Market Daily Report: Bursa closes mixed ahead of US Fed rate decision

KUALA LUMPUR (Jan 31): Bursa Malaysia’s key index was little changed while the broader market ended mixed on Wednesday, amid cautious sentiment prevailing across the region ahead of the US Federal Reserve’s (Fed) decision on interest rate later in the day, said a dealer.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.23 of a point to end at 1,512.98 from Tuesday's close of 1,512.75.

The barometer index opened 0.15 of a point easier at 1,512.6 and moved between 1,509.55 and 1,516.4 throughout the day.

Decliners led advancers 635 to 401 on the broader market, while 427 counters were unchanged, 799 untraded, and 52 others suspended.

Turnover declined to 3.67 billion units valued at RM2.86 billion from 3.78 billion units worth RM2.64 billion on Tuesday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the major regional indices also finished mixed on cautious sentiment as investors are awaiting the US Fed decision on interest rates during its first meeting in 2024.

The Fed is expected to deliberate on its monetary policy and make a decision on interest rates later in the day after its first Federal Open Market Committee meeting for this year.

“On the domestic front, we advise investors to remain vigilant despite the benchmark index's upward trend, considering the heightened market volatility and global uncertainties.

“As such, we anticipate the FBM KLCI to trend within the range of 1,500-1,520 towards the weekend, with immediate resistance at 1,527 and support at 1,500,” he told Bernama. 

Among the heavyweights, Maybank Bhd added two sen to RM9.26, CIMB Group Holdings Bhd edged up a sen to RM6.23, Tenaga Nasional Bhd gained 24 sen to RM10.72, while Public Bank Bhd slid a sen to RM4.39, and Petronas Chemicals Group Bhd lost six sen to RM6.77.

As for the actives, Reneuco Bhd shed seven sen to 8.5 sen, Perdana Petroleum Bhd, Velestro Energy Bhd, and Sapura Energy Bhd eased half a sen each to 26.5 sen, 26 sen and 4.5 sen, respectively, while TWL Holdings Bhd was flat at four sen.

On the index board, the FBM Emas Index was 13.51 points lower at 11,243.33, the FBMT 100 Index dropped 13.04 points to 10,903.82, the FBM 70 Index decreased 78.62 points to 15,185.92, the FBM Emas Shariah Index slipped 2.76 points to 11,278.09, and the FBM ACE Index fell 30.27 points to 4,755.03.

Sector-wise, the Property Index shed 5.19 points to 920.88, the Financial Services Index slid 7.68 points to 16,942.99, the Industrial Products and Services Index dipped 0.91 of a point to 173.11, while the Plantation Index declined 37.51 points to 7,170.86.

Meanwhile, the Energy Index climbed 15.92 points to 895.1.

Market Daily Report: Profit taking ends Bursa's six-day winning streak

KUALA LUMPUR (Jan 30 ): Bursa Malaysia snapped its six-day winning streak to close lower on Tuesday as investors took profit from recent gains amid caution in regional markets as worries over China’s property sector weighed on sentiment, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.64 points to end at 1,512.75 from Monday’s close of 1,515.39.

The barometer index, which opened 2.36 points better at 1,517.75, moved between 1,511.84 and 1,520.31 throughout the day.

Decliners led advancers 622 to 383 on the broader market, while 459 counters were unchanged, 794 untraded and 73 others suspended.

Turnover dropped to 3.78 billion units valued at RM2.6 billion from 4.32 billion units worth RM2.98 billion on Monday.

Market Daily Report: Bursa continues winning streak for sixth day, CI breaks 16-month high

KUALA LUMPUR (Jan 29):  Bursa Malaysia maintained its upward trajectory to end higher for the sixth straight trading day on Monday, with the key index breaking the 16-month high, on the back of persistent buying in plantation and financial services counters, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) gained 9.11 points to end at 1,515.39 from Friday’s (Jan 26) close of 1,506.28.

The barometer index, which opened 1.83 points better at 1,508.11, moved between 1,507.88 and 1,518.44 throughout the day.

