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 foreign funds.

He said the strong showing was in tandem with the splendid performance across the region.

In China, the National Bureau of Statistics reported that the manufacturing purchasing managers index increased to 49.3 in July, improving from 49.0 in June and the market's estimate of 49.2.

Meanwhile in Japan, investors were still assessing the Bank of Japan's monetary policy decision to lift the cap on bond yields and possible adjustment to its ultra-easy monetary policies.

On the domestic front, he is optimistic about the mid-term outlook of the market given the improvement in local market sentiment and foreign support, but investors may stay alert on increasing market volatility and external uncertainties.

“Based on the current analysis, it is expected that the KLCI will hover slightly higher, oscillating between 1,460 and 1,475 for the entire week.

“Having broken the 1,460 resistance, we shall see the next resistance level at 1,490, with support at 1,440,” he told Bernama.

Among the heavyweights, Malayan Banking Bhd (Maybank) at RM9.02, Public Bank Bhd at RM4.17 and Tenaga Nasional Bhd at RM9.60 had increased three sen each, CIMB Group Holdings Bhd added five sen to RM5.55 a share, and Petronas Chemicals Group Bhd went up 10 sen to RM6.95.

Of the actives, Top Glove Corp Bhd gained 2.5 sen to 92 sen, KNM Group Bhd was half a sen firmer at 9.5 sen, while Sarawak Consolidated Industries Bhd was flat at 43.5 sen.

Hong Seng Consolidated Bhd at 6.5 sen and UEM Sunrise Bhd at 48 sen had fallen one sen each.

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.

“Foreign funds are likely to keep buying in the region, given the attractive valuations of regional markets and expectations of better economic growth.

“As a result, the local market is expected to benefit from the spillover effect,” he told Bernama.

Among the heavyweights, Public Bank Bhd added three sen to RM4.14, Petronas Chemicals Group Bhd gained four sen to RM6.85, Malayan Banking Bhd (Maybank) at RM8.99 and CIMB Group Holdings Bhd at RM5.50 were both flat, while Tenaga Nasional Bhd slid three sen to RM9.57.

Of the actives, KNM Group Bhd at nine sen and UEM Sunrise Bhd at 49 sen had gained half a sen each, AT Systematization Bhd was flat at one sen, while Capital A Bhd declined half a sen to 91 sen, and Hong Seng Consolidated Bhd shed one sen to 7.5 sen.

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 that corporate earnings from heavyweights will remain solid.

“Furthermore, we believe Prime Minister Datuk Seri Anwar Ibrahim plans to rebuild and position Malaysia among the world's 30 largest economies in less than 10 years. ‘Madani Economy: Empowering Rakyat’ will provide an additional boost to market sentiment,” he told Bernama.

In the meantime, Thong said the KLCI was overbought in the short term, hence he expects some pullback in the near future, which he believes is healthy, as it would allow the market to digest recent buying activities.

“As such, we anticipate the KLCI to trend within the range of 1,445-1,455 towards the weekend, with immediate resistance at 1,460, while forming a new support level at 1,430,” he added.

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 performance, breaking five resistance levels within the last three weeks, with buying across the board.

“We maintain our cautiously optimistic view on the market, due to foreign funds' support and cheap valuations of the local market, compared to regional peers.

“Nevertheless, we expect a healthy correction in the near future following the recent rally,” he told Bernama.

Furthermore, Thong said the anticipated US interest rate hike could have some negative impact on global market sentiment.

“Hence, we maintain our weekly KLCI target at 1,430-1,450 for the time being.

“Having broken the 1,445 resistance, we shall see the next resistance level at 1,460, with support at 1,415,” he added.

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 positive going forward, although we do not discount the possibility of profit-taking shortly. 

“In the meantime, there was an uptick in crude oil prices, due to indications of reduced supplies, and assurances from China’s authorities to boost their economy,” he told Bernama. 

In addition, Thong cited Monday’s report that Petronas Carigali had announced six significant oil and gas discoveries off the coast of Sarawak.

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 their attractive valuations, stronger corporate earnings, and improved economic conditions.

“However, the global volatility will also play a major role in determining the local market's direction,” he told Bernama.

“From a technical point of view, the benchmark index has broken its 1,415 resistance, due to continuous foreign buying support, and is expected to test the 1,430 level soon, on the back of improved investor sentiment, while support is unchanged at 1,400,” he added.

Meanwhile, Thong said the region’s stock performance ended mixed, as investors were cautiously awaiting the outcome of the US Federal Reserve meeting, which starts on Tuesday and ends on Wednesday, whereby the central bank is widely expected to raise rates by 25 basis points. 

“Despite this, many hold the belief that this could mark the end of the tightening cycle, considering that inflation has been cooling since the previous summer,” he said.

Among the heavyweights, Malayan Banking Bhd (Maybank) rose 14 sen to RM8.92 a share, CIMB Group Holdings Bhd added five sen to RM5.35, Tenaga Nasional Bhd perked up 35 sen to RM9.46, while Public Bank Bhd at RM3.98 and Petronas Chemicals Group Bhd at RM6.50 were both flat.

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 about the technology sectors' earnings results.

He said the technology stocks in the region were under pressure following a weaker-than-expected results of technology companies in the US.

"Back home, we are cautiously optimistic about the improved local investor sentiment as the near-term direction of the local market is still very much dependent on the regional and global volatility," he said.

Thong further noted that the KLCI is expected to trend within the 1,405 to 1,415 range towards the weekend, with immediate resistance at 1,415 and support at 1,380.

