Market Daily Report: Bursa races to two-year high as investors turn bullish

KUALA LUMPUR (April 24): Bursa Malaysia closed at a two-year high on Wednesday with the key index rising 0.63%, driven by a positive outlook on the local bourse and amid an upbeat performance by regional peers. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.84 points to 1,571.48 from Tuesday's close of 1,561.64. The benchmark index, which opened 3.85 points higher at 1,565.49, moved between 1,564.89 and 1,572.48 throughout the trading session.

On the broader market, gainers surpassed decliners 777 to 327 while 480 counters were unchanged, 780 untraded and 21 others suspended. 

Turnover improved to 4.25 billion units worth RM3.03 billion from 3.73 billion units worth RM2.79 billion on Tuesday.

Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the KLCI was driven by a positive outlook on the Malaysian market. 

“This upsurge was primarily propelled by optimism towards the technology and semiconductor sectors, catalysed by Tesla's announcement of an earlier launch for its more affordable model in the first half of 2025, rather than the second half previously,” he said. 

He said the accelerated schedule alleviated concerns regarding potential stagnation in the advancement of artificial intelligence (AI) and autonomous vehicles.

“In addition, the introduction of the more affordable model is anticipated to bolster the automotive industry and facilitate the scaling of AI training through augmented data from a larger vehicle fleet.

“Consequently, Malaysia stands poised to benefit from heightened semiconductor demand, leveraging its extensive expertise in the final stages of semiconductor manufacturing,” he said, adding that the conclusion of the KL20 Summit 2024 has outlined a definitive trajectory for Malaysia to emerge as a prominent chip powerhouse within Southeast Asia.

Market Daily Report: Bursa ends higher on buying support from local and foreign institutions

KUALA LUMPUR (April 23): Bursa Malaysia continued its upbeat momentum to end higher for the fifth consecutive day on Tuesday, thanks to buying from local and foreign institutions, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.05 points to 1,561.64 from Monday's close of 1,559.59.

The benchmark index which opened 0.22 of a point better at 1,559.81, moved between 1,559.81 and 1,567.57 throughout the trading session.

On the broader market, gainers thumped decliners 642 to 402, while 507 counters were unchanged, 823 untraded and 22 others suspended. 

Turnover improved to 3.73 billion units worth RM2.79 billion from 3.49 billion units worth RM2.53 billion on Monday. 

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices also finished higher following the positive cue from global equities on hope for strong earnings from tech giants this week.

He said strong earnings are expected to help offset worries about the Federal Reserve’s interest rate plans ahead of the release of key US growth and inflation data while at the same time investors are encouraged after Middle East tensions eased.

"On the domestic front, the FBM KLCI is on its way to test the 1,570 resistance and we reckon if this level is breached and able to hold for a longer period, we believe that the benchmark index is positioned to advance further.

"As such, we anticipate the FBM KLCI to trend within the range of 1,550-1,570 for the rest of the week," he said. 

Meanwhile, Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the KLCI closed slightly higher on Tuesday after reaching a peak of 1567.42 in the morning session, marking the highest level for this year.

"Today's close of the FBM KLCI reflects a positive trend, driven by encouraging signs of easing tensions in the Middle East. The benchmark index saw an uptick of 2.05 points or 0.13%, reaching 1,561.64 points by the close of trading," he said. 

Market Daily Report: Bursa extends gains for fourth straight day, KLCI up 0.78%

KUALA LUMPUR (April 22): Bursa Malaysia ended higher for the fourth consecutive day on Monday with the key index rising 0.78%, tracking the mostly higher performance in regional markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.02 points to 1,559.59 from last Friday's close of 1,547.57.

The benchmark index, which opened one point firmer at 1,548.57, moved between 1,548.38 and 1,559.94 throughout the trading session.

On the broader market, gainers thumped decliners 764 to 331, while 420 counters were unchanged, 858 untraded, and 24 others suspended. 

Turnover fell to 3.49 billion units worth RM2.53 billion from 4.71 billion units worth RM3.4 billion last Friday. 

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the major regional indices finished mostly higher as worries over an expanded conflict in the Middle East eased, prompting investors to re-embrace riskier assets.

"Gold and the traditionally safe-haven dollar retreated from their recent highs, while crude oil prices fell amidst diminishing concerns over a significant supply disruption.

Market Daily Report: Bursa ends mixed amid weak regional sentiment

KUALA LUMPUR (April 19): Bursa Malaysia ended the week mixed on Friday with buying in selected heavyweights and commodity-related stocks amid the negative sentiment on regional markets, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.81 points, or 0.18%, to 1,547.57 from Thursday's close of 1,544.76.

The benchmark index, which opened 1.54 points better at 1,546.3, moved between 1,545.9 and 1,552.45 throughout the trading session.

The market breadth was negative with decliners thumping gainers 918 to 289, while 416 counters were unchanged, 753 untraded, and 23 others suspended. 

Turnover increased to 4.71 billion units worth RM3.4 billion from 3.84 billion units worth RM2.62 billion on Thursday.  

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices finished lower following the rise in commodity prices due to concerns over worsening geopolitical conditions in the Middle East. 

Additionally, hawkish statements from the US Federal Reserve (Fed) officials added pressure to risk appetite, especially after Atlanta Fed president Raphael Bostic cautioned that the central bank might raise interest rates should inflation remain at a high level. 

"On the domestic front, we strongly advise investors to exercise caution in light of increasing market risks, elevated volatility in global markets, and escalating geopolitical tensions. 

