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EU Concerns Over U.S. Embrace of Crypto Assets and Its Potential Impact on Europe's Financial Stability

Eurozone finance ministers  expressed concerns that the  U.S. government’s embrace of cryptocurrencies  could pose risks to  Europe's monetary sovereignty  and  financial stability . Their worries come after  President Trump  signed an executive order to create a  strategic reserve of cryptocurrencies  using tokens already owned by the U.S. government, signaling a shift in policy from the previous administration. Key Takeaways: Policy Shift in the U.S. : The U.S. administration’s new stance on  cryptocurrencies , especially  dollar-denominated stablecoins , has sparked concerns in Europe. Trump’s move to embrace cryptocurrencies as part of the U.S. financial system contrasts with past U.S. policies, raising alarms about the impact on European financial stability. Impact on Europe’s Monetary Sovereignty :  Paschal Donohoe , Chairman of the Eurogroup, highlighted that such developments in the U.S. could directly affect ...

Market Daily Report: Bursa ends higher on improved sentiment

KUALA LUMPUR (July 31): Bursa Malaysia recouped last week's losses to close in positive territory on Monday (July 31), in line with the strong performance of regional peers, amid improved regional market sentiment, an analyst said. At 5pm, the FBM KLCI had improved by 9.08 points or 0.63% to 1,459.43, from 1,450.35 at last Friday’s close. The market bellwether opened 0.72 of a point higher at 1,451.07, its intraday low, and hit an intraday high of 1,464.70.   The broader market was also positive, with gainers beating losers 545 to 405, while 452 counters were unchanged, 902 untraded, and 53 others suspended. Turnover stood at 3.29 billion units worth RM2.49 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI delivered an impressive performance, thanks to the strong backing of local institutions and continuous buying by foreig...

Market Daily Report: Bursa snaps six-day rally to close slightly lower

KUALA LUMPUR (July 28): Bursa Malaysia snapped a six-day rally to end lower on Friday (July 28), due to profit-taking activities. At 5pm, the FBM KLCI had slipped by 0.92 of a point to 1,450.35, from 1,451.27 at Thursday’s close. The market bellwether opened 3.06 points lower at 1,448.21 on Friday morning, and moved between 1,446.46 and 1,454.24 throughout the day.   The broader market was negative, as decliners trounced advancers 474 to 415, while 426 counters were unchanged, 990 untraded, and 71 others suspended. Turnover stood at 3.03 billion units worth RM1.93 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the outlook to remain positive in the near to mid term, due to attractive valuations and continuous support from foreign funds. “Following the KLCI's rebound on July 7, Malaysian equities experienced net foreign buying totalling RM1.3 billion....

Market Daily Report: Bursa extends gains for sixth day running

  KUALA LUMPUR (July 27): Bursa Malaysia extended its winning streak for the sixth consecutive trading day, amid positive investor sentiment, said an analyst. At 5pm on Thursday (July 27), the FBM KLCI had risen 1.98 points to 1,451.27, from 1,449.29 at Wednesday’s close. The market bellwether opened 1.63 points lower at 1,447.66 on Thursday morning, and moved between 1,446.92 and 1,456.36 throughout the day.   The broader market was also positive, as advancers beat decliners 507 to 443, while 423 counters were unchanged, 920 untraded, and 31 others suspended. Turnover stood at 3.73 billion units worth RM2.44 billion. The KLCI has gained 48.24 points over the last six trading days. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that on the domestic front, he is positive on local equities, as the consensus opinion remains confident tha...

Market Daily Report: Strong rally pushes KLCI to end at intraday high

KUALA LUMPUR (July 26): Bursa Malaysia staged a strong rally to end higher for a fifth consecutive day on Wednesday (July 26), pushing the benchmark FBM KLCI to an intraday high, due to strong market sentiment. At 5pm, the KLCI had risen 0.87% or 12.50 points to settle at its intraday high of 1,449.29, from 1,436.79 at Tuesday’s close. The market bellwether opened 0.09 of a point lower at 1,436.70 on Wednesday morning, its intraday low, before gaining momentum to move in an upward trajectory towards closing. The broader market was also positive, as advancers beat decliners 488 to 450, while 443 counters were unchanged, 912 untraded, and 13 others suspended. Turnover stood at 4.25 billion units worth RM2.46 billion. The KLCI has gained 46.26 points over the last five trading days. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI had displayed another splendid...

