Market Daily Report: KLCI ends in positive territory on late buying

KUALA LUMPUR (Nov 30): The FTSE Bursa Malaysia KLCI (FBM KLCI) recouped after a weak opening and finished in positive territory on Thursday thanks to late buying on Dialog Group Bhd, CelcomDigi Bhd and Nestle (M) Bhd stocks, a dealer said.

At 5pm, the FBM KLCI gained 0.46% or 6.67 points to an intra-day high of 1,452.74 from Wednesday’s close of 1,446.07.

The benchmark index opened 1.73 points weaker at 1,444.34 and moved between 1,440.62 and 1,452.74 throughout the trading session.

However, market breadth remained negative, with decliners outpacing gainers by 626 to 328, while 419 counters were unchanged, 995 untraded and 63 others suspended.

Turnover expanded to 4.25 billion units worth RM4.97 billion from 3.28 billion units valued at RM2.27 billion on Wednesday.

Rakuten Trade equity research vice-president Thong Pak Leng said the regional markets closed mostly higher, driven by late buying activity, with investors anticipating a potential interest rate cut by the US Federal Reserve (Fed) next year.

The latest US data underscores a resilient economy in the third quarter of 2023 and a simultaneous decline in inflation, heightening the likelihood that the Fed might consider implementing interest rate cuts earlier than originally projected.

Sentiment was further buoyed by China's lacklustre economic data, suggesting more government support is needed to help shore up growth in the world's second-largest economy.  

“As for the local bourse, we expect bargain hunting to continue, spurred by the benchmark index's comparatively lower valuations against its regional counterparts accompanied by continuous inflow of foreign funds.

"Hence, we foresee the FBM KLCI trending higher, likely within the range of 1,450-1,460 towards the weekend,” Thong told Bernama.

Among heavyweights, CelcomDigi rose 21 sen to RM4.34, Petronas Chemicals Group Bhd advanced 14 sen to RM7.22, Dialog went up 14 sen to RM2.21, Nestle increased RM3.70 to RM125.40, Tenaga Nasional Bhd gained 11 sen to RM9.99 and Public Bank Bhd added three sen to RM4.27.

Market Daily Report: Bursa closes lower for third straight session

KUALA LUMPUR (Nov 29): Bursa Malaysia closed lower for the third straight session on Wednesday after reversing all its intraday gains, dragged down by selling in telecommunication and banking heavyweights, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged lower by 0.13% or 1.95 points to 1,446.07 from Tuesday's closing of 1,448.02. 

The benchmark index opened 0.61 of a point firmer at 1,448.63 and moved between 1,445.61 and 1,450.42 throughout the trading session.

Market breadth was negative, with losers leading gainers by 588 to 354, while 426 counters were unchanged, 1,011 untraded and 85 others suspended.

Turnover narrowed to 3.28 billion units worth RM2.27 billion from 3.81 billion units valued at RM2.38 billion on Tuesday. 

Apex Securities Bhd head of research Kenneth Leong said the benchmark index was impacted by the weaker corporate earnings reported by Axiata Group during the midday break.

“Looking ahead, we expect the downward bias undertone to prevail amid the absence of fresh leads, while the final days of corporate earnings releases will be in focus.

“Meanwhile, investors will be keeping a close tab on China's manufacturing data to be released tomorrow [Nov 30] morning,” he said.

Market Daily Report: KLCI ends in negative territory on lack of buying interests, weak market sentiment

KUALA LUMPUR (Nov 28): The FBM KLCI pared losses on Tuesday but remained in negative territory as investors were reluctant to make significant moves due to lack of buying interests and weak market sentiment, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 0.13 of a point to 1,448.02 from Monday’s closing of 1,448.15. 

The barometer index opened 2.04 points better at 1,450.19 and moved between 1,446.6 and 1,452.6 throughout the trading session. 

Market breadth was negative, with losers surpassing gainers at 526 to 390, while 450 counters were unchanged, 1,044 untraded and 72 others suspended.

Turnover expanded to 3.81 billion units valued at RM2.38 billion from 3.09 billion units worth RM2.05 billion on Monday. 

Rakuten Trade equity research vice president Thong Pak Leng said key regional indices finished mostly lower following a negative cue from global equities overnight.

He said investors were eagerly anticipating updates on inflation data and insights into how the US consumers respond to it.

On the domestic front, despite the prevailing cautious sentiment, Thong said the sell-down offers an opportunity for investors to hunt for bargains in stocks at lower levels.

“Hence, we expect bargain hunting to emerge and anticipate the benchmark index to trend within the 1,445-1,465 range for the rest of the week,” he said. 

Among the heavyweights, CIMB Group Holdings Bhd was down seven sen to RM5.68, Petronas Chemicals Group Bhd eased a sen to RM7.08, RHB Bank Bhd declined six sen to RM5.51, PPB Group Bhd eased 12 sen to RM14.06, while Public Bank Bhd and Press Metal Aluminium Holdings Bhd Metal shed two sen each to RM4.22 and RM4.85, respectively. 

Of the most active, Hong Seong Consolidated Bhd was flat at 2.5 sen, Top Glove Corp Bhd added two sen to 90 sen, CSH Alliance Bhd grew half a sen to six sen and Leform Bhd gained 1.5 sen to 31.5 sen. 