"Consequently, we anticipate the benchmark index to further consolidate until new catalysts emerge," he said.  

Regionally, Japan’s Nikkei 225 sank 2.66% to 37,068.35, Hong Kong’s Hang Seng Index slipped 0.99% to 16,224.14, South Korea’s Kospi shed 1.63% to 2,591.86, Singapore’s Straits Times Index eased 0.35% to 3,176.51, and China's SSE Composite Index dipped 0.29% to 3,065.26.

Market Daily Report: Bursa closes higher on improved sentiment, bargain hunting

KUALA LUMPUR (April 18): Bursa Malaysia continued its upbeat momentum to end higher for the second straight day on Thursday, due to an improvement in sentiment and a resurgence in bargain-hunting following the recent downturn, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.34 points, or 0.28%, to 1,544.76 from Wednesday's close of 1,540.42.

The benchmark index, which opened 0.58 of a point easier at 1,539.84, moved between 1,538.68 and 1,548.46 throughout the trading session.

On the broader market, gainers trounced decliners 570 to 469, while 493 counters were unchanged, 832 untraded, and 21 others suspended. 

Turnover widened to 3.84 billion units worth RM2.62 billion from 3.45 billion units worth RM2.67 billion on Wednesday.  

Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the local bourse’s performance reflected a promising step forward from the recent downward trend, instilling optimism among investors.

Meanwhile, Apex Securities Bhd head of research Kenneth Leong said the improvement in the local market was evident as investors cheered the easing of geopolitical tensions in the Middle East. 

He also highlighted that the positive development was spurred by the strengthening of the ringgit against the US dollar. 

"Looking ahead, we anticipate a further recovery on the back of the calmer market conditions. 

"Meanwhile, investors will be keeping a close tab on Malaysia's advance reading for the gross domestic product [GDP] in the first quarter of 2024 to be released tomorrow [Friday] which will guide the pace of the economic growth," he said. 

Among the heavyweights, Maybank Bhd added seven sen to RM9.67, CIMB Group Holdings Bhd gained six sen to RM6.59, Tenaga Nasional Bhd put on eight sen to RM11.60, Petronas Chemicals Group Bhd rose a sen to RM6.84, and Public Bank Bhd slipped a sen to RM4.14. 

As for the actives, Ingenieur Gudang Bhd, Borneo Oil Bhd, Fitters Diversified Bhd and Velesto Energy Bhd inched down half a sen each to 14 sen, half a sen, 4.5 sen, and 27 sen, respectively. 

Meanwhile, Bursa Malaysia Securities has approved Umedic Group Bhd's transfer under the Health Care sector. It will take effect immediately two market days upon the announcement to the exchange on the transfer date via Bursa Link.

On the index board, the FBM Emas Index climbed 39.53 points to 11,616.97, the FBMT 100 Index rose 36.14 points to 11,255.53, and the FBM ACE Index jumped 22.15 points to 4,947.52.

The FBM Emas Shariah Index expanded 31.02 points to 11,788.33 and the FBM 70 Index surged 70.54 points to 16,184.66.

Sector-wise, the Industrial Products and Services Index inched up 1.14 points to 184.45, and the Financial Services Index increased 25.15 points to 17,132.64.

However, the Energy Index shed 7.17 points to 952.0 and the Plantation Index declined 3.43 points to 7,354.45.

The Main Market volume advanced to 2.23 billion units valued at RM2.31 billion versus 2.05 billion units valued at RM2.39 billion on Wednesday. 

Warrants turnover swelled to 1.09 billion units worth RM152.72 million against 808 million units worth RM95.66 million the day before.  

The ACE Market volume dwindled to 507.34 million shares worth RM162.95 million from 588.2 million shares worth RM184.38 million previously. 

Consumer products and services counters accounted for 267.92 million shares traded on the Main Market, industrial products and services (731.25 million), construction (309.23 million), technology (190.08 million), SPAC (nil), financial services (84.96 million), property (252.73 million), plantation (26.41 million), REITs (20.47 million), closed/fund (23,500), energy (162.14 million), healthcare (35.9 million), telecommunications and media (33.12 million), transportation and logistics (30.49 million), and utilities (83.36 million).

Source: The Edge

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

KUALA LUMPUR (April 17): Bursa Malaysia snapped four consecutive days of losses to end higher on Wednesday as bargain hunting emerged following the recent sell-off, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.42 points, or 0.35%, to 1,540.42 from Tuesday’s close of 1,535.0.

The benchmark index, which opened 0.05 of a point firmer at 1,535.05, moved between 1,532.95 and 1,541.88 throughout the trading session.

On the broader market, gainers trounced decliners 717 to 318, while 469 counters were unchanged, 848 untraded, and 11 others suspended. 

Turnover slipped to 3.45 billion units worth RM2.67 billion from 4.93 billion units worth RM3.72 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said most key regional indices also rebounded following the recent sell-off, which saw Hong Kong’s Hang Seng Index inch up 0.02% to 16,251.84, China's SSE Composite Index improved 2.14% to 3,071.38, and Singapore’s Straits Times Index rose 0.63% to 3,164.42. 

Nonetheless, gains are capped in certain markets on expectations the US' interest rates will stay high, he said. 

"On the domestic front, we remain cautious as the short-term direction of the local market is significantly influenced by external factors, such as regional volatility, interest rates, and geopolitical tensions. However, we expect stock accumulation to persist on market dips," he said.