Market Daily Report: Bursa extends gains for fourth day running

KUALA LUMPUR (July 25): Bursa Malaysia extended its gaining streak for a fourth consecutive day on Tuesday (July 25), in line with most key regional indices and persistent buying mainly for banking and commodity-related stocks, said an analyst.  At 5pm, the benchmark FBM KLCI had risen 0.85% or 12.10 points to 1,436.79, from 1,424.69 at Monday’s close. The market bellwether opened 1.07 points higher at 1,425.76 on Tuesday morning, and moved between 1,425.76 and 1,437.81 throughout the day.  Turnover stood at 3.72 billion units worth RM2.31 billion. The KLCI gained 33.76 points in the last four trading days. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI had broken four resistance levels (1,390, 1400, 1,415, and 1,430) since July 7, thanks to buying support from foreign funds.  “We believe the local market undertone should remain steady, due to improving investor sentiment, and the index to stay ...

Market Daily Report: Bursa ends at intraday high, KLCI up 0.79%

KUALA LUMPUR (July 24): Bursa Malaysia's key index rallied to close higher for a third straight session on Monday (July 24) on continuous foreign buying support mainly for banking stocks. At 5pm, the benchmark FBM KLCI had risen 0.79% or 11.17 points to settle at its intraday high of 1,424.69, from 1,413.52 at last Friday’s close. The market bellwether opened 0.84 of a point lower at 1,412.68 on Monday morning, and hit a low of 1,412.38 in the early session, before gaining momentum to move in an upward trajectory towards closing.   However, the broader market was negative, as decliners outpaced advancers 568 to 368, while 399 counters were unchanged, 958 untraded, and 16 others suspended. Turnover stood at 3.29 billion units worth RM1.78 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng believes the overall outlook for Malaysian equities would remain stable in the medium term, given...

Market Daily Report: Bursa closes off day's high, KLCI stays above 1,400 level

KUALA LUMPUR (July): Bursa Malaysia closed off its intraday high but remained firmly above the 1,400-level on Thursday (July 20), as bargain hunting activities emerged following the recent sell-off despite the weaker performance in regional bourses, a dealer said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.26% or 3.66 points to 1,406.69 from 1,403.03 at Tuesday’s (July 18) close. The barometer index opened 1.54 points firmer at 1,404.57 and hit a low of 1,402.71 in the morning trade and a high of 1,409.34 during the mid-morning session.   The broader market was positive as gainers beat decliners 469 to 444, while 413 counters were unchanged, 960 untraded and 14 others suspended. Turnover improved to 3.64 billion units worth RM2.07 billion from 3.4 billion units worth RM2 billion on Tuesday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices trended broadly lower on Thursday as investors remained wary...

Market Daily Report: Bursa closes lower for second straight day

  KUALA LUMPUR (July 18): The FTSE Bursa Malaysia KLCI (FBM KLCI) ended lower for the second consecutive day on Tuesday (July 18) on continued profit-taking amid the negative performance across the region, a dealer said.  At 5pm, the KLCI slid 3.07 points, or 0.21%, to 1,403.03 from 1,406.1 at Monday’s (July 17) close. The key index opened 1.44 points firmer at 1,407.54 and moved between 1,399.47 and 1,407.9 throughout the day.   The broader market stayed negative as decliners led gainers 475 to 420, while 405 counters were unchanged, 986 untraded, and 14 others suspended. Turnover declined to 3.4 billion units worth RM2 billion from 3.6 billion units worth RM2.18 billion on Monday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key indices trended lower regionally as concerns over slowing economic growth in China weighed on most broader Asian markets. "As for the local bourse, we expect bargain hunting to prevail given t...

Market Daily Report: FBM KLCI closes lower on profit-taking

  KUALA LUMPUR (July 17): The FTSE Bursa Malaysia KLCI (FBM KLCI) ended lower on Monday (July 17), weighed by profit-taking in heavyweights amid a mixed regional market performance, a dealer said. At 5pm, the FBM KLCI fell 5.99 points, or 0.42%, to 1,406.10 from 1,412.09 at last Friday’s close. The key index opened 0.32 of-a-point lower at 1,411.77 and moved between 1,403.12 and 1,412.09 throughout the day. However, the broader market turned positive as gainers beat decliners 490 to 417, while 390 counters were unchanged, 973 untraded, and 18 others suspended. Turnover narrowed to 3.6 billion units worth RM2.18 billion from 4.0 billion units worth RM2.67 billion last Friday. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the local index pared its previous session’s gains as sentiment turned negative following China’s weaker-than-expected gross domestic product data for the second quarter of 2023. "Looking ahead, we expect a consolidation could ta...