On the index board, the FBM Emas Index was 2.89 points lower at 10,722.57, the FBMT 100 Index slid 4.07 points to 10,386.55 while the FBM Emas Shariah Index increased 18.87 points to 10,892.93.

The FBM 70 Index slipped by 19.17 points to 14,262.17 and the FBM ACE Index fell by 23.16 points to 5,084.21.

Sector-wise, the Financial Services Index contracted 63.99 points to 16,277.91, the Energy Index dipped 8.77 points to 821.91, and the Industrial Products and Services Index eased 0.54 of a point to 171.70, while the Plantation Index advanced 63.12 points to 7,006.57.

Main Market volume grew to 2.45 billion units worth RM2.07 billion from 1.82 billion units valued at RM1.71 billion on Monday.

Warrants turnover widened to 572.27 million units valued at RM68.95 million against 496.1 million units worth RM63.91 million previously.

ACE Market volume rose to 781.4 million shares worth RM242.71 million versus 776.51 million shares valued at RM279.85 million on Monday.

Consumer products and services counters accounted for 337.19 million shares traded on the Main Market, industrial products and services (572.28 million); construction (103.42 million); technology (557.23 million); SPAC (nil); financial services (69.53 million); property (201.02 million); plantation (29.91 million); REITs (9.63 million), closed/fund (58,100); energy (136.83 million); healthcare (277.21 million); telecommunications and media (30.47 million); transportation and logistics (41.13 million); and utilities (86.14 million).

Source: The Edge

Market Daily Report: Bursa ends lower on selling in selected heavyweights, mid-cap stocks

KUALA LUMPUR (Nov 27): Bursa Malaysia finished lower on Monday, dampened by selling in selected heavyweights as well as mid- and small-cap stocks, a dealer said.

At 5pm, the barometer index declined 5.77 points to 1,448.15 from Friday’s (Nov 24) closing of 1,453.92.

The index opened 0.77 of a point weaker at 1,453.15 and moved between 1,448 and 1,455.78 throughout the day.

Market breadth was negative, with decliners outpacing gainers 683 to 287, while 415 counters were unchanged, 1,025 untraded and 48 others suspended.

Turnover fell slightly to 3.09 billion units valued at RM2.05 billion from 3.5 billion units valued at RM2.35 billion on Friday. 

Rakuten Trade equity research vice president Thong Pak Leng said the key regional indices also trended downward as investors exercised caution ahead of upcoming inflation data from the US and Europe later this week.

The 7.8% year-on-year decline in China's industrial profits in October further weakened investor sentiment, fuelling impatience over the potential for more stimulus measures from Beijing, while a series of weak purchasing managers' index (PMI) in Japan raised concerns about a slowdown in business activity in the country.

On the domestic front, Thong said the valuation of the benchmark index remains attractive at its current level, and he anticipated continued stock accumulation, particularly in blue-chip stocks during market dips.

“However, investor sentiment may be affected by uncertain global economic conditions and increasing market volatility, hence, we expect the FBM KLCI to maintain its consolidation phase for the moment, awaiting the emergence of fresh catalysts.

“We anticipate the index to trend within the range of its support and resistance levels, specifically at 1,445 and 1,465, respectively, for the week,” he said.

Market Daily Report: FBM KLCI ends on positive note despite subdued trading

KUALA LUMPUR (Nov 24): The FTSE Bursa Malaysia KLCI (FBM KLCI) closed slightly higher on Friday despite subdued trading, in line with the performance of regional markets, a dealer said.

At 5pm, the barometer index rose 0.63 of-a-point to 1,453.92 from Thursday’s closing of 1,453.29.

The index opened 2.49 points better at 1,455.78 and moved between 1,451.08 and 1,456.05 throughout the day.

Market breadth was negative, with decliners outpacing gainers 528 to 392, while 473 counters were unchanged, 1,009 untraded and 10 others suspended.

Turnover narrowed to 3.50 billion units valued at RM2.35 billion from 3.71 billion units valued at RM2.08 billion on Thursday.

Rakuten Trade equity research vice-president Thong Pak Leng said the FBM KLCI managed to finish in positive territory largely due to strong buying on Genting Bhd and Genting Malaysia Bhd following their splendid quarterly earnings.

He said key regional indices trended lower reflecting the lacklustre economic signals from Japan coupled with some profit taking following Thursday’s rally.

“Back home, the market undertone was still cautious due to the increasing global market volatility,” he told Bernama.

Among the heavyweights, Malayan Banking Bhd was unchanged at RM9.09, Public Bank Bhd was down two sen to RM4.25, Tenaga Nasional Bhd fell two sen to RM10, CIMB Group Holdings Bhd gained one sen to RM5.75 and Petronas Chemicals Group Bhd climbed 14 sen to RM7.30.

Of the actives, Top Glove Corp Bhd put on 1.5 sen to 90 sen, Leform Bhd went up one sen to 29.5 sen, Hong Seng Consolidated Bhd was flat at 2.5 sen, CSH Alliance Bhd added half-a-sen to six sen, and Widad Group Bhd lost half-a-sen to 46.5 sen.