Thong also anticipates the KLCI to trend sideways with an upside bias within the range of 1,530-1,550 for the remainder of the week with immediate support at 1,530 and resistance at 1,570. 

Meanwhile, Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said investors are adeptly navigating through a dual narrative, namely the necessity for additional policy support to facilitate China's gradual recovery and the backdrop of a resilient US economy. 

"Furthermore, concerns regarding the Middle East crisis appear to be easing as first-quarter corporate earnings reports continue to be released," he said. 

Among the heavyweights, Maybank Bhd added two sen to RM9.60, Public Bank Bhd and CIMB Group Holdings Bhd gained five sen to RM4.15 and RM6.53, respectively, Tenaga Nasional Bhd put on four sen to RM11.52, and Petronas Chemicals Group Bhd increased three sen to RM6.83. 

As for the actives, Bina Puri Holdings Bhd and MyEG Services Bhd edged up half a sen to 8.5 sen and 77.5 sen, respectively, while Alpha IVF Group Bhd eased half a sen to 33 sen, Avillion Bhd shed 1.5 sen to 4.5 sen, and Ingenieur Gudang Bhd was flat at 14.5 sen. 

On the index board, the FBM Emas Index climbed 62.43 points to 11,577.44, the FBMT 100 Index rose 50.41 points to 11,219.39, and the FBM ACE Index jumped 43.43 points to 4,925.37.

The FBM Emas Shariah Index expanded 60.88 points to 11,757.31 and the FBM 70 Index surged 117.32 points to 16,114.12.

Sector-wise, the Industrial Products and Services Index inched up 1.23 points to 183.31, the Energy Index perked up 9.23 points to 959.17, and the Financial Services Index increased 98.54 points to 17,107.49, while the Plantation Index decreased 41.36 points to 7,357.88.

The Main Market volume shrank to 2.05 billion units valued at RM2.39 billion versus 3.03 billion units valued at RM3.36 billion on Tuesday. 

Warrants turnover dwindled to 808 million units worth RM95.66 million against 1.14 billion units worth RM128.5 million the day before.  

The ACE Market volume tumbled to 588.2 million shares worth RM184.38 million from 744.71 million shares worth RM231.13 previously. 

Consumer products and services counters accounted for 303.25 million shares traded on the Main Market, industrial products and services (430.87 million), construction (263.5 million), technology (195.25 million), SPAC (nil), financial services (98.66 million), property (342.52 million), plantation (41.92 million), REITs (10.62 million), closed/fund (16,000), energy (170.37 million), healthcare (58.37 million), telecommunications and media (38.15 million), transportation and logistics (44.90 million), and utilities (54.44 million).

Source: The Edge

Market Daily Report: Bursa closes lower, tracking weak global sentiment

 KUALA LUMPUR (April 16): Bursa Malaysia ended lower for the second consecutive day on Tuesday, tracking the weak global sentiment due to the Middle East conflict, said an analyst.  

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.53 points, or 0.49%, to 1,535 from Monday's close of 1,542.53.

The benchmark index, which opened 1.45 points lower at 1,541.08, moved between 1,532.49 and 1,541.59 throughout the trading session.

Market breadth was negative with decliners overwhelming gainers 1,159 to 133, while 275 counters were unchanged, 785 untraded, and 11 others suspended.

Turnover increased to 4.33 billion units worth RM3.05 billion from 4.28 billion units worth RM3.25 billion on Monday

Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said besides rising geopolitical tensions, the weak sentiment was exacerbated by a slowing Chinese economy demonstrated by poor data for China's retail sales and industrial output. 

"Investors are currently grappling with two main concerns, which have intensified fear and triggered panic selling. 

"The present risk-off atmosphere is weighing on equities, and the FBM KLCI may continue to consolidate sideways," he said. 

Market Daily Report: Bursa closes on weak sentiment due to geopolitical tensions in Middle East

 KUALA LUMPUR (April 15): Bursa Malaysia ended trading at an intraday low on Monday due to weak investor sentiment amid escalating geopolitical tensions in the Middle East, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.51 points, or 0.55%, to 1,542.53 from last Friday’s close of 1,551.04. 

The benchmark index opened 5.59 points lower at 1,545.45, and reached its intraday high of 1,548.34 during the mid-morning session.

Market breadth was negative with decliners leading gainers 993 to 230, while 374 counters were unchanged, 755 untraded and 11 others suspended.

Turnover increased to 4.28 billion units worth RM3.25 billion from 3.88 billion units worth RM3 billion last Friday.   

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices were also mostly lower, with persistent concerns over higher-for-longer US interest rates weighing on investor sentiment. 

Japan’s Nikkei declined 0.74% to 39,232.80, Singapore’s Straits Times Index slid 1.09% to 3,183.61, South Korea’s Kospi slipped 0.42% to 2,670.43, and Hong Kong’s Hang Seng Index shed 0.72% to 16,600.46.

"On the domestic front, we anticipate short-term market sentiment to remain jittery amid uncertainty in global [economic] performance. 

Market Daily Report: Bursa closes lower on profit taking ahead of Raya holidays

KUALA LUMPUR (April 9): Bursa Malaysia closed marginally lower on Tuesday, attributed to profit-taking activities ahead of the Hari Raya Aidilfitri holidays, said Rakuten Trade Sdn Bhd.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 6.47 points, or 0.42%, to 1,553.51 from yesterday's close of 1,559.98. 

The benchmark index opened 0.07 of a point lower at 1,559.91, and moved between 1,553.43 and 1,565.57 throughout the trading session.