Market Daily Report: Bursa closes higher on strong buying, positive sentiment

KUALA LUMPUR (July 14): Bursa Malaysia maintained its uptrend to close higher on Friday (July 14), supported by persistent buying of most heavyweights, led by telecommunications and media as well as financial services counters, in line with positive sentiment on regional bourses. At 5pm, the FBM KLCI had jumped 15.86 points, or 1.14%, to 1,412.09, from 1,396.23 at Thursday’s close. The barometer index opened 3.30 points better at 1,399.53 on Friday morning, and moved between 1,399.39 and 1,414.22 throughout the day. The broader market was positive, as gainers beat losers 650 to 289, while 423 counters were unchanged, 895 untraded, and 14 others suspended.

Market Daily Report: Bursa closes mixed on late selling, KLCI ends at intraday low

KUALA LUMPUR (July 13): Late selling of selected heavyweights, led by healthcare and consumer products and services counters, resulted in Bursa Malaysia closing mixed on Thursday (July 13). The local benchmark index ended at an intraday low despite the positive sentiment on regional bourses. At 5pm, the FBM KLCI had slipped 1.83 points or 0.13% to 1,396.23, from 1,398.06 at Wednesday’s close. The barometer index opened 3.04 points better at 1,401.10 on Thursday morning, and moved to the highest point of 1,401.76 in the morning session. The broader market was positive, as gainers beat losers 518 to 378, while 400 counters were unchanged, 960 untraded, and 14 others suspended. Turnover rose to 2.93 billion units worth RM1.78 billion, versus 2.82 billion units worth RM1.73 billion on Wednesday. IHH Healthcare Bhd and Petronas Dagangan Bhd (PetDag) were the top contributors to the loss in the key index. IHH declined 18 sen to RM5.77, w...

Market Daily Report: Bursa closes higher for third day running on upbeat sentiment

KUALA LUMPUR (July 12): Bursa Malaysia extended its gaining streak for a third consecutive day on Wednesday (July 12), supported by persistent buying of heavyweights led by industrial products and services counters, in sync with the positive performance of regional bourses. At 5pm, the FBM KLCI had gained 6.60 points, or 0.47%, to 1,398.06, from 1,391.46 at Tuesday’s close. The barometer index opened 1.19 points easier at 1,390.27 on Wednesday morning, and moved to a low of 1,389.94 in the early session, and breached the psychological level of 1,400 points when it hit an intraday high of 1,400.05 in the mid-afternoon. The broader market was also positive, as gainers beat losers 490 to 347, while 429 counters were unchanged, 992 untraded and 16 others suspended. Turnover inched down to 2.82 billion units worth RM1.73 billion, versus 2.83 billion units worth RM1.86 billion on Tuesday. Petronas Chemicals Group Bhd (PetChem) and P...

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

KUALA LUMPUR (July 11): Bursa Malaysia ended at its intraday high on Tuesday (July 11), in sync with the upbeat performance on regional bourses as market sentiment turned positive, fuelling investors' risk appetite. At 5pm, the FBM KLCI had gained 8.40 points, or 0.61%, to 1,391.46, from 1,383.06 at Monday’s close. The barometer index opened 3.03 points higher at 1,386.09 on Tuesday morning, and hit an intraday low of 1,384.84 in the mid-afternoon session. The broader market was also positive, as gainers surpassed losers 471 to 368, while 418 counters were unchanged, 993 untraded, and 16 others suspended. Turnover increased to 2.83 billion units worth RM1.86 billion, versus 2.24 billion units worth RM1.51 billion on Monday. SPI Asset Management managing director Stephen Innes said the KLCI ended higher as sentiment was boosted after authorities in China extended support for property developers in the republic. He said local investors, however, w...

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

KUALA LUMPUR (July 10): Bursa Malaysia snapped a four-day losing streak to close higher on Monday (July 10), supported by continuous buying momentum for heavyweights, amid mixed sentiments in regional markets. At 5pm, the FBM KLCI had gained 5.39 points, or 0.39%, to 1,383.06, from 1,377.67 at last Friday’s close. The key index opened 0.11 of a point lower at its intraday low of 1,377.56 on Monday morning, and moved to its highest level of 1,386.94 in the early morning session.  The broader market turned positive, as gainers surpassed losers 405 to 377, while 454 counters were unchanged, 1,023 untraded, and 26 others suspended. Turnover increased to 2.24 billion units worth RM1.51 billion, versus 1.97 billion units worth RM1.41 billion last Friday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI ended higher as bargain-hunting emerged, particularly for telecommunications and commodity related counters....