On the index board, the FBM Emas Index was 4.46 points lower at 10,768.73, the FBMT 100 Index slid 3.29 points to 10,430.89 and the FBM Emas Shariah Index shed 20.64 points to 10,944.01.

The FBM 70 Index slid 38.38 points to 14,331.74, while the FBM ACE Index rose 3.27 points to 5,205.43.

Sector-wise, the Financial Services Index gained 1.08 points to 16,384.32, the Energy Index dipped 10.82 points to 834.85, the Plantation Index was 16.12 points weaker at 6,931.35, while the Industrial Products and Services Index went up 0.77 of-a-point to 174.11.

Main Market volume trimmed to 2.09 billion units valued at RM2.04 billion from 2.50 billion units valued at RM1.80 billion on Thursday.

Warrants turnover increased to 710.88 million units valued at RM87.76 million against 573.50 million units valued at RM75.05 million previously.

ACE Market volume advanced to 677.28 million shares worth RM223.46 million versus 637.42 million shares worth RM210.79 million.  

Consumer products and services counters accounted for 358.17 million shares traded on the Main Market, industrial products and services (502.14 million), construction (71.52 million), technology (204.08 million), SPAC (nil), financial services (44.46 million), property (199.52 million), plantation (39.13 million), REITs (10.29 million), closed/fund (21,600), energy (141.98 million), healthcare (318.45 million), telecommunications and media (36.02 million), transportation and logistics (31.66 million), and utilities (136.58 million).

Source: The Edge

Market Daily Report: Bursa ends marginally lower amid mixed global cues

KUALA LUMPUR (Nov 23): Bursa Malaysia extended Wednesday's losses to close lower on Thursday, amid mixed global cues and the fall in crude oil prices, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 2.6 points to 1,453.29 from Wednesday’s closing of 1,455.89.

The index opened 0.79 of-a-point better at 1,456.68 and thereafter moved between 1,451.35 and 1,456.68 throughout the trading session.

Market breadth was negative, with decliners outpacing gainers 532 to 417, while 423 counters were unchanged, 1,002 untraded and 10 others suspended.

Turnover increased to 3.71 billion units valued at RM2.08 billion against 2.97 billion units valued at RM2.04 billion on Wednesday.

SPI Asset Management managing director Stephen Innes said that despite a broad-based rally in US stocks overnight, Asia markets put in a mixed performance with the FBM KLCI trading lower on an extension of Wednesday's profit-taking mode.

"Today's negative catalyst was the fall in US jobless claims that suggests the Federal Reserve will not be so eager to cut rates at anytime soon as the market thinks. Locally, there was a dearth of macro inputs to encourage any favourable momentum," he told Bernama.

Apex Securities Bhd head of research Kenneth Leong said the FBM KLCI remained within a consolidation band with oil and gas as well as plantation giants retreating following the weaker commodity prices.

Crude oil prices pulled back after Opec and its allies postponed their meeting to end-November 2023, he noted.

"Going forward, we expect the downward bias consolidation tone to extend in view of the absence of fresh domestic leads.

"Meanwhile, investors will continue to keep a close watch on the ongoing barrage of corporate earnings releases. At the same time, heads will turn to Malaysia's inflation rate data to be released tomorrow.

"Technically, the FBM KLCI has formed another bearish candle as the key index remains within the consolidation zone. Immediate resistances are located at 1,464, followed by 1,480, and support at 1,446," he added.

Among the heavyweight counters, Malayan Banking Bhd eased one sen to RM9.09, CIMB Group Holdings Bhd lost three sen to RM5.74 and Petronas Chemicals Group Bhd dropped nine sen to RM7.16.

Tenaga Nasional Bhd added four sen to RM10.02 while Public Bank Bhd was flat at RM4.27.

Of the actives, Top Glove Corp Bhd gained 4.5 sen to 88.5 sen, Leform Bhd improved one sen to 28.5 sen, Widad Group Bhd edged up half-a-sen to 47 sen and Sarawak Consolidated Industries Bhd rose half-a-sen to 66 sen, while Hong Seng Consolidated Bhd inched down half-a-sen to 2.5 sen.

Market Daily Report: Bursa closes marginally lower on profit taking

KUALA LUMPUR (Nov 22): Bursa Malaysia retreated from Tuesday's gains to finish marginally lower on Wednesday, dragged by profit-taking activities as the risk-off mode intensified, an analyst said. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.51 points to 1,455.89 from Tuesday’s closing of 1,463.4.

The barometer index opened 2.81 points lower at 1,460.59 — its highest level on Wednesday — before moving to the day’s low of 1,454.52 during the morning session.

Market breadth was negative, with decliners leading gainers 530 to 374, while 435 counters were unchanged, 1,035 untraded and 10 others suspended.

Turnover narrowed to 2.97 billion units valued at RM2.04 billion against 3.66 billion units valued at RM2.11 billion the previous day.

SPI Asset Management managing director Stephen Innes said the KLCI trended lower as investors re-evaluated market sentiment following the release of US Federal Reserve's minutes, which tempered rate cut expectations.

In addition, he said the holiday-shortened week ahead of Thanksgiving celebration this week has been dominating global investors' appetite, which is leaning towards risk reduction instead of risk taking mode.

