Market Daily Report: Bursa closes mixed on late profit-taking, KLCI ends at intraday low

KUALA LUMPUR (Aug 30): Bursa Malaysia ended mixed, with the local benchmark index hitting an intraday low at the close on Wednesday, driven by late profit-taking from selected telecommunications and media counters. 

At 5pm, the FBM KLCI had fallen 2.50 points to 1,451.94, from 1,454.44 at Tuesday’s close.

The barometer index opened 1.79 points firmer at 1,456.23, and moved slightly up to 1,462.80 during the day, before the decline.

On the broader market, gainers and decliners were equal at 499, 423 counters were unchanged, 957 were untraded, and 70 others were suspended.

Bursa and its subsidiaries will be closed on Thursday for National Day, and will resume operations on Friday.

Turnover advanced to 4.90 billion units worth RM4.75 billion, against Tuesday’s 4.02 billion units worth RM2.85 billion.

Axiata Group Bhd and CelcomDigi Bhd were the top two contributors towards the local benchmark index’s downtrend.

Axiata lost 22 sen to RM2.36. CelcomDigi dropped five sen to RM4.38. 

The two counters dragged down the composite index by a combined 4.25 points.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices trended higher, following a positive cue from Wall Street overnight.

“The improved performance on Wall Street followed the release of new US economic data, which played a role in alleviating apprehensions regarding upcoming interest rate scenarios.

“Meanwhile, in an effort directed by the state to bolster growth in the world’s second-largest economy, China’s largest banks are preparing to reduce interest rates of existing mortgages and deposits,” he told Bernama.

On the domestic front, Thong remains optimistic in the midterm, given the strong support from foreign funds, but he expects trading to be muted towards the weekend, in conjunction with National Day.  

Hence, he sees the KLCI to likely trend within the 1,455-1,465 range.

Among other heavyweights, Petronas Chemicals Group Bhd eased seven sen to RM7.12, Maxis Bhd shed six sen to RM4.01, Tenaga Nasional Bhd slipped eight sen to RM9.84, while Public Bank Bhd went up nine sen to RM4.23, and Mr DIY Group (M) Bhd put on six sen to RM1.55.  

Of the actives, Ekovest Bhd edged up four sen to 54 sen, Iskandar Waterfront City Bhd recovered half a sen to 76.5 sen, Capital A Bhd was 1.5 sen higher to 97 sen, Top Glove Corp Bhd decreased 2.5 sen to 76.5 sen, and YTL Corp Bhd gave up seven sen to RM1.57. 

On the index board, the FBM Emas Index lost 7.11 points to 10,740.70, the FBMT 100 Index weakened 10.50 points to 10,412.03, the FBM Emas Shariah Index was down by 33.32 points to 10,920.64, the FBM ACE Index went down 38.50 points to 5,217.97, while the FBM 70 Index improved by 16.96 points to 14,283.07.

Market Daily Report: Bursa rebounds to close higher amid upbeat regional performance

KUALA LUMPUR (Aug 29): Bursa Malaysia rebounded from Monday’s loss to close higher on Tuesday, amid a regional market performance lifted by hopes for more stimulus measures from China.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.38 points to 1,454.44 from 1,444.06 at Monday's close.

The barometer index opened 0.59 of a point lower at 1,443.47 and moved between 1,441.52 and 1,455.8 throughout the day. 

On the broader market, gainers outpaced decliners 535 to 505, while 388 counters were unchanged, 951 untraded and 71 others suspended.

Turnover decreased to 4.02 billion units worth RM2.85 billion against Monday’s 4.46 billion units worth RM2.84 billion. 

SPI Asset Management managing partner Stephen Innes said the KLCI experienced a decent uptick on Tuesday, ahead of a week of important economic data from the US.

Key US economic readings this week could provide further clarity on the US Federal Reserve's (Fed) decision on interest rates. 

“Notably, the rally in Chinese shares continued for a second consecutive session, fuelled by conjecture surrounding potential additional stimulus actions, and this has aided local markets that drew inspiration from Wall Street's positive performance (overnight).

“Market participants remained attuned to any indications of further stimulus interventions in China, which could propel the broader (market) higher,” he said. 

Among the heavyweights, Maybank Bhd added nine sen to RM9.09, Public Bank Bhd gained six sen to RM4.14 and CIMB Group Holdings Bhd inched up three sen to RM5.63.