On the broader market, decliners beat gainers 496 to 466, with 540 counters unchanged, 841 untraded and nine others suspended.

Turnover slipped to 3.46 billion units worth RM2.06 billion compared with 3.97 billion units valued at RM2.33 billion on Monday.

Rakuten Trade equity research vice president Thong Pak Leng said that on the domestic front, he expects trading to be muted in conjunction with the Hari Raya Aidilfitri holidays.

"I also expect the benchmark to trend sideways with an upside bias within the 1,555 to 1,565 range towards the weekend,” he told Bernama.

Thong said that the key regional indices closed higher, recovering from losses experienced last week.

"Yet the gains were limited due to the anticipation of key inflation data and further signals regarding the United States interest rates.

“Investor focus is primarily on the US consumer price index data for further insights into interest rates, particularly after a strong nonfarm payrolls report led traders to adjust expectations for a rate cut in June,” he said.

Market Daily Report: Bursa ends higher in tandem with most regional peers

KUALA LUMPUR (April 8): Bursa Malaysia closed higher on Monday, in tandem with most regional markets spurred by the upbeat momentum on Wall Street last Friday, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.73 points, or 0.3%, to 1,559.98 from last Friday’s close of 1,555.25. This marked the highest point for the index this year since Feb 27 when it stood at 1,558.8.

The benchmark index opened 1.53 points higher at 1,556.78 and moved between 1,554.15 and 1,560.26 throughout the trading session.

On the broader market, gainers led decliners 531 to 511, with 502 counters unchanged, 787 untraded and nine others suspended.

Turnover declined to 3.97 billion units worth RM2.33 billion compared with 4.04 billion units valued at RM2.68 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI ended marginally higher, in tandem with the positive performance across the region.

Market Daily Report: Bursa closes marginally higher amid cautious mode

KUALA LUMPUR (April 5): Bursa Malaysia traded in a tight range on Friday as investors exercised caution amid the negative performance across the region, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.01 points, or 0.12%, to 1,555.25 from Thursday’s close of 1,553.24. 

The benchmark index opened 2.17 points lower at 1,551.07 and moved between 1,547.96 and 1,555.97 throughout the trading session.

On the broader market, decliners led gainers 563 to 482, with 493 counters unchanged, 782 untraded and nine others suspended.

Turnover increased to 4.04 billion units worth RM2.68 billion compared with 3.36 billion units valued at RM2.68 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the regional markets were also impacted by the negative cue from Wall Street overnight as hawkish signals from the US Federal Reserve, especially ahead of key payrolls data, have spurred more uncertainty over US interest rate cuts.

Additionally, he said worsening geopolitical conflict in the Middle East also hit on investor sentiment.

Market Daily Report: Bursa makes swift rebound to close 1% higher

KUALA LUMPUR (April 4): Bursa Malaysia rebounded strongly to end higher on Thursday, making a swift recovery of its losses from the previous session, supported by mostly upbeat regional markets, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) surged 16.23 points, or 1.05%, to 1,553.24 from Wednesday’s close of 1,537.01. 

The benchmark index, which opened 1.97 points better at 1,538.98, moved between 1,537.25 and 1,554.33 throughout the trading session. 

On the broader market, gainers thumped decliners 656 to 352, with 475 counters unchanged, 835 untraded and nine others suspended.

Turnover narrowed to 3.36 billion units valued at RM2.68 billion compared with 4.26 billion units worth RM2.87 billion on Wednesday.

Apex Securities Bhd head of research Kenneth Leong said the improved market sentiment was mainly driven by the dovish stance from the US Federal Reserve chairman Jerome Powell on Wednesday night, while the stronger crude palm oil (CPO) prices also lifted plantation giants higher on Wednesday.

“Moving forward, we expect the positive momentum to extend in view of the absence of negative developments.

“Still, investors will be focusing on the US jobs data on Friday to gauge the health of the world’s largest economy,” Leong said.

On the technical front, he said the KLCI has formed a bullish candle on Thursday to recover above the middle Bollinger Band.

Over the longer term, the key index is expected to remain rangebound within the consolidation band, oscillating between the immediate resistance located at 1,560 with the near-term support pegged at 1,520.

Market Daily Report: Bursa drifts lower on negative Wall Street performance

KUALA LUMPUR (April 3): Bursa Malaysia drifted lower on Wednesday as the key index snapped a three-day winning streak, taking a cue from the negative developments on Wall Street overnight, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 10.98 points, or 0.7%, to 1,537.01 from Tuesday’s close of 1,547.99. 

The benchmark index opened 0.7 of a point easier at 1,547.29 and moved between 1,537.01 and 1,548.42 throughout the trading session.

On the broader market, decliners beat gainers 593 to 480, with 487 counters unchanged, 734 untraded, and 13 others suspended.

Turnover widened to 4.26 billion units worth RM2.87 billion compared with 4.15 billion units valued at RM2.81 billion on Tuesday.

Apex Securities Bhd head of research Kenneth Leong said the weakness also came in due to profit-taking activities following the past sessions of gains as weakness was evident in the majority of the banking heavyweights.

“Moving forward, we expect choppiness to prevail amid the absence of fresh leads, while investors will be focusing on the United States Federal Reserve chairman Jerome Powell’s speech later tonight [Wednesday].

Market Daily Report: Bursa ends higher for third day running on better sentiment

KUALA LUMPUR (April 2): Bursa Malaysia ended higher for a third consecutive day on Tuesday in tandem with the improving sentiment across the region, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.97 points, or 0.25%, to 1,547.99 from Monday’s close of 1,544.02. 