Among the heavyweights, Public Bank Bhd gained one sen to RM3.97, CIMB Group Holdings Bhd was flat at RM5.22, while Maybank Bhd eased two sen to RM8.80, Tenaga Nasional Bhd lost three sen to RM9.07, and IHH Healthcare Bhd fell one sen to RM5.83.

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 the attractive valuations of the benchmark index and other local stocks," he said. 

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 take shape with investors shifting their attention to the deluge of corporate earnings releases in the United States.

"We reckon that investors may also retreat to the sidelines ahead of the mid-week break before returning to the fore," he told Bernama.

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, while PetDag lost 64 sen to RM21.76, contributing a combined loss of 3.67 points.

However, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects to see further upside in the near future, as the KLCI remains in an oversold position.

“If the benchmark index is sustained above the 1400 level for a longer period, for about four to five days, the outlook of the benchmark index will be positive in the longer term.

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 Press Metal Aluminium Holdings Bhd were the top contributors to the gain in the key index.

PetChem rose 20 sen to RM6.34, while Press Metal gained nine sen to RM4.89, contributing a combined total of 3.87 points.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices ended mostly higher, buoyed by optimism about China's support for the property sector.

He told Bernama on Wednesday that the world's second-largest economy is expected to accelerate its policy roll-out to support the real estate market, and that measures to support business confidence may be introduced.

Meanwhile, he said investors are hoping that the US Federal Reserve would halt its interest rates hikes ahead of the nation’s inflation report later on Wednesday, which would cause less damage to business activities.

“Back home, we reckon the outlook for local equities would remain steady, with strong buying support from local institutions due to cheap valuations, on the back of strong local economic fundamentals that will drive the market going forward.

“Hence, we anticipate the KLCI to retest the 1,400 mark soon. If the KLCI is able to sustain above the 1,400 mark for a longer period, the outlook for the benchmark index will be positive in the midterm.

“After breaking the 1,400-strong psychology level, we spot the next resistance at 1,415 and support at 1,375,” he said.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained one sen to RM8.75 and CIMB Group Holdings Bhd too inched up one sen to RM5.22, IHH Healthcare Bhd advanced seven sen to RM5.95, Public Bank Bhd was flat at RM3.87, while Tenaga Nasional Bhd went down two sen to RM9.03.  

Of the actives, Sarawak Consolidated Industries Bhd added one sen to 49.5 sen and KNM Group Bhd improved by one sen as well to 8.5 sen, Salutica Bhd jumped 11.5 sen to 72 sen, and RGB International Bhd advanced 2.5 sen to 36.5 sen.

On the index board, the FBM Emas Index was 43.80 points firmer at 10,300.35, the FBMT 100 Index bagged 41.29 points to 9,990.19, the FBM Emas Shariah Index was 58.15 points better at 10,602.51, the FBM 70 Index improved 31.03 points to 13,554.86, and the FBM ACE Index rose 1.74 points to 5,221.27.

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, were still a tad cautious ahead of the US consumer price index on Wednesday.

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.

“In addition, the improving geopolitical relations between the US and China have given some boost to investor sentiment after US Treasury Secretary Janet Yellen concluded her visit to Beijing, and said that the talks were ‘direct’ and ‘productive’, putting bilateral ties on ‘surer footing’,” he told Bernama on Monday.

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 overnight, major indices in the region ended the day lower as the positive US employment report has fuelled expectations of a more aggressive stance by the US Federal Reserve.

"On the positive side, US Treasury Secretary Janet Yellen’s visit to China to improve trade relations may boost the overall market sentiment in the near future," he told Bernama.

On the home front, Thong believed the overall market undertone would remain stable over the medium term given its attractive valuation, stronger corporate earnings and improving economic conditions.

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 investor sentiment has been dampened by the release of minutes from the US Federal Reserve's (Fed) most recent policy meeting on Wednesday.

The Fed revealed that certain central bank officials expressed the desire to increase rates in mid-July.

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 said key regional indices ended in negative territory mainly due to cautious trading as the Caixin China services purchasing managers’ index declined to 53.9 from 57.1 in May, below the median forecast of 56.2 among economists surveyed by Bloomberg.

Thong added that Japan’s factory activity fell in June due to weak orders for cyclical goods amid a global economic slowdown.

“Back home, the benchmark index was stuck in a consolidation mode due to cautious trading across the region; hence we advise investors to focus on large-cap stocks such as banks, plantations and telcos; and domestically-driven stocks including construction and retail real estate investment trust (Reits) for better defensive strategy.

“We reckon the performance of FBM KLCI to remain steady supported by improving fundamentals of the local economy although resistance remained strong slightly below the 1,400 level,” he said. 

Notwithstanding this, Thong maintained the KLCI target for the week at 1,390-1,405, with immediate resistance at 1,400 and support at 1,373.

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 session.

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.

“Additionally, data indicating a positive shift in sentiment towards the Japanese economy propelled the Nikkei index to its highest level in 33 years.

“Over to Hong Kong, stocks rose sharply higher on hopes of China’s stimulus measure to support economic growth and employment,” he told Bernama.

Regionally, Hong Kong’s Hang Seng Index rose 2.06% to 19,306.59, China’s SSE Composite Index gained 1.31% to 3,243.98 and Shenzhen Index increased 0.59% to 11,091.56.

On the domestic front, Thong said the benchmark index continued its upward trajectory thanks to improving global market sentiment.

“Having broken the 1,390 resistance, we anticipate the FBM KLCI to re-test the 1,400 mark this week.