Tenaga Nasional Bhd gained two sen to RM9.92, and Petronas Chemicals Group Bhd added 19 sen to RM7.19. 

Tenaga Nasional Bhd’s (TNB) share price was indirectly boosted on Tuesday after Prime Minister Datuk Seri Anwar Ibrahim acknowledged the commitment, professionalism, and dedication of TNB and Petroliam Nasional Bhd (Petronas) in supporting the nation's energy transition ambition. 

He noted that Malaysia needs to focus on the importance of international collaborations in expediting the energy transition initiative as collective efforts could drive positive change for a cleaner and more sustainable future.

Of the actives, Iskandar Waterfront City Bhd went up 10 sen to 76 sen, Ekovest Bhd edged up half a sen to 50 sen, and Eastern & Oriental Bhd was four sen higher at 63.5 sen.

RGB International Bhd dropped half a sen to 30.5 sen and Parkson Holdings Bhd was 6.5 sen weaker at 25 sen.

On the index board, the FBM Emas Index gained 66.29 points to 10,747.81, the FBMT100 Index added 66.42 points to 10,422.53 and the FBM Emas Shariah Index was up by 35.92 points to 10,953.96.

The FBM 70 Index climbed 57.24 points to 14,266.11 and the FBM ACE Index went up 18 points to 5,256.47.

Market Daily Report: Bursa ends slightly lower, broader market firmer

KUALA LUMPUR (Aug 28): Bursa Malaysia’s key index ended slightly lower while the broader market was firmer on Monday (Aug 28) on lack of buying interest as investors shifted their focus on small- and mid-cap stocks, said a trader. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said, however, Malaysian equities ended higher with buying interests mainly on property and construction stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.35 of a point to 1,444.06 from 1,444.41 at last Friday’s (Aug 25) close.

The barometer index opened 0.74 of a point lower at 1,443.67 and moved in a tighter range between 1,441.78 and 1,445.31 throughout the day.  

However, the broader market was positive with advancers outpacing decliners 573 to 477, while 387 counters were unchanged, 955 untraded and 23 others suspended.

Turnover increased to 4.46 billion units worth RM2.84 billion against Friday’s 3.72 billion units worth RM2.66 billion. 

Thong said the key regional indices trended higher as China introduced fresh measures to prop up its faltering markets. Beijing additionally revealed a relaxation of mortgage regulations to strengthen the real estate sector, a move that bolstered real estate equities in China.

Market Daily Report: Bursa ends flat amid regional retreat ahead of Fed chair's speech

KUALA LUMPUR (Aug 25): Bursa Malaysia ended the week lower, in tandem with most regional markets, ahead of a speech from US Federal Reserve (Fed) chair Jerome Powell at the Jackson Hole Symposium later on Friday (Aug 25).

At 5pm, the FBM KLCI had shaved 0.26 of a point to 1,444.41, from 1,444.67 at Thursday's close.

The barometer index opened 0.46 point weaker at 1,444.21, and moved between 1,438.51 and 1,445.93 throughout the day.

On the broader market, decliners outpaced gainers 547 to 395, while 411 counters were unchanged, 1,021 untraded, and 23 others suspended.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI pared losses at the close due to late buying, but the benchmark index still ended in the red amid the regional selldown.

"Key regional indices trended lower, following a negative performance on Wall Street overnight, with technology shares fizzling out, as the sentiment turned risk-averse ahead of Friday’s speech from Powell at the Jackson Hole Symposium.

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

KUALA LUMPUR (Aug 24): Bursa Malaysia ended marginally higher on Thursday (Aug 24) with the key index rising 0.32% on bargain hunting, in sync with the upbeat regional market performance as foreign funds return to the region.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.56 points to 1,444.67 from 1,440.11 at Wednesday's (Aug 23) close.

The barometer index opened 1.41 points better at 1,441.52, its intraday low, and moved to an intraday high of 1,446.75 just minutes before trading ended.

On the broader market, gainers outpaced losers 500 to 421, while 416 counters were unchanged, 1,014 untraded and 30 others suspended.

Turnover increased to 3.53 billion units worth RM1.91 billion from Wednesday's 3.23 billion units worth RM1.97 billion. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices were also in positive territory following the upbeat mode on Wall Street overnight and the return of foreign funds to the region.