The benchmark index, which opened 0.49 of a point lower at 1,543.53, moved between 1,540.77 and 1,550.99 throughout the trading session.  

On the broader market, gainers beat losers at 583 to 506, with 446 counters unchanged, 748 untraded, and 13 others suspended.

Turnover expanded to 4.15 billion units valued at RM2.81 billion from 3.16 billion units worth RM2.13 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices trended higher with Hong Kong stocks leading the gains due to strong buying on Xiaomi's shares after the consumer electronics company began taking orders for its newly launched electric vehicle.

In the commodities market, the Brent crude oil and palm oil futures remained elevated and it is believed that this offers an opportunity for investors as short-term play.

“We maintain our cautiously optimistic stance on the local stock market, driven by enticing valuations, increasing trading volume, and continuous support from local institutions, albeit with an awareness of potential profit-taking.

“Should the benchmark index break through the 1,557 resistance and sustain it for an extended duration, we predict an additional upward potential,” he said.

For the moment, Thong said the brokerage maintains its weekly KLCI target between 1,527 and 1,557.

Market Daily Report: Bursa closes higher on buying in heavyweights

KUALA LUMPUR (April 1): Bursa Malaysia closed higher on Monday as investors chased selected major energy, plantation and telecommunication stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 7.95 points, or 0.52 per cent to 1,544.02 from last Friday’s close of 1,536.07.

The benchmark index opened 1.43 points higher at 1,537.50 and moved between 1,537.07 and 1,544.71 throughout the day. 

On the broader market, gainers led decliners 565 to 451 with 442 counters unchanged, 815 untraded, and eight others suspended.

Turnover expanded to 3.16 billion units worth RM2.13 billion from 3.06 billion units valued at RM2.59 billion on Friday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the online equities brokerage is cautiously optimistic about the market given improving investor sentiment following positive economic data overseas. “

Nonetheless, investors are advised to stay alert on the increasing market volatility. We anticipate the FBM KLCI to trend within the range of 1,527-1,557 for the week with immediate support at 1,527 and resistance at 1,557,” he told Bernama.

Key regional indices also trended higher, buoyed by the positive outlook from China as the country's purchasing managers index (PMI) rebounded in March following a five-month decline while US inflation figures reaffirmed expectations for the US Federal Reserve to ease interest rate policy this year.

Of the heavyweights, Petronas Gas jumped 64 sen to RM18.26, PPB Group rallied 46 sen to RM15.84 and Maxis added 5.0 sen to RM3.42. Hong Leong Financial Group grew 24 sen to RM16.82 and CelcomDigi bagged 5.0 sen to RM4.24.

Among the actives, Bina Puri was flat at eight sen, Velesto at 29.5 sen and Sapura Energy at five sen. MYEG eased half-a-sen to 78.5 sen and Perdana Petroleum dropped one sen to 32 sen.

Market Daily Report: Bursa closes higher on bargain hunting

KUALA LUMPUR (March 29): Bursa Malaysia closed marginally higher on Friday, hitting an intraday high as bargain-hunting activities emerged following a few lacklustre trading sessions earlier.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 5.47 points to 1,536.07 from Wednesday’s (March 27) close of 1,530.6. 

The benchmark index opened 1.51 points higher at 1,532.11 and moved between 1,532.03 and 1,542 throughout the day.  

On the broader market, gainers outpaced losers 516 to 469, while 502 counters were unchanged, 833 untraded, and 55 others suspended.

Turnover narrowed to 3.06 billion units worth RM2.59 billion from 3.75 billion units worth RM3.1 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said investors are still staying cautious despite some improvement in market sentiment.

“Recognising that investors’ expectations fluctuate over time. We expect the benchmark index to remain in its sideways pattern for the time being until more clarity emerges regarding the anticipated United States interest rate cut.

Market Daily Report: Bursa closes lower in tandem with regional peers

 KUALA LUMPUR (March 27): Bursa Malaysia closed lower on Wednesday as the short-term market sentiment remains jittery amid the uncertain global performance, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 7.82 points to 1,530.6 from Tuesday’s close of 1,538.42.  

The benchmark index opened 1.91 points lower at 1,536.51 and moved in a tight range between 1,528.52 and 1,536.58 throughout the day.  

On the broader market, losers outpaced gainers 645 to 422, while 450 counters were unchanged, 821 untraded, and 74 others suspended.

Turnover narrowed to 3.75 billion units worth RM3.1 billion from 3.83 billion units worth RM3.04 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the KLCI closed lower after a lacklustre trading session in line with the regional market performance.

"The key regional indices closed mostly lower ahead of the United States [US] economic data and US Federal Reserve [Fed] chair Jerome Powell's speech, which could influence the US Fed's decision on interest rates.

"Investors are hoping that the Fed will kick off reductions to its main interest rate in June, with some considering a slight possibility of it starting at its meeting next week," he said.

As for the local bourse, Thong advised investors to stay alert for bargain-hunting opportunities.

"We anticipate the benchmark index to trend sideways with an upside bias, within the 1,530-1,540 range towards the weekend," he added.

Among the heavyweights, Maybank Bhd, Public Bank Bhd and Petronas Chemicals Group Bhd declined four sen each to RM9.65, RM4.21 and RM6.79 respectively, while CIMB Group Holdings Bhd added five sen to RM6.55 and Tenaga Nasional Bhd gained four sen to RM11.24.