Market Daily Report: Bursa snaps 3 days of losses to end at intraday high

KUALA LUMPUR (Nov 21): Bursa Malaysia snapped three consecutive days of losses to end at its intraday high on Tuesday, as bargain-hunting activities emerged following the recent sell-off.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.48 points to 1,463.4 from Monday’s closing of 1,456.92.

The barometer index opened 1.21 points higher at 1,458.13 and slid to a low of 1,456.16 in the morning session before climbing to 1,463.4 in the final trading hour on late buying.

The market breadth was positive, with gainers leading decliners 500 to 411, while 472 counters were unchanged, 991 untraded and nine others suspended.  

Turnover widened to 3.66 billion units valued at RM2.11 billion from 3.23 billion units valued at RM1.70 billion on Monday.

Rakuten Trade equity research vice president Thong Pak Leng expects the local market outlook to remain stable, driven by the improving corporate earnings and strong fundamentals of the economy.

"For the local bourse, we advise investors to stay cautious ahead of the release of the US Federal Open Market Committee minutes [to be released later on Tuesday]," he said.

Thong further noted that the KLCI is expected to trend within the 1,450-1,470 range for the rest of the week.

Among the heavyweight counters, Maybank Bhd was unchanged at RM9.11, Public Bank Bhd rose six sen to RM4.27, CIMB Group Holdings Bhd added two sen to RM5.79, Tenaga Nasional Bhd gained five sen to RM10.02, and Petronas Chemicals Group Bhd climbed 18 sen to RM7.38.

Of the actives, Hong Seng Consolidated Bhd Bhd, Widad Group Bhd and Dagang NeXchange Bhd were all unchanged at three sen, 46 sen, and 43 sen respectively, MyEG Services Bhd inched up a sen to 81.5 sen, while Leform Bhd lost 2.5 sen to 26.5 sen.

Market Daily Report: Bursa closes marginally lower on lack of buying interest

 KUALA LUMPUR (Nov 20): Bursa Malaysia extended its downtrend to end marginally lower on Monday in the absence of buying interest amid a mixed performance in the regional markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.75 points to 1,456.92 from Friday’s (Nov 17) closing of 1,460.67.

The index opened 0.41 of a point point easier at 1,460.26 — its intraday high — and moved to an intraday low of 1,454.12 in the morning session.

The market breadth was negative with decliners outpacing gainers at 499 versus 395, while 457 counters were unchanged, 1,023 untraded and nine others suspended.

Turnover narrowed to 3.23 billion units valued at RM1.7 billion from 3.27 billion units valued at RM1.89 billion on Friday.

Rakuten Trade equity research vice president Thong Pak Leng said regional markets trended mixed as investors are cautious ahead of the minutes of the US Federal Reserve’s late-October meeting, due on Tuesday (Nov 21).

On the domestic front, he said investors remain cautious to make significant moves, given the absence of compelling buying incentives surrounding the current market sentiment, which is heightened by global market risks and volatility.

“Nevertheless, bargain hunting may come into play due to the benchmark index's inexpensive valuations,” he said.

Among the heavyweight counters, Maybank Bhd eased one sen to RM9.11, Public Bank Bhd and Petronas Chemicals Group Bhd lost two sen to RM4.21 and RM7.20 respectively, CIMB Group Holdings Bhd fell three sen to RM5.77 while Tenaga Nasional Bhd rose one sen to RM9.97.

Market Daily Report: Bursa retreats on China property woes and ahead of Malaysia's 3Q GDP results

 KUALA LUMPUR (Nov 16): Shares on Bursa Malaysia retreated at the close on Thursday on profit taking after Wednesday’s gains and as China’s property woes weighed on regional sentiment, with investors also cautious ahead of Malaysia's third quarter (3Q) results on Friday.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.16 points to 1,464.68 from Wednesday’s closing of 1,466.84.

The index opened 2.06 points easier at 1,464.78 and hit its lowest of 1,460.46 and highest of 1,465.16.

The market breadth was negative with decliners outpacing gainers 487 to 419 while 470 counters were unchanged, 1,004 untraded and 24 others suspended.

Turnover narrowed to 3.48 billion units valued at RM2.07 billion from Wednesday’s 3.94 billion units valued at RM2.21 billion.  

Asian stocks fell on Thursday, pausing the heavy gains made this week, as fresh Chinese data showed prolonged weakness in the property sector and dented some of the recent optimism about a recovery in the world's second-largest economy, according to a Reuters report.

Rakuten Trade equity research vice president Thong Pak Leng viewed Thursday's profit taking as a positive signal as it allowed the market to digest recent gains.

“Our expectation is for the market undertone to remain stable, supported by significant backing from foreign funds. Hence, we anticipate the FBM KLCI to trend within the range of 1,460-1,470 towards the weekend,” he said.

Another analyst said investors were also closely watching Malaysia’s 3Q gross domestic product (GDP) to be announced on Friday, with economists projecting 3.2-3.3% growth versus 2.9% in the preceding quarter.