"Investors hold a positive outlook, believing that the US Federal Reserve (Fed) has concluded its interest rate hikes for this cycle and anticipating the Fed to commence rate reductions in the early months of the upcoming year.

Market Daily Report: Bursa ends broadly lower, selling led by index-linked counters

KUALA LUMPUR (Aug 23): Bursa Malaysia ended broadly lower on Wednesday (Aug 23), with the key index dipping by 0.79% amid brisk selling activities in index-linked stocks led by Petronas Chemicals Group Bhd and Public Bank Bhd. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 11.42 points to 1,440.11 from 1,451.53 at Tuesday's (Aug 22) close.

The barometer index opened 0.1 of a point better at 1,451.63, and moved between 1,439.13 and 1,451.72 throughout the trading day.

On the broader market, losers beat gainers 466 to 379 while 489 counters were unchanged, 1,018 untraded and 12 others suspended.

Turnover eased to 3.23 billion units worth RM1.97 billion from 3.31 billion units worth RM1.93 billion on Tuesday.   

SPI Asset Management managing partner Stephen Innes said the weakness in the local bourse was weighed down mainly on the China factor, as investors remain concerned about the regional economic growth, as “when China sneezes, Asean markets tend to catch the cold”.

"This differs from the US market, which is rallying due to articial intelligence innovations, and as growth continues to hold up. Because of the potential financial instability concerns in China, its muting flows into regional equity markets,” he said.  

Market Daily Report: Bursa ends mixed in lacklustre trade

KUALA LUMPUR (Aug 22): Bursa Malaysia ended trading mixed on Tuesday (Aug 22) on lack of buying momentum.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.96 of a point to 1,451.53, from 1,450.57 at Monday's (Aug 21) close, after opening 0.3 of a point better at 1,450.87. 

The KLCI moved between 1,449.19 and 1,456.40 throughout the trading day.

On the broader market, losers surpassed gainers 490 to 432 while 426 counters were unchanged, 1,005 untraded and 13 others suspended.

Turnover stood at 3.31 billion units worth RM1.93 billion from Monday's 3.31 billion units worth RM2.24 billion.  

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI ended marginally higher on Tuesday in tandem with the positive performance across the region, with strong buying in technology and energy-related stocks. 

"On the domestic front, we believe the market undertone will remain steady due to improving investor sentiment and reckon the index will stay positive, going forward, although profit-taking may take place, hence we are maintaining our FBM KLCI weekly target at between 1,440 and 1,460 at this juncture,” he added. 

Of the heavyweights, Maybank Bhd gained two sen to RM9.01, Petronas Chemicals Group Bhd and Press Metal Aluminium Holdings Bhd both surged 11 sen to RM7.01 and RM4.90, respectively, Public Bank Bhd fell one sen to RM4.13, CIMB Group Holdings Bhd shed two sen to RM5.58, and TNB Bhd dipped eight sen to RM10.06. 

Among the actives, CN Asia Corp Bhd jumped 8.5 sen to 27 sen, MyEg Services Bhd rose 2.5 sen to 81.5 sen, Widad Group Bhd edged up half a sen to 44 sen, Hong Seng Consolidated Bhd and UEM Sunrise Bhd both eased half a sen to 5.5 sen and 63 sen, respectively. 

Market Daily Report: Bursa ends lower on profit-taking

KUALA LUMPUR (Aug 18): Bursa Malaysia extended Thursday's (Aug 17) losses to close slightly lower on Friday on continued profit-taking from selected financial services as well as industrial products and services counters, in line with the weaker sentiment on regional bourses.

At 5pm, the FBM KLCI had slipped 1.89 points to 1,446.09, from 1,447.98 at Thursday’s close.

The barometer index opened 1.25 points better at 1,449.23, its intraday high, and hit a low of 1,442.26 in the mid-afternoon session.

On the broader market, decliners overwhelmed gainers 552 to 380, while 435 counters were unchanged, 981 untraded, and 29 others suspended.

Turnover declined to 3.19 billion units worth RM2.12 billion, from 4.34 billion units worth RM2.56 billion on Thursday.

CIMB Group Holdings Bhd and Press Metal Aluminium Holdings Bhd were the top two contributors to the local benchmark index’s losses, with a combined contribution of 2.93 points.