As for the actives, market debutant Zantat Holdings Bhd rose 12.5 sen to 37.5 sen, SP Setia Bhd and Lambo Group Bhd were flat at RM1.42 and three sen respectively, while Ekovest Bhd added a sen to 49 sen, and Computer Forms (M) Bhd declined a sen to 14 sen.

On the index board, the FBM Emas Index dropped 35.61 points to 11,525.98, the FBMT 100 Index declined by 33.78 points to 11,172.54, the FBM Emas Shariah Index fell 52.32 points to 11,613.44, the FBM ACE Index slid 67.29 points to 4,842.73, while the FBM 70 Index rose by 46.591 points to 16,148.15.

Market Daily Report: Bursa closes marginally higher on late buying of blue chips

KUALA LUMPUR (March 26): Bursa Malaysia closed higher on Tuesday, buoyed by late buying in blue-chip stocks led by Maybank Bhd, MISC Bhd, and Petronas Chemicals Group Bhd, amid the mostly weaker performance in regional peers. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up by 0.88 of a point to 1,538.42 from Monday’s close of 1,537.54. 

The benchmark index opened 1.48 points lower at 1,536.06 and moved in a tight range between 1,532.07 and 1,540.51 throughout the day.  

On the broader market, gainers beat losers 570 to 472, while 491 counters were unchanged, 807 untraded, and 47 others suspended.

Turnover increased to 3.83 billion units worth RM3.04 billion from 3.59 billion units worth RM2.49 billion on Monday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the prevailing general sentiment in the stock market is still cautious.

"Investors are awaiting key statistical updates in the United States (US), particularly the Personal Consumption Expenditures [PCE] inflation data which is projected to hold steady at 2.4% for February. 

"Essentially, this inflation figure will influence the US Federal Reserve's decision on the timing of any potential interest rate adjustments, which has been a significant factor driving positive investor sentiment,” he said.

Market Daily Report: Bursa closes lower on selling pressure

KUALA LUMPUR (March 25): Bursa Malaysia closed lower on Monday, weighed by selling pressure in telecommunication, plantation, and gaming stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 4.85 points to 1,537.54 from last Friday’s (March 22) close of 1,542.39. 

The benchmark index opened 2.16 points lower at 1,540.23, and moved in a tight range between 1,532.73 and 1,540.23 throughout the day.  

On the broader market, losers beat gainers 587 to 476, while 456 counters were unchanged, 817 untraded, and 37 others suspended.

Turnover fell to 3.59 billion units worth RM2.49 billion from 5.08 billion units worth RM2.69 billion on Friday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the the KLCI faced selling pressure as investors shifted their focus on small-cap stocks in the transportation & logistics, property, and construction sectors.

“Major regional indices also ended lower as sentiment remained cautious ahead of key economic readings this week, including China's purchasing managers' index and US inflation data,” he said.

Thong advised investors to proceed with caution and consider external factors such as increasing market risks and elevated volatility in global markets.

“We anticipate the FBM KLCI to remain in consolidation mode for the time being until fresh catalysts emerge.

“Consequently, we expect it to trend within the 1,530-1,550 range for the week, with immediate support at 1,530 and resistance at 1,560,” he added.

Market Daily Report: Bursa recoups earlier losses to eke out minor gains

KUALA LUMPUR (March 22): Bursa Malaysia managed to recover from earlier losses to end the week marginally higher on Friday on late buying, despite the mostly downbeat performance in regional markets, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up by 0.98 of a point to 1,542.39 from Thursday’s close of 1,541.41. 

The benchmark index, which opened 0.15 of a point better at 1,541.56, moved in a tight range between 1,537.92 and 1,543.84 throughout the day.   

On the broader market, losers beat gainers 538 to 544, while 475 counters were unchanged, 778 untraded, and 18 others suspended.

Turnover increased to 5.08 billion units worth RM2.69 billion from 4.02 billion units worth RM2.94 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the KLCI moved within a tight range on Friday as investors pivoted towards smaller-cap stocks, particularly those within the property, construction, and technology sectors. 

"The benchmark index, however, managed to finish in the green due to late buying," he said. 

Thong noted that key regional markets closed mostly lower due to differing reactions to the outlook of the US interest rate decision, with investors anticipating an earlier cut. 

In Hong Kong, the Hang Seng Index tumbled 2.16% to 16,499.47, South Korea’s Kospi slipped 0.23% to 2,748.56, Singapore’s Straits Times Index eased 0.07% to 3,217.97, and China's SSE Composite Index slid 0.95% to 3,048.03.

However, Japan's Nikkei 225 rose 0.18% to 40,888.43. 

Market Daily Report: Bursa rebounds after two days of losses on bargain hunting

KUALA LUMPUR (March 21): Bursa Malaysia rebounded from two consecutive days of declines to close higher on Thursday, spurred by bargain-hunting activities amid the recent market sell-off. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.62 points to 1,541.41 from Wednesday’s close of 1,535.79.

The benchmark index, which opened 3.33 points firmer at 1,539.12, moved between 1,534.66 and 1,542.33 throughout the day.  

Market breadth was positive with gainers leading decliners 631 to 451, while 466 counters were unchanged, 788 untraded, and 11 others suspended.

Turnover increased to 4.02 billion units worth RM2.94 billion from 3.82 billion units worth RM2.66 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices closed mostly higher, buoyed by strong corporate earnings by China's technology companies, while the US Federal Reserve opted to keep interest rates steady and signalled potential consideration of at least three rate cuts in 2024.