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

KUALA LUMPUR (July 7): Bursa Malaysia ended at its intraday low on Friday (July 7), marking its fourth consecutive day of decline, in line with the downbeat sentiment on regional bourses. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.28 points, or 0.6%, to 1,377.67 from 1,385.95 at Thursday’s close. The key index opened 3.75 points lower at 1,382.20 on Friday and moved to its highest level of 1,385.74 in the early morning session. The broader market was also negative as losers trounced gainers 435 to 304, while 455 counters were unchanged, 1,066 untraded and 28 others suspended. Turnover decreased to 1.97 billion units worth RM1.41 billion versus 2.45 billion units worth RM1.65 billion on Thursday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI ended the day in negative territory, mirroring the weak performance seen across the region. "Following the bearish tone from global equities over...

Market Daily Report: Bursa ends on softer note despite status quo on OPR

KUALA LUMPUR (July 6): Bursa Malaysia closed on a softer note despite Bank Negara Malaysia’s decision to retain the overnight policy rate (OPR) at 3%. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.95 points, or 0.28%, to 1,385.95 from 1,389.90 at Wednesday’s close. The key index opened 0.19 of a point lower at 1,389.71 on Thursday morning and moved between 1,381.86 and 1,389.71 throughout the session. The broader market was also negative as losers trounced gainers 514 to 339, while 398 counters were unchanged, 995 untraded and 18 others suspended. Turnover decreased slightly to 2.45 billion units worth RM1.65 billion versus 2.54 billion units worth RM1.52 billion on Wednesday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed marginally lower in tandem with the negative performance in regional markets. He said key regional markets trended lower following a negative cue from Wall Street overnight as investo...

Market Daily Report: Bursa ends lower on continued selling of selected heavyweights

KUALA LUMPUR (July 5): Continuous selling in selected heavyweights, led by consumer products and services counters, pulled back Bursa Malaysia to end at an intraday low on Wednesday (July 5), marking its second consecutive day of decline, in line with the negative sentiment on regional bourses. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.59 points, or 0.19%, to 1,389.90 from 1,392.49 at Tuesday’s (July 4) close. The key index opened 0.11 of a point lower at 1,392.38 in the morning and moved to its highest level of 1,395.82 in the early morning session. However, the broader market was positive as gainers beat losers 438 to 378, while 440 counters were unchanged, 979 untraded and 18 others suspended. Turnover narrowed to 2.54 billion units worth RM1.52 billion versus 2.6 billion units worth RM1.57 billion on Tuesday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI closed marginally lower after a bumpy trading session. He sai...

Market Daily Report: KLCI ends marginally lower

KUALA LUMPUR (July 4): Bursa Malaysia’s key index finished marginally lower on Tuesday (July 4) amid the mixed regional market performance with the closure of the US markets for the Independence Day holiday. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.4 points, or 0.24%, to 1,392.49 from 1,395.89 at Monday’s (July 3) close. The key index opened 2.33 points lower at 1,393.56 in the morning and moved between 1,388.85 and 1,396.33 throughout the session.  However, the broader market was positive as gainers trounced losers 408 to 388, while 421 counters were unchanged, 1,028 untraded and 27 others suspended. Turnover dropped marginally to 2.6 billion units worth RM1.57 billion versus 2.61 billion units worth RM1.5 billion on Monday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI pared earlier losses to end slightly lower as buying in commodity-related stocks and support for banking counters emerged in the afternoon sessi...

Market Daily Report: Bursa soars 1.4% at close in sync with regional peers

KUALA LUMPUR (July 3): Bursa Malaysia ended broadly higher on Monday (July 3) due to bargain-hunting in banking stocks following the selldown last Friday, in tandem with the upbeat performance in regional peers. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) surged 19.21 points, or 1.4%, to 1,395.89 from 1,376.68 at last Friday’s close. The key index opened 2.71 points better at 1,379.39 on Monday morning and moved between 1,379.31 and 1,397.37 throughout the session. The broader market was also positive as gainers trounced losers 513 to 343, while 420 counters were unchanged, 982 untraded and 40 others suspended. Turnover narrowed to 2.61 billion units worth RM1.50 billion versus 2.65 billion units worth RM2.03 billion last Friday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said regionally, key indices ended higher as the decrease in US inflation sparked optimism for the US Federal Reserve to pursue a hawkish stance on monetary policy. “Additionall...