The banking group slipped nine sen to RM5.55 a share. Press Metal, meanwhile, dropped 10 sen to RM4.75. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the KLCI ended slightly lower in tandem with the regional selldown.

“Regionally, key indices trended lower, following the negative cue from Wall Street overnight, as investors were worried about [further] US rate hikes and feared a potential property catastrophe in China.

“On the domestic front, sentiment may remain cautious in view of increasing market risks and volatility in global markets,” he told Bernama on Friday.

Among other heavyweights, Malayan Banking Bhd (Maybank) rose three sen to RM9.00, Petronas Chemicals Group Bhd went up one sen to RM6.80, IHH Healthcare Bhd improved five sen to RM6.00, while Public Bank Bhd slipped three sen to RM4.13, and Tenaga Nasional Bhd was flat at RM9.95.

Among the actives, Hong Seng Consolidated Bhd at six sen and Aimflex Bhd at 21.5 sen had eased half a sen each, UEM Sunrise Bhd shed one sen to 62 sen, Parkson Holdings Bhd gained 7.5 sen to 29.5 sen, and KNM Group Bhd rose two sen to 9.5 sen.

On the index board, the FBM Emas Index was 18.01 points lower at 10,661.56, the FBMT 100 Index dipped 17.13 points to 10,347.53, the FBM Emas Shariah Index lost 3.91 points to 10,873.51, the FBM 70 Index erased 38.73 points to 14,099.52, and the FBM ACE Index was 49.40 points lower at 5,264.14.

Sector-wise, the Financial Services Index dropped 39.36 points to 16,254.10, the Industrial Products and Services Index eased 0.40 of a point to 167.27, while the Plantation Index advanced 74.94 points to 6,985.80, and the Energy Index edged up 0.39 of a point to 815.26.

Market Daily Report: Bursa ends at intraday low

KUALA LUMPUR (Aug 17): Persistent profit-taking from selected plantation and financial services counters resulted in Bursa Malaysia ending at an intraday low on Thursday (Aug 17), amid mixed sentiments on regional stock markets.

At 5pm, the FBM KLCI had slipped 15.53 points to 1,447.98, from 1,463.51 at Wednesday’s close.

The barometer index opened 2.90 points easier at 1,460.61, and moved slightly up to a high of 1,460.76 during the day.

On the broader market, decliners overwhelmed gainers 607 to 355, while 429 counters were unchanged, 949 untraded, and 16 others suspended.

Turnover widened to 4.34 billion units worth RM2.56 billion, from 3.62 billion units worth RM2.21 billion on Wednesday.

Sime Darby Plantation Bhd and CIMB Group Holdings Bhd were the top two contributors towards the benchmark index’s downtrend, with a combined contribution of 3.77 points. The plantation giant lost 14 sen to RM4.31, while the banking group erased nine sen to close at RM5.64 a share.

Market Daily Report: Bursa closes higher on late buying in utilities, financials

KUALA LUMPUR (Aug 16): Late buying in selected utilities and financial services counters pushed Bursa Malaysia back into positive territory at the close on Wednesday (Aug 16)amid weaker sentiments on the regional stock markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.23 points to 1,463.51 from 1,460.28 at Tuesday’s (Aug 15) close.

The barometer index opened 1.25 points easier at 1,459.03 and moved between 1,458.37 and 1,464.27 throughout the day.

On the broader market, gainers overwhelmed decliners 496 to 468 while 446 counters were unchanged, 931 untraded and 14 others suspended.

Turnover narrowed to 3.62 billion units worth RM2.21 billion from 3.87 billion units worth RM2.12 billion on Tuesday (Aug 15).

Tenaga Nasional Bhd and CIMB Group Holdings Bhd were the top two contributors towards the local benchmark index’s performance, rising 10 sen and five sen to RM9.99 and RM5.73 respectively, with a combined contribution of 1.83 points. 

A dealer said Asian stock markets trended weaker on Wednesday amid lower-than-expected Chinese economic data as well as the absence of meaningful stimulus from Beijing.

Market Daily Report: Bursa closes higher on persistent buying in financials, utilities

 KUALA LUMPUR (Aug 15): Bursa Malaysia maintained its positive momentum to close higher on Tuesday (Aug 15), supported by persistent buying in selected financial services and utilities counters amid mixed sentiments on the regional stock markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.28 points to 1,460.28 from 1,457 at Monday’s (Aug 14) close.