Additionally, he said the Chinese government announced fresh measures to support the economy.

On the home front, Thong cautiously expects an optimistic outlook for the local market amidst its escalating volatility.

Market Daily Report: Bursa continues slide ahead of FOMC decision on Wednesday

KUALA LUMPUR (March 20): Bursa Malaysia continued its downtrend to close lower for the second consecutive day as the markets anxiously awaited the US Federal Open Market Committee (FOMC) decision later in the night.

The FTSE Bursa Malaysia KLCI (FBM KLCI) also remained in consolidation mode due to a correction following the recent prolonged rally. 

At 5pm, the KLCI fell 9.17 points to 1,535.79 from Tuesday’s close of 1,544.96.

The benchmark index, which opened 0.1 of a point firmer at 1,545.06, moved between 1,535.77 and 1,546 throughout the day. 

On the broader market, decliners and gainers were even at 509 to 509, while 484 counters were unchanged, 791 untraded, and 11 others suspended.

Turnover slid to 3.82 billion units worth RM2.66 billion from 4.06 billion units worth RM3.09 billion on Tuesday.

Interpacific Asset Management chief economist and fund manager Datuk Dr Nazri Khan said that the KLCI slipped to a physical level of 1,550 as the selling pressure escalated. 

"The market is directionless and drifts longer until it gets clarification from the US Federal Reserve’s (Fed) policy meeting," he said. 

Meanwhile, Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices finished mostly higher following positive cues from Wall Street overnight. 

However, gains were capped as markets awaited further cues on the US interest rates following the conclusion of the FOMC meeting later on Wednesday night.

"On the local front, while the market anticipates a brief pause for the bulls after last week's strong rally, the index has maintained its position above all exponential moving averages (EMA).

"We view this as a healthy correction as it allows the market to digest the recent rally and provide a stronger base for a more sustainable uptrend," he said.

Hence, Thong foresees the KLCI trending within the 1,540-1,560 range for the rest of the week. 

Among the heavyweights, Maybank Bhd shed eight sen to RM9.57, Public Bank Bhd eased four sen to RM4.24, CIMB Group Holdings Bhd trimmed 13 sen to RM6.48, Petronas Chemicals Group Bhd added two sen to RM6.83, and Tenaga Nasional Bhd was flat at RM11.50. 

As for the actives, Top Glove Corp Bhd gained 6.5 sen to 86 sen, both TWL Holdings Bhd and MMAG Holdings Bhd inched up half a sen to 3.5 sen and 15.5 sen, respectively, and Velesto Energy Bhd was flat at 29 sen. 

On the index board, the FBM Emas Index fell 33.59 points to 11,484.96 and the FBMT 100 Index was 39.39 points lower to 11,138.88. 

The FBM Emas Shariah Index gained 24.76 points to 11,562.02, the FBM 70 Index increased by 55.78 points to 15,806.15, and the FBM ACE Index jumped 21.92 points to 4,773.01. 

Sector-wise, the Plantation Index climbed 15.97 points to 7,294.73 and the Energy Index rose 11.26 points to 936.67. 

However, the Industrial Products and Services Index eased 0.11 of a point to 177.24 and the Financial Services Index dipped 157.2 points to 17,124.18.

The Main Market volume declined to 2.07 billion units valued at RM2.30 billion from 2.50 billion units valued at RM2.77 billion on Tuesday.

Warrants turnover expanded to 864.16 million units worth RM117.07 million from 805.77 million units worth RM104.88 million the previous day.   

The ACE Market volume swelled to 846.93 million shares worth RM240.19 million from 744.37 million shares worth RM205.36 million previously.

Consumer products and services counters accounted for 217.17 million shares traded on the Main Market, industrial products and services (372.58 million); construction (214.95 million); technology (215.88 million); SPAC (nil); financial services (84.30 million); property (388.78 million); plantation (36.69 million); REITs (15.12 million), closed/fund (9,000); energy (198.48 million); healthcare (146.92 million); telecommunications and media (48.22 million); transportation and logistics (76.02 million); and utilities (56.01 million).

Source: The Edge

Market Daily Report: Bursa snaps three-day winning streak to close lower

KUALA LUMPUR (March 19): Bursa Malaysia ended trading at an intraday low and snapped its three-day winning streak on Tuesday, following the lacklustre performance seen across the region, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.68 points to 1,544.96 from Monday’s close of 1,553.64.

The benchmark index opened 2.05 points easier at 1,551.59 and reached its intraday high of 1,552.1 during the mid-morning session.

However, market breadth was positive with gainers leading decliners 510 to 502, while 486 counters were unchanged, 796 untraded and nine others suspended.

Turnover declined to 4.06 billion units worth RM3.09 billion from 4.24 billion units worth RM2.79 billion on Monday.  

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said that key regional indices ended mostly lower due to concerns about potentially hawkish signals from the US Federal Reserve (Fed).

Hong Kong’s Hang Seng Index eased 1.24% to 16,529.48, South Korea’s Kospi slipped 1.1% to 2,656.17, and China's SSE Composite Index slid 0.72% to 3,062.76. 

"Additionally, investors are anticipating policy decisions from central bank officials in the US, Taiwan, Indonesia, Turkiye, Russia, Brazil, and Mexico, among others, later in the week," he said. 

On the local front, Thong believes that investor sentiment would remain steady given the strong support from local institutions despite the sell-off today. 