Decliners led advancers 513 to 499 on the broader market, while 471 counters were unchanged, 805 untraded and 64 others suspended.

Turnover dropped to 4.32 billion units valued at RM2.98 billion from 4.92 billion units worth RM3.42 billion on Friday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices closed mostly higher with strong gains in energy stocks following the surge in crude oil prices.

“Bargain hunting persists in Hong Kong as China’s market regulator implements various measures to support the markets,” he said.

Market Daily Report: Bursa extends rally for fifth day

KUALA LUMPUR (Jan 26): Bursa Malaysia continued its bullish streak to end higher for the fifth straight day on Friday, with the key index remaining above the 1,500-psychological level, thanks to persistent buying support in heavyweights amid the mixed regional market performance.

The FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.18 points to end the week at 1,506.28 from Wednesday's close of 1,504.1.

The barometer index, which opened 0.65 of a point easier at 1,503.45, moved in a tight range of between 1,502.89 and 1,509.39.

On the broader market, advancers outpaced decliners 580 to 477, while 445 counters were unchanged, 795 untraded and 49 others suspended.

Turnover increased marginally to 4.92 billion units valued at RM3.42 billion from 4.34 billion units worth RM2.88 billion on Wednesday.

Bursa Malaysia and its subsidiaries were closed on Thursday (Jan 25) day in conjunction with Thaipusam. 

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the local bourse was supported by buying mainly in the energy, healthcare and utilities counters.

“The FBM KLCI finished marginally higher with broad-based buying,” he added.

He said that the market sentiment was partly influenced by the Chinese government’s commitment to provide additional economic support, which is expected to enhance liquidity in the banking system.

The People's Bank of China will slash the reserve requirement ratio by 50 basis points, a move that will release some US$140 billion (RM660.98 billion) of cash to support the economy.

Regionally, Thong said the key indices ended mixed with profit taking seen in Japan and Hong Kong after recording strong gains recently.

Japan’s Nikkei 225 fell 1.34% to 35,751.07, Hong Kong’s Hang Seng Index slid 1.6% to 15,952.23, while Singapore's Straits Times Index increased 0.38% to 3,159.53 and China’s SSE Composite Index rose 0.14%  to 2,910.22.

Meanwhile, investors are awaiting some key readings on the US inflation later on Friday and the upcoming US Federal Reserve meeting next week to gauge the outlook for the interest rate, he added.

Among the heavyweights, Maybank Bhd perked four sen to RM9.14, CIMB Group Holdings Bhd rose six sen to RM6.18, Tenaga Nasional Bhd gained two sen to RM10.54, IHH Healthcare Bhd added a sen to RM6.08, while Public Bank Bhd, CelcomDigi Bhd and Hong Leong Bank Bhd were flat at RM4.37, RM4.25 and RM19.18 respectively.

Petronas Chemicals Group Bhd shed five sen to RM6.70.

Malaysian Resources Corp Bhd (MRCB) was the most actively traded stock, gaining seven sen to 65 sen with 267.25 million shares changing hands on news that the property developer had submitted a proposal to bid for the Kuala Lumpur-Singapore high-speed rail (HSR) project.

Market Daily Report: KLCI ends at near 16-month high as OPR remains unchanged

KUALA LUMPUR (Jan 24): Bursa Malaysia closed higher, almost across the board, on Wednesday with the key index extending its winning streak to a nearly 16-month high as the market reacted positively to Bank Negara Malaysia's (BNM) decision to keep the overnight policy rate (OPR) unchanged.

Despite a mixed regional market performance, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.99 points to end the day at 1,504.1 from Tuesday's close of 1,496.11.

The highest level was last seen on Aug 30, 2022, when the index closed at 1,512.05.

The barometer index, which opened 1.05 points better at 1,497.16 in the morning, moved in positive territory throughout the day at between 1,497.16 and 1,504.44.

Market breadth was bullish with advancers overwhelming decliners 690 to 360, while 431 counters were unchanged, 806 untraded and 19 others suspended.

Turnover dropped to 4.34 billion units worth RM2.88 billion from 5.16 billion units valued at RM3.33 billion on Tuesday.

