraday low of 1,371.74 and high of 1,383.55 throughout the day.

Market breadth was negative, as decliners led gainers by 495 to 378, while 401 counters were unchanged, 970 untraded, and 13 others suspended.

Turnover shrank to 3.12 billion units worth RM1.73 billion, versus 3.55 billion units worth RM1.92 billion on Tuesday. 

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the sluggish trade data from China also contributed to the weakness in the local bourse. 

Market Daily Report: Bursa ends mixed, KLCI up slightly

 KUALA LUMPUR (June 6): Bursa Malaysia settled slightly higher at the close on Tuesday (June 6), backed by mild buying support for selected heavyweights, amid a mixed regional market performance. 

At 5pm, the FBM KLCI had risen 1.91 points to 1,383.17, from 1,381.26 at the close last Friday.

The key index opened 0.84 point higher at 1,382.10 on Tuesday morning, and moved between 1,377.35 and 1,383.58 throughout the day.

Market Daily Report: Late recovery lifts Bursa off its intraday low, KLCI still down 1.75 points

KUALA LUMPUR (June 2): Late recovery lifted the key index of Bursa Malaysia to end off its intraday low on Friday (June 2) while the overall sentiment remains weak ahead of the long weekend.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.75 points to 1,381.26 from 1,383.01 at Thursday’s close, with mild losses in banking counters continuing to contribute to the decline.

The key index opened 2.81 points higher at 1,385.82, marking its intraday high, and thereafter slid to an intraday low of 1,376.78 during the mid-morning session.

The broader market was positive with 568 advancers and 336 decliners, while 412 counters were unchanged, 940 untraded and 27 others suspended.

Turnover expanded to 3.60 billion units worth RM1.94 billion versus 2.94 billion units worth RM1.81 billion on Thursday.

At the close, only the financial and property and consumer products and services indices were in the red.

An analyst said bargain hunters have begun to nibble on beaten-down counters after the FBM KLCI suffered three days of losses. Positive key regional equity performance also helped to spur sentiment.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the regional indices ended higher following a positive cue from Wall Street overnight as investors reassess the likelihood the US Federal Reserve will pause interest rate hikes in June.

He said China and Hong Kong markets rebounded from six-month lows on renewed hopes of an economic recovery in the country.

“We believe the sell-down in local equities seems unjustified as performance of the first-quarter earnings was largely within expectations, while the outlook of the local economy remains positive,” Thong said, adding this would continue to inspire bargain hunting in the domestic market.

Among heavyweights, CelcomDigi Bhd gained 10 sen to RM4.48, Petronas Chemicals Group Bhd increased six sen to RM6.55, MISC Bhd rose six sen to RM7.21, and Inari Amertron Bhd gained six sen to RM2.54.

Market Daily Report: Bursa ends lower on sluggish momentum

KUALA LUMPUR (June 1): Bursa Malaysia continued to be sluggish on Thursday (June 1) amid a lack of impetus despite the optimism surrounding the US debt ceiling development.

The bill to raise the US debt ceiling was passed in the House of Representatives and will now go to the Senate for a final vote ahead of Monday’s deadline.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 4.11 points to 1,383.01 from 1,387.12 at Wednesday’s close.

The key index opened 3.82 points weaker at 1,383.30 on Thursday morning and moved between 1,378.58 and 1,386.41 throughout the session.

The broader market was negative with decliners surpassing advancers 474 to 319, while 432 counters were unchanged, 1,015 untraded and 27 others suspended.

Turnover declined to 2.94 billion units worth RM1.81 billion versus 3.54 billion units worth RM5.25 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng believes Congress will approve the increase in the US debt ceiling later on Thursday in order to save the country’s economy.