The barometer index opened 0.14 of a point easier at 1,456.86 and moved between 1,456.27 and 1,463.29 throughout the day.

On the broader market, gainers overwhelmed decliners 603 to 369 while 402 counters were unchanged, 966 untraded and 13 others suspended.

Turnover improved to 3.87 billion units worth RM2.12 billion from 3.53 billion units worth RM1.89 billion on Monday.

Public Bank Bhd and Tenaga Nasional Bhd were the top two contributors towards the local benchmark index uptrend, rising six sen and nine sen to RM4.21 and RM9.89 respectively, with a combined contribution of 2.77 points. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices showed mixed trends after China reported lower consumer and business activity in July, while China's central bank also lowered a critical interest rate to support the economy.

Additionally, he told Bernama that concerns about the potential resurgence of prices in the US continue to be on people's minds, with rising gasoline costs adding to the problems for the upcoming months.

Market Daily Report: KLCI reverses earlier losses to end flat

 KUALA LUMPUR (Aug 14): Bursa Malaysia reversed most of its earlier losses to end mixed on Monday (Aug 14) on late buying of selected financial services, telecommunications and media counters, amid weak sentiments on regional stock markets.

At 5pm, the FBM KLCI had eased 0.16 of a point to 1,457.0, from 1,457.16 at last Friday’s close.

The barometer index opened 0.03 of a point higher at 1,457.19, and moved between 1,452.15 and 1,457.43 throughout the day.

On the broader market, gainers overwhelmed decliners 575 to 404, while 378 counters were unchanged, 972 untraded, and 13 others suspended.

Turnover improved to 3.53 billion units worth RM1.89 billion, from 2.94 billion units worth RM1.86 billion last Friday.

Market Daily Report: KLCI pares earlier losses to end slightly lower ahead of state elections

KUALA LUMPUR (Aug 11): Bursa Malaysia pared most of its earlier losses to end mixed on Friday (Aug 11) on late buying, with bargain-hunting dominating the broader market throughout the day ahead of the state elections.

At 5pm, the FBM KLCI had eased 1.77 points to 1,457.16, from 1,458.93 at Thursday’s close.

The barometer index opened 0.46 of a point lower at 1,458.47, and hit a low of 1,449.67 during the early morning session. It managed to reverse the losses briefly in late trading, and hit an intraday high of 1,458.97 on mild bargain-hunting.

On the broader market, gainers overwhelmed decliners 502 to 383, while 428 counters were unchanged, 1,006 untraded, and 12 others suspended.

Turnover improved to 2.94 billion units worth RM1.86 billion, from 2.92 billion units worth RM1.83 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said demand on the local bourse was subdued, ahead of the state elections, with investors staying on the sidelines to await fresh leads.

Friday's trading was supported by buying of small-capitalisation stocks rather than heavyweights.

“Investors were cautious ahead of the state elections,” he told Bernama.

 Voters in Kedah, Kelantan, Terengganu, Penang, Selangor, and Negeri Sembilan will be casting their votes on Saturday.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained two sen to RM9.02 a share, Public Bank Bhd added one sen to RM4.16, and Tenaga Nasional Bhd rose seven sen to RM9.80.

CIMB Group Holdings Bhd dropped five sen to RM5.61. CelcomDigi Bhd also lost five sen to RM4.35. Petronas Chemicals Group Bhd trimmed one sen to RM6.85, while IHH Healthcare Bhd shed two sen to RM5.98.

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

KUALA LUMPUR (Aug 10): Bursa Malaysia closed slightly lower on Thursday (Aug 10) due to profit-taking activities following Wednesday's rally, with some investors keeping to the sidelines awaiting fresh catalysts.

At 5pm, the FBM KLCI had eased 3.1 points to 1,458.93, from 1,462.03 at Wednesday’s close.

The barometer index opened 1.67 points lower at 1,460.36, and moved between 1,453.37 and 1,460.70 throughout the day.

On the broader market, decliners outpaced gainers 464 to 358, while 450 counters were unchanged, 1,015 untraded, and 12 others suspended.

Turnover decreased to 2.92 billion units worth RM1.83 billion, from 3.17 billion units worth RM2.19 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said although the market was down, he viewed it as a healthy correction, as it provided a good opportunity to accumulate stocks at a lower level.