During its first meeting of the year on Wednesday, BNM's monetary policy committee (MPC) has decided to maintain the OPR at 3%, marking the fourth consecutive meeting that the committee has opted to hold the key rate.

The central bank said in a statement that, at the current OPR level, the monetary policy stance remained supportive of the economy and is consistent with the current assessment of the inflation and growth prospects.

“The MPC remains vigilant on ongoing developments to inform the assessment on the outlook of domestic inflation and growth, and will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability," it said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the OPR could stay at 3% in the near term, premised on the expected improvement in the economy this year despite the uncertainties over inflation that hinge on the subsidy rationalisation and price control measures.

“Overall, we think the monetary policy is already in a restrictive zone with real interest rates currently standing at 1.5% against a long-term average of 0.6%.

“Perhaps, the BNM would want to see how the implementation of subsidy rationalisation would affect the overall inflation and therefore, it seems to be quite vigilant in this respect," he said.

Mohd Afzanizam stressed that a stable OPR would mean the cost of borrowings would remain unchanged and allow households and businesses to make better plans if they decide to relook their liability structure.

"Among the options they can look at is to refinance their liabilities, especially when they took financing at a time when interest rates were at a higher trajectory," he added.

Among the heavyweights, Maybank Bhd and CelcomDigi Bhd added a sen each to RM9.10 and RM4.25 respectively, Public Bank Bhd and Tenaga Nasional Bhd gained two sen each to RM4.37 and RM10.52 respectively, CIMB Group Holdings Bhd rose 10 sen to RM6.12, and IHH Healthcare Bhd climbed seven sen to RM6.07. 

Market Daily Report: Bursa closes higher for third straight day ahead of OPR decision

KUALA LUMPUR (Jan 23): Bursa Malaysia closed higher for the third consecutive day on Tuesday, buoyed by continuous buying support in the heavyweight counters, especially banking-related stocks, ahead of Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) decision.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.92 points to 1,496.11 from Monday's close of 1,491.19.

The barometer index, which opened 1.37 points better at 1,492.56 this morning, moved between 1,490.2 and 1,500.39 throughout the day.

Mild profit taking emerged early in the morning session, but the key index retested the 1,500-level at mid-morning and maintained its positive momentum thereafter.

The broader market saw advancers outpacing losers 511 to 470, while 465 counters were unchanged, 826 untraded and 13 others suspended.

Turnover increased to 5.16 billion units valued at RM3.33 billion from 4.79 billion units worth RM3.12 billion on Monday.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the KLCI was fuelled by buying in banking-related stocks ahead of BNM’s monetary policy committee (MPC) decision on Wednesday.

He said most economists are predicting that the MPC will keep the OPR steady at 3%.

“Given that the real rate of interest which is currently at 1.5%, BNM’s monetary policy stance can be deemed tight as the average real rate of interest since 2004 stood at 0.6%.

“Given that inflation rate has trended down to 1.5% and the gross domestic product growth stabilsing at 3.4%, perhaps it is best to maintain the OPR at the current rate,” he said.

BNM's MPC is sitting on Tuesday and Wednesday to decide on the key rate in its first meeting of the year. 

To recap, the central bank kept the OPR at 3% at its last meeting of 2023, making it the third pause in a row.

Meanwhile, Apex Securities Bhd head of research Kenneth Leong said the local market took a cue from the positive developments on Wall Street overnight, with gains largely driven by banking and Petronas-related heavyweights as crude oil prices ticked higher with Brent oil price nearing US$80 (RM377.70) per barrel.

“Going forward, the extended recovery is expected to remain in place amid the calmer market conditions, with the key index looking to take another jab towards the 1,500-psychological level.

“Investors will be keeping a close tab on BNM's monetary policy decision tomorrow [Wednesday], and we expect the central bank to keep the benchmark interest rate unchanged,” he said.

Leong said further recovery might lift the key index towards the immediate resistance located at 1,504, while the near-term support pegged at 1,465.

Among the banking stocks, Maybank Bhd increased eight