Among heavyweight counters, Maybank Bhd and IHH Healthcare Bhd were flat at RM9.14 and RM5.98, respectively. Public Bank Bhd edged up one sen to RM4.24 while CIMB Group Holdings Bhd and Petronas Chemicals Group Bhd dropped two sen to RM5.78 and RM7.33, respectively.

Of the actives, Hong Seng Consolidated Bhd, Kanger International Bhd and Leform Bhd were unchanged at four sen, 6.5 sen and 27.5 sen, respectively. Top Glove Corp Bhd bagged four sen to 79 sen while Salutica Bhd rose seven sen to 86.5 sen.

Market Daily Report: Bursa closes lower as US, China worries weigh on sentiment

KUALA LUMPUR (Nov 17): Bursa Malaysia ended Friday lower as worries over economic and financial developments in the US and China weighed on global sentiment. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.01 points to 1,460.67 from Thursday’s closing of 1,464.68.

The index opened 3.09 points easier at 1,461.59 and subsequently moved between 1,458.53 and 1,462.31 throughout the trading session.

The market breadth was mixed with decliners slightly outpacing gainers 450 to 440 while 461 counters were unchanged, 1,039 untraded and 24 others suspended.

Turnover narrowed to 3.27 billion units valued at RM1.89 billion from Thursday’s 3.48 billion units valued at RM2.07 billion.

Rakuten Trade equity research vice president Thong Pak Leng said major regional indices mirrored global negativity, with Hong Kong experiencing a sharp decline after Chinese tech giant Alibaba scrapped its cloud computing unit spin-off plan, citing uncertainties arising from US chip restrictions.

"On top of that, several reports on Thursday indicated a slowdown in the US economy amid an increased number of workers who filed for unemployment benefits last week," he said.

Nevertheless, Thong said he still believes the local market is able to turn positive due to the persistent net inflows from foreign funds. "Foreign net inflows reached more than RM1 billion month to date, (while) the strong fundamentals of the local economy will drive the market going forward," he added.

Malaysia on Friday reported an economic expansion of 3.3% in 3Q quarter from 2.9% in the second quarter, supported by resilient domestic demand.

Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour is expecting the domestic economy to expand by about 4% in 2023 and 4-5% in 2024 despite the challenging global environment.

Among the heavyweight counters, Maybank Bhd eased two sen to RM9.12, Public Bank Bhd lost one sen to RM4.23, CIMB bagged two sen to RM5.80 and Petronas Chemicals Group Bhd dipped 11 sen to RM7.22. Tenaga Nasional Bhd and IHH Healthcare Bhd were three sen weaker at RM9.96 and RM5.95, respectively. 

Of the actives, Hong Seng Consolidated Bhd and Ta Win Holdings Bhd reduced half a sen to 3.5 sen and 3.5 sen, respectively. Widad Group Bhd was flat at 46 sen while Eden Inc Bhd was half a sen higher at 23 sen.

On the index board, the FBM Emas Index dropped 28.32 points to 10,799.98, the FBMT 100 Index slipped 28.45 points to 10,462.5 and the FBM Emas Shariah Index lost 28.66 points to 11,004.74.

Market Daily Report: KLCI shoots up to more than 8-month high

KUALA LUMPUR (Nov 15): Bursa Malaysia rose to more than an eight-month high on Wednesday as investors anticipated the US Federal Reserve (Fed) to be already done with its rate hike cycle after the October data showed inflation has declined.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 1.04% or 15.12 points to end its intraday high of 1,466.84 compared to Tuesday’s closing of 1,451.72.

The index opened 1.89 points higher at 1,453.61, its lowest point of the day.

Turnover widened to 3.94 billion units valued at RM2.21 billion from Tuesday’s 3.08 billion units valued at RM1.77 billion.

Rakuten Trade equity research vice president Thong Pak Leng said that the KLCI managed to break the 1,465 resistance level, supported by strong buying from foreign funds and retail investors, with the market further boosted by China's better-than-expected retail and industrial data. 

"The FBM KLCI continued its upward trajectory as investor sentiment improved in tandem with regional bourses.

"Key movers included consumer products, plantation, energy, and banking stocks. Regionally, key indices trended higher following a positive cue from global equities overnight, with strong gains in China's tech and electric vehicle stocks," he said.

China's October retail sales and industrial data outperformed expectations, with retail sales growing by 7.6% year-on-year, surpassing the forecast of 7%, while industrial production rose by 4.6% versus estimates of -4.4%, providing a welcome boost to investor confidence.

In the US, the decline in US bond yields due to an unexpected slowdown in inflation, strengthening the belief that the Fed's aggressive interest rate hiking cycle may be coming to an end.

Market Daily Report: Earnings optimism, bargain hunting lift KLCI to end in positive territory

KUALA LUMPUR (Nov 14): Bursa Malaysia's barometer index ended on a positive note on Tuesday as domestic sentiment was lifted by earnings optimism, while bargain hunters nibbled on heavyweight shares after a recent sell-off.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) bagged 6.54 points to 1,451.72 compared to last Friday’s (Nov 10) closing of 1,445.18.

The index opened 0.28 of a point easier at 1,444.9, its intraday low, and hit an intraday high of 1,453.99 throughout the day.

On the broader market, gainers edged past losers 489 to 481, while 402 counters were unchanged, 1,007 untraded and nine others suspended.