“As such, we anticipate the KLCI to trend slightly higher within the 1,455 and 1,470 range towards the weekend. From a technical point of view, we spot the resistance level at 1,460, followed by 1,490, while support is unchanged at 1,440,” he told Bernama.

Elsewhere, Thong said key regional benchmarks trended mixed, as investors geared up for the release of US consumer price index data for July due later on Thursday.

Meanwhile in Malaysia, the Department of Statistics Malaysia announced that the unemployment rate edged down to 3.4% in June, with the number of unemployed persons further dropping to 581,700 persons.

Of the heavyweight stocks on Bursa, Public Bank Bhd shed two sen to RM4.15 a share, while Malayan Banking Bhd (Maybank) was flat at RM9.00. CIMB Group Holdings Bhd at RM5.66 and Petronas Chemicals Group Bhd at RM6.86 had added one sen each, while Tenaga Nasional Bhd advanced nine sen to RM9.73. IHH Healthcare Bhd rose six sen to RM6.00. 

Among the actives, Classita Holdings Bhd at 9.5 sen and Widad Group Bhd at 43 sen had slipped half a sen, while Velesto Energy Bhd trimmed one sen to 22 sen, and KNM Group Bhd inched up half a sen to nine sen.

On the index board, the FBM Emas Index was 18.31 points lower at 10,701.39, the FBMT 100 Index dropped 18.78 points to 10,396.88, and the FBM Emas Shariah Index fell 20.13 points to 10,923.66.

The FBM ACE Index shaved off 25.04 points to 5,290.72, and the FBM 70 Index declined 11.27 points to 13,986.99.

Market Daily Report: KLCI ends at intraday high on foreign buying support

KUALA LUMPUR (Aug 9): Bursa Malaysia closed higher on Wednesday (Aug 9), with the key index ending at its intraday high on the back of foreign buying support particularly in the heavyweights, despite a gloomy external environment.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 11.03 points to 1,462.03 from 1,451 at Tuesday’s (Aug 8) close.

The barometer index opened 0.7 of a point lower at 1,450.3 and hit a low of 1,446.71 in the morning session. The momentum, however, reversed during mid-afternoon and continued building up thereafter.

On the broader market, gainers beat losers 430 to 417, while 449 counters were unchanged, 994 untraded and 16 others suspended.

Turnover stood at 3.17 billion units worth RM2.19 billion from 3.17 billion units worth RM1.71 billion on Tuesday, reflecting the domination of heavyweights in Wednesday's trading.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mixed on Wednesday as investors are wary about the US banking system, which triggered a decline on Wall Street after Moody's credit rating downgrade on various regional banks.

Moody's highlighted concerns about deposit risks, the possibility of an economic downturn and the challenges faced by commercial real estate portfolios.

On the other hand, China’s consumer price index fell for the first time in over two years, posting a 0.3% year-on-year drop in July but rose 0.2% on a monthly basis.

“The FBM KLCI continued to trend higher thanks to persistent support from foreign buying.

“Despite the cautious market undertone globally, we expect buying of local equities to continue due to the cheap valuations of local stocks and continuous support by foreign funds,” he said.

He said Rakuten Trade anticipated the key index to trend slightly higher within the 1,455 and 1,470 range for the remainder of the week.

“After breaking the 1,460 resistance, we shall see the next resistance at 1,490, with support at 1,440,” he added.

Market Daily Report: Banking stocks lift Bursa to higher close

KUALA LUMPUR (Aug 8): Bursa Malaysia closed higher on Tuesday (Aug 8) amid a mixed performance by regional peers as local market sentiment recovered with buying support seen in heavyweights, mainly banking stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 5.19 points to end the day at 1,451 from 1,445.81 at Monday’s (Aug 7) close.

The barometer index opened 1.6 points lower at 1,444.21 and subsequently hit a low of 1,441.63 before gathering steam to move on an upward trajectory. It reached an intraday high of 1,452.47 at mid-afternoon.

On the broader market, gainers beat losers 437 to 389, while 456 counters were unchanged, 1,008 untraded and 14 others suspended.

Turnover increased marginally to 3.17 billion units worth RM1.71 billion from 3.13 billion units worth RM1.34 billion yesterday.

CIMB was the largest contributor to the gains in the composite index with 1.405 points, after rising eight sen to RM5.60 with 9.5 million shares changing hands, while Sime Darby was the biggest gainer among the index-linked counters, putting on 1.84%.