"Having said that, we prefer to stay prudent given the increasing market volatility and expect the benchmark index to stay in consolidation mode until more clarity emerges. 

"As such, we maintain our weekly FBM KLCI target between 1,540-1,570 level," he said. 

Market Daily Report: Bursa ends marginally higher on cautious sentiment

KUALA LUMPUR (March 18): Bursa Malaysia closed marginally higher on Monday as investors exercised caution before a series of significant central bank meetings this week, said an analyst. 

The markets are awaiting the US Federal Reserve (Fed) and the Bank of Japan’s (BOJ) decisions on interest rates.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.81 of a point to 1,553.64 from Friday’s (March 15) close of 1,552.83. 

The benchmark index, which opened 5.38 points weaker at 1,547.45, moved between 1,544.32 and 1,557.33 throughout the day. 

Market breadth was positive with gainers leading decliners 546 to 480, while 476 counters were unchanged, 805 untraded and 22 others suspended.

Turnover declined to 4.24 billion units worth RM2.79 billion from 4.53 billion units worth RM4.82 billion last Friday. 

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said most key regional indices closed in positive territory following Beijing's announcement on the key economic data for the first two months of 2024. 

He said Beijing's industrial output surged by 7% annually over January and February, alongside a 5.5% rise in retail sales compared to the previous year.

Market Daily Report: Late buying in telcos lift Bursa to end at intraday high

 KUALA LUMPUR (March 15): Late buying in selected heavyweights, led by telecommunications and media counters pushed Bursa Malaysia to end at its intraday high for the second day running on Friday, despite the downbeat sentiment on the regional markets, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.08 points to 1,552.83 from Thursday's close of 1,543.75.

The benchmark index, which opened 6.8 points weaker at 1,536.95, slipped to its lowest point at 1,535.47 in the early session.

On the broader market, gainers beat decliners 521 to 474, while 518 counters were unchanged, 810 untraded and 38 others suspended.

Turnover rose to 4.53 billion units worth RM4.82 billion from 4.34 billion units worth RM2.76 billion on Thursday.

Telekom Malaysia Bhd and CelcomDigi Bhd were among the top contributors to the gains in the benchmark index on Friday, rising 51 sen and 12 sen each to RM6.50 and RM4.41, respectively, contributing a total of 5.58 points.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional markets closed lower as investor sentiment was impacted by the major selloff on Wall Street overnight.

Market Daily Report: Late buying lifts Bursa to end at intraday high

KUALA LUMPUR (March 14): Late buying in selected industrial products and services as well as plantation counters pushed Bursa Malaysia to end at its intraday high on Thursday, amidst the mixed sentiment on regional bourses, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.62 points to 1,543.75 from Wednesday's close of 1,538.13.

The benchmark index, which opened 2.53 points weaker at 1,535.6, slipped to its lowest point at 1,533.8 in the early morning session.

On the broader market, gainers beat decliners 513 to 478, while 493 counters were unchanged, 830 untraded and 26 others suspended.

Turnover rose to 4.34 billion units worth RM2.76 billion from 4.18 billion units worth RM2.73 billion on Wednesday.

Petronas Chemicals Group Bhd and Sime Darby Plantation Bhd were among the top contributors to the gains in the benchmark index, rising six sen each to RM6.87 and RM4.39, respectively, contributing a total 1.49 points.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the KLCI closed marginally higher as investors seized the opportunity to bargain hunt for plantation stocks at lower levels following Wednesday's selloff.

Market Daily Report: Bursa snaps four-day winning streak to end 1% lower

KUALA LUMPUR (March 13): Bursa Malaysia snapped its four-day winning streak to close lower on Wednesday, driven by continuous profit taking in heavyweights led by plantation stocks, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 16.43 points or 1.05% to 1,538.13 from Tuesday's close of 1,554.56.

The benchmark index, which opened 11.05 points weaker at 1,543.51, moved between 1,536.76 and 1,544.74 throughout the day.

On the broader market, however, gainers beat decliners 519 to 478, while 516 counters were unchanged, 801 untraded and 12 others suspended.

Turnover fell to 4.18 billion units worth RM2.73 billion from 4.28 billion units worth RM2.93 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said key regional indices saw gains due to a substantial influx of global funds, while investors await US inflation data which is poised to influence the timing of the Federal Reserve's rate cut.

“With the upswing in investor sentiment, buying is expected, supported by consistent and strong inflow of foreign funds into the region, while the increasing daily trading volume signifies higher appetite for the market.

Market Daily Report: Bursa extends gains to close higher for fourth straight day

KUALA LUMPUR (March 12): Bursa Malaysia extended its gains to close higher for the fourth straight day on Tuesday, supported by continuous buying in most heavyweights amidst the recovery tone in regional markets, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.85 points to 1,554.56 from Monday's close of 1,544.71.

The benchmark index, which opened 0.24 of a point higher at 1,544.95, moved between 1,541.36 and 1,556.71 throughout the day.

On the broader market, gainers beat decliners 505 to 484, while 479 counters were unchanged, 802 untraded, and 12 others suspended.

Turnover rose to 4.28 billion units worth RM2.93 billion from 3.64 billion units worth RM2.71 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice president, Thong Pak Leng said key regional indices saw gains due to a substantial influx of global funds, while investors await US inflation data which is poised to influence the timing of the US Federal Reserve's rate cut.

“With the upswing in investor sentiment, buying is expected, supported by consistent and strong inflow of foreign funds into the region, while the increasing daily trading volume signifies higher appetite for the market.