Turnover narrowed to 3.08 billion units valued at RM1.77 billion from Friday’s 3.19 billion units valued at RM1.61 billion.

Rakuten Trade equity research vice president Thong Pak Leng said bargain-hunting activities were seen in telecommunications and commodity-related stocks.

"Regionally, key indices displayed mixed trends as investors exercised caution ahead of the US inflation data later in the night and a US-China summit.

"Meanwhile, China is set to release its monthly economic indicators on Wednesday [Nov 15], and Japan will unveil its latest growth numbers," he said.

Nevertheless, Thong maintained a cautiously optimistic outlook on the domestic market, ahead of the US key economic indicators, which are widely expected to determine the path of the Federal Reserve (Fed) interest rates ahead.

Market Daily Report: Bursa Malaysia ends lower, in line with global markets

KUALA LUMPUR (Nov 10): Bursa Malaysia ended the week on a softer note, in line with regional bourses, mirroring the global market downturn, as the US Federal Reserve (Fed) chairman Jerome Powell expressed doubts about US interest rates’ effectiveness in curbing inflation. 

At 5pm on Friday, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.48%, or 7.09 points, to close at 1,445.18, from Thursday’s closing of 1,452.27.  

The index opened 1.71 points easier at 1,450.56 and moved between 1,425.01 and 1,451.22 throughout the day.

On the broader market, decliners trumped gainers 557 to 359, while 437 counters were unchanged, 1,021 untraded and 20 others suspended.

Turnover narrowed to 3.19 billion units valued at RM1.61 billion, from Thursday’s 3.32 billion units valued at RM1.94 billion.

Rakuten Trade equity research vice-president Thong Pak Leng reckoned that the persistently high rates and yields have played a central role in steering the stock market for months, causing a downturn in investment prices, slowing economic activity and increasing pressure on the financial system.

“Having said that, we believe the benchmark has remained oversold and expect it to stage a rebound anytime soon, backed by a consistent influx of foreign buying support.

“On a technical perspective, the FBM KLCI Index has declined for four consecutive days, hinting at profit-taking activities and a possible continuation of lower prices,” he told Bernama.

Nonetheless, Thong opined that the outlook for Malaysian equities will remain stable, supported by their attractive valuations, stronger corporate earnings, and improved economic conditions. 

Among heavyweights, Malayan Banking Bhd (Maybank) lost four sen to RM9.08, Public Bank Bhd fell five sen to RM4.16, CIMB Group Holdings Bhd decreased three sen to RM5.75, and Petronas Chemicals Group Bhd was one sen lower at RM7.19, while Tenaga Nasional Bhd (TNB) added two sen to RM9.92.

Market Daily Report: Bursa closes lower, tracking regional peers

KUALA LUMPUR (Nov 9): Bursa Malaysia ended lower for the third consecutive day on Thursday, tracking the downbeat performance by regional peers as market sentiments turned cautious ahead of the US Federal Reserve’s (Fed) monetary policy decision later in the day.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.36%, or 5.33 points to close at 1,452.27 from Wednesday's closing of 1,457.6.  

The index opened 0.76 of a point easier at 1,456.84 and moved between 1,450.64 and 1,457.84 throughout the day.

The broader market was negative as decliners outpaced gainers 470 to 439, while 440 counters were unchanged, 1,024 untraded and 20 others suspended.

Turnover narrowed to 3.32 billion units valued at RM1.94 billion from Wednesday’s 3.45 billion units worth RM1.97 billion.

Apex Securities Bhd head of research Kenneth Leong said the KLCI extended its decline as investors brushed off the strong retail sales data which recorded a 6.5% year-on-year rise in September 2023.

He said sentiment remains jittery as investors await further guidance on the US’ interest rate policy direction from several key Fed officials.

“Looking ahead, we expect consolidation to take place as investors may turn to the sidelines ahead of the extended weekend due to the Deepavali festive break,” he said.

Among the heavyweights, Maybank Bhd and Public Bank Bhd were flat at RM9.12 and RM4.21, respectively, while CIMB Group Holdings Bhd added one sen to RM5.78, Petronas Chemicals Group Bhd lost 11 sen to RM7.20 and Tenaga Nasional Bhd fell two sen to RM9.90.

Of the actives, Velesto Energy Bhd was half a sen weaker at 25 sen and Kanger International Bhd slipped a sen to 8.5 sen, while PDZ Holdings Bhd and Sarawak Consolidated Industries Bhd gained half a sen each to six sen and 59 sen, respectively, and Swift Haulage Bhd increased 1.5 sen to 56.5 sen.

Market Daily Report: Banking counters weigh on Bursa, KLCI down 5.77 points

KUALA LUMPUR (Nov 8): Losses in heavyweight counters, led by banking stocks, weighed on the FBM KLCI amid caution ahead of US Federal Reserve (Fed) chairman Jerome Powell’s speech on the US interest rate outlook later on Wednesday and Thursday.

However, the broader market was positive as interest centred on lower liners due to optimism over corporate earnings and improving economic conditions, according to Rakuten Trade equity research vice president Thong Pak Leng.