A dealer said domestic traders are closely monitoring the second-quarter corporate earnings announcements, with the expectations of decent growth this year, especially in the banking, telecommunications and utility stocks. 

Banking heavyweights, Maybank Bhd rose five sen to RM8.97, Public Bank Bhd added one sen to RM4.14, RHB Bank Bhd climbed three sen to RM5.68, Hong Leong Bank Bhd added four sen to RM19.70, while AMMB Holdings Bhd perked up two sen to RM3.77.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the uptrend on the local market would likely continue as the benchmark index is trading at calendar year 2023 forward price-earnings ratio of 14 times as compared with its five-year average of more than 17 times.

Market Daily Report: Bursa erases early losses to close mixed on cautious sentiment

KUALA LUMPUR (Aug 7): Bursa Malaysia shook off early losses to close mixed Monday (Aug 7), with the benchmark index ending little changed on cautious market sentiment as key economic data from the US and China due later this week weighed on investors’ risk appetite.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.6 of a point to 1,445.81 from 1,445.21 at Friday’s Aug 4) close.

The barometer index opened 0.32 of a point easier at 1,444.89 and moved between 1,442.13 and 1,449.38 throughout the day.

However, the broader market was weaker with losers outpacing gainers 482 to 330, while 457 counters were unchanged, 1,005 untraded and 26 others suspended.

Turnover increased to 3.13 billion units worth RM1.34 billion from 2.68 billion units valued at RM1.42 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the barometer index went through a roller coaster trading session on Monday but managed to end in positive territory, albeit marginally higher.

"Sentiments may be cautious in view of external factors, however, we believe the FBM KLCI would remain steady due to persistent support from local institutions and the return of foreign funds,” he told Bernama.

Thong said the Brent crude oil continued its upward trajectory to US$86 (RM391.86) per barrel, attributed to Saudi Arabia and Russia's pledge to implement output cuts, which would provide an opportunity for short-term play in the oil and gas stocks.

“We foresee the FBM KLCI to trend higher within the 1,440-1,460 range for the week, with immediate resistance at 1,460 and support at 1,440.” 

Market Daily Report: Bursa snaps three-day losing streak in tandem with regional uptrend

KUALA LUMPUR (Aug 4): Bursa Malaysia snapped a three-day losing streak to close 0.23% higher on bargain-hunting, particularly for healthcare, financial services, and property counters, in tandem with the uptrend on most regional bourses on Friday (Aug 4).

At 5pm, the FBM KLCI had strengthened by 3.36 points to 1,445.21, from 1,441.85 at Thursday’s close. 

The barometer index opened 0.64 of a point higher at 1,442.49, and moved between 1,442.23 and 1,447.13 throughout the day.

On the overall market, gainers beat losers 456 to 333, while 470 counters were unchanged, 1,017 untraded, and 26 others suspended.

Turnover stood at 2.68 billion units worth RM1.42 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that regionally, the key indices were mostly higher, as investors were positive after the governor of China's central bank held a meeting with real estate developers, granting them permission to increase their fundraising through bond sales.

This move was part of the republic’s ongoing efforts to relax the debt restrictions imposed in 2020, which severely impacted the industry, he added.

Market Daily Report: Bursa closes marginally lower

KUALA LUMPUR (Aug 3): Bursa Malaysia closed lower for the third consecutive day, in tandem with the regional selldown following the negative cue from global equities overnight. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.71 points to 1,441.85 from 1,444.56 at Wednesday’s (Aug 2) close. 

The key index opened 3.19 points weaker at 1,441.37 and moved between 1,433.04 and 1,442.78 throughout the day.

On the overall market, decliners thumped advancers 510 to 361, while 431 counters were unchanged, 970 untraded and 13 others suspended.

Turnover stood at 2.94 billion units worth RM1.65 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the US economy is under scrutiny as investors assess the country’s ability to steer clear of the expected recession that many had foreseen due to the consecutive interest rate increases designed to temper inflation.

On a positive note, the Caixin survey by S&P Global revealed that China's services sector activity witnessed significant expansion in July, indicating a stronger pace of growth.

Hence, Thong anticipated that this would create positive spillover effects on regional markets including Malaysia.

As for the local bourse, he reckoned that the recent selldown would provide opportunities for investors to accumulate stocks at attractive levels given their cheaper valuations.