At 5pm, the KLCI fell 0.39%, or 5.77 points to end at 1,457.6 from Tuesday's closing of 1,463.37.  

The index opened 2.24 points easier at 1,461.13 and moved between 1,454.46 and 1,462.01 throughout the trading session.

The broader market was positive as gainers led decliners 490 to 412, while 454 counters were unchanged, 1,008 untraded and 10 others suspended.

Turnover expanded to 3.45 billion units valued at RM1.97 billion from Tuesday’s 3.27 billion units valued at RM2.17 billion.

Thong said the near-term outlook for Malaysian stocks is likely to remain positive, supported by their attractive valuations, robust corporate earnings and improving economic conditions.

“We anticipate the benchmark index to rebound anytime soon and expect it to trend within the range of 1,455-1,470 for the rest of the week,” he said.

Among heavyweights, Public Bank Bhd lost three sen to RM4.21, Hong Leong Financial Group Bhd slid 46 sen to RM17.14 and CIMB Group Holdings Bhd fell four sen to RM5.77. Maybank Bhd dropped three sen to RM9.12 and IHH Healthcare Bhd was five sen weaker at RM6.

Of the actives, Fitters Diversified Bhd and Kanger International Bhd were flat at five sen and 9.5 sen, respectively, while Top Glove Corp Bhd added one sen to 79 sen. SMTrack Bhd and Widad Group Bhd were both flat at 4.5 sen and 45.5 sen, respectively.

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

KUALA LUMPUR (Nov 7): Bursa Malaysia recouped most of its earlier losses to close marginally lower on Tuesday on profit taking, said a dealer. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.3 points to end at 1,463.37 from Monday's closing of 1,464.67.  

The benchmark index opened 0.62 of a point easier at 1,464.05 and moved between 1,458.66 and 1,465.55 throughout the trading session.

The broader market was negative with decliners outpacing gainers 517 to 385, while 461 counters were unchanged, 985 untraded and seven others suspended.

Turnover dropped to 3.27 billion units valued at RM2.17 billion from Monday’s 3.76 billion units valued at RM2.34 billion.

Rakuten Trade equity research vice president Thong Pak Leng said the trend for Malaysian equities remained positive, driven by improving regional sentiment and substantial support from foreign investors.

“Despite profit-taking activities today, we view it as a healthy sign, as it allows the market to absorb the recent uptrend. Consequently, we expect the FBM KLCI to trend higher within the 1,460-1,480 range for the rest of the week, with immediate resistance at 1,465 and support at 1,430,” he said.

Among heavyweights, Maybank Bhd and IHH Healthcare Bhd increased four sen each to RM9.15 and RM6.05, respectively, CIMB Group Holdings Bhd was flat at RM5.81, Public Bank Bhd eased one sen to RM4.24, Petronas Chemicals Group Bhd shed six sen to RM7.28, and Tenaga Nasional Bhd declined five sen to RM9.95.  

Of the actives, Top Glove Corp Bhd rose two sen to 78 sen, Dagang NeXchange Bhd rose 1.5 sen to 45.5 sen, EA Technique Bhd went up 4.5 sen to 38.5 sen, both Widad Group Bhd and Sarawak Consolidated Industries Bhd were flat at 45 sen and 57.5 sen, respectively, and Kanger International Bhd slipped 2.5 sen to 9.5 sen. 

Market Daily Report: Bursa ends higher on broad-based buying momentum, CI hits over 8-month high

KUALA LUMPUR (Nov 6): Bursa Malaysia ended the first trading day of the week on a positive tone, with the benchmark index rising 1.02% to more than an eight-month high, on broad-based buying momentum riding on the improving market sentiment regionally, said Rakuten Trade Sdn Bhd. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 14.74 points to end at its intraday high of 1,464.67 from Friday's (Nov 3) closing of 1,449.93. 

The benchmark index opened 2.46 points firmer at 1,452.39 and thereafter hit a low of 1,452.29 in the early session before moving in an upward trajectory.

The broader market stayed positive with gainers beating decliners 665 to 284, while 441 counters were unchanged, 961 untraded and 22 suspended.

Turnover increased to 3.76 billion units valued at RM2.34 billion against 3.6 billion units valued at RM2.02 billion on Friday. 

Rakuten Trade equity research vice president Thong Pak Leng said major regional indices also saw an upward trend, reflecting growing optimism that the US Federal Reserve (Fed) has concluded its market-disrupting interest rate hikes aimed at curbing inflation.

In the meantime, the yield on the US 10-year Treasury retreated to 4.58% early on Monday, down from its peak above 5% two weeks ago, he added.

"On the domestic front, we are optimistic on the near- to mid-term outlook of the local market given the improvement in the sentiment and the return of foreign inflows,” Thong said. 

Meanwhile, SPI Asset Management managing partner Stephen Innes said the fall in the US bond yields and the fact that the US economy remained in perfect balance would mean that the Fed could be less of a factor influencing the policy going forward.

"Locally, it offers up a huge amount of breathing room for Bank Negara Malaysia to focus on growth rather than worry about currency and the bond market. If global bond yields continue to fall and the ringgit strengthens back below 4.50 against the US dollar, it may even allow the BNM to start discussing rate cuts.