“Having said this, investors should remain cautious about external factors given the increasing regional market volatility and uncertainties in the global economic prospects.

“Under normal conditions, without any unforeseen circumstances, we anticipate the FBM KLCI to trend within the 1,435-1,445 range towards the weekend. Technically speaking, we see the immediate resistance at 1,460 and support at 1,440,” he said.

Market Daily Report: Bursa ends lower for second consecutive day

KUALA LUMPUR (Aug 2): Bursa Malaysia extended its decline for the second consecutive day on Wednesday (Aug 2) on persistent selling pressure mainly in telecommunications and commodity-related counters, in tandem with the downbeat regional markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 6.68 points, or 0.46%, to 1,444.56 from 1,451.24 at Tuesday’s (Aug 1) close. 

The barometer index opened 1.79 points weaker at 1,449.45 and fluctuated between 1,441.85 and 1,450.28 throughout the day.

The market breadth was also negative with decliners trouncing advancers 555 to 348, while 419 counters were unchanged, 943 untraded and 17 others suspended.

Turnover stood at 2.79 billion units worth RM1.88 billion.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said profit-taking activities from the previous week's rally remained unabated.

The market weakness was also dragged down by concerns over the US credit rating downgrade and the renewed tensions between the US and China.

“Looking ahead, we reckon that further pullback may continue as investors continue to digest the recent gains before fresh legs kick in for the recovery to resume,” he said.

Meanwhile, Leong said investors may also keep a close watch on several key economic data such as the Bank of England's interest rate decision as well as US non-manufacturing purchasing managers’ index and factory orders to be released on Thursday (Aug 3).

“Technically, we expect the 1,430 to serve as a key support level. Should the key index manage to stay afloat above the aforementioned level, upsides are located towards 1,460-1,480 levels.

“Meanwhile, should the 1,430 level gives way, the next support is at 1,400,” he added.

Heavyweights, Maybank Bhd lost four sen to RM8.95, CIMB Group Holdings Bhd fell five sen to RM5.47 and Petronas Chemicals Group Bhd decreased 10 sen to RM6.75. 

Public Bank Bhd added one sen to RM4.13 and Tenaga Nasional Bhd gained two sen to RM9.57.

Of the actives, UEM Sunrise Bhd increased 4.5 sen to 50.5 sen, both Widad Group Bhd and Velesto Energy Bhd improved half a sen to 43 sen and 23.5 sen, respectively, and YTL Power International Bhd was seven sen higher at RM1.45, while KNM fell half a sen to nine sen.

Market Daily Report: Bursa retreats on profit-taking

KUALA LUMPUR (Aug 1): Bursa Malaysia retreated from Monday's gains to end lower on Tuesday (Aug 1), due to profit-taking activities amid mixed regional market performance, said a dealer.

At 5pm, the FBM KLCI had fallen 8.19 points, or 0.56%, to 1,451.24, from 1,459.43 at Monday’s close, after opening 0.53 of a point weaker at 1,458.90.

The key index fluctuated between 1,449.02 and 1,462.56 throughout the day.

Overall market breadth was negative, with decliners trouncing advancers 599 to 343, while 417 counters were unchanged, 906 untraded, and 17 others suspended.

Turnover stood at 3.83 billion units worth RM1.75 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices were mixed, but the Japanese market saw strong gains in line with market optimism sparked by a Wall Street rally overnight, although concerns about inflation and regional growth continued to linger.

He added that China and Hong Kong ended lower on profit-taking in property stocks, but the technology sector registered strong gains.

Meanwhile, Thong expects the trend in local equities to remain positive, as a result of the improving regional sentiment and strong support from foreign funds.

“Despite today's (Tuesday) profit-taking activities, we consider it a healthy sign, as it enables the market to absorb the recent uptrend.

“Hence, we anticipate the KLCI to move higher within the 1,450-1,470 range for the rest of the week. On a technical point of view, we spot immediate resistance at 1,460 and support at 1,440,” he told Bernama.

Heavyweights Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd fell three sen each. Maybank closed at RM8.99, while CIMB settled at RM5.52 a share. Petronas Chemicals Group Bhd slid 10 sen to RM6.85, while Public Bank Bhd at RM4.12 and Tenaga Nasional Bhd at RM9.55 had both slipped five sen.