"I think markets will need a little more time to ensure inflation is falling and there is no state-to-state escalation in the Middle East, but we could be entering a bit of a watershed moment for local stocks that are deeply undervalued,” he said. 

Market Daily Report: Bursa ends positive on growing investor confidence

KUALA LUMPUR (Nov 3): Malaysian equities ended the week mostly positive, reflecting the growing investor confidence after the temporary halt in US interest rate increases. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.7%, or 10.16 points higher, to 1,449.93 from Thursday's closing of 1,439.77.

The benchmark index opened 7.86 points firmer at 1,447.63 and moved between 1,444.79 and 1,453.19 throughout the trading session. 

The broader market stayed positive with gainers beating decliners 621 to 309, while 440 counters were unchanged, 981 untraded and 22 suspended.

Turnover increased to 3.6 billion units valued at RM2.02 billion from 3.38 billion units worth RM1.93 billion the previous day.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said major regional indices rose sharply higher, especially in Hong Kong, with buying interests focused mainly on tech-related, consumer and energy stocks, fuelled by optimism stemming from Wall Street's performance and the growing consensus that the US Federal Reserve (Fed) had put an end to its interest rate hike cycle.

“As for the local bourse, we remain optimistic and anticipate that the benchmark index will sustain its buying momentum fuelled by a renewed sense of optimism,” he said. 

On Bursa Malaysia, among heavyweight counters, Axiata Group Bhd and Petronas Chemicals Group Bhd rose six sen each to RM2.35 and RM7.19, Sime Darby Plantation Bhd gained seven sen to RM4.38, Press Metal Aluminium Holdings Bhd added five sen to RM4.89, Tenaga Nasional Bhd gained seven sen to RM9.97 and MISC Bhd added nine sen to RM7.30.

Market Daily Report: Bursa closes marginally higher on bargain hunting

KUALA LUMPUR (Nov 2): Bursa Malaysia finished the day marginally higher on Thursday as bargain hunting emerged following Wednesday's selldown. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.3%, or 4.44 points higher, to 1,439.77 from Wednesday's closing of 1,435.33.

The benchmark index opened 0.61 of a point firmer at 1,435.94 and moved between 1,435.86 and 1,441.35 throughout the trading session.

The broader market was positive with gainers beating decliners 575 to 300, while 425 counters were unchanged, 1,050 untraded and 14 suspended.

Turnover increased to 3.38 billion units worth RM1.93 billion from 2.79 billion units valued at RM1.79 billion the previous day.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices also showed positive gains as the US Federal Reserve opted to maintain its benchmark interest rates, contributing to the upbeat sentiment. 

“We believe the outlook for regional equities remains upbeat due to favourable interest rate expectations.

Market Daily Report: Bursa ends on negative note on flat PMI data

KUALA LUMPUR (Nov 1): Bursa Malaysia ended the first trading day of November on Wednesday on a negative note on the back of sluggish purchasing managing index (PMI) data in October, recording the 14th consecutive month of contraction, said an analyst. 

According to S&P Global Market Intelligence, the latest seasonally adjusted S&P Global Malaysia Manufacturing PMI was unchanged at 46.8 in October, with reports suggesting that firms continued to struggle against the backdrop of demand weakness, both at home and abroad.

At 5pm,  the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.47% lower, or 6.81 points, to 1,435.33 from Tuesday's closing of 1,442.14.

The benchmark index opened 0.97 of a point lower at 1,441.17 and moved between 1,434.93 and 1,441.59 throughout the trading session.

The broader market was also negative with decliners beating gainers 562 to 319, while 401 counters were unchanged, 1,068 untraded and 14 suspended.

Turnover decreased to 2.79 billion units valued at RM1.79 billion from 2.99 billion units worth RM1.85 billion on Tuesday.

Apex Securities Bhd head of research Kenneth Leong said, besides that, investors’ cautious sentiment prevailed ahead of the US Federal Reserve (Fed) interest rate decision later on Wednesday.

The weakness in oil and gas heavyweights was also noticeable as crude oil prices retreated over the past two days.

Looking ahead, the stock brokerage expects the market undertone to extend in view of the unabated volatility across global markets, coupled with the absence of fresh domestic leads.

“Investors will be monitoring developments from the Fed tonight [Wednesday] to obtain clues over the interest rate direction. Back home, investors will also keep an eye on Bank Negara Malaysia's interest rate decision to be announced tomorrow [Nov 2] at 3pm,” he said. 

Technically, Leong said the KLCI has formed a bearish candle as the key index erased all its previous session gains but maintains its course of consolidation between 1,430 and 1,446 levels.

“Should the 1,430 level be unable to hold, near-term support is seen at 1,424. But, if the key index advances beyond 1,446, the resistance is located at 1,464 and 1,488,” he added. 

Among heavyweights, Petronas Chemicals Group Bhd lost 20 sen to RM7.14, Press Metal Aluminium Holdings Bhd slid 10 sen to RM4.82, Dialog Group Bhd eased nine sen to RM2.06, Hong Leong Bank Bhd was down 20 sen to RM19.20, Hong Leong Financial Group Bhd trimmed two sen to RM17.22, while Maybank Bhd was flat at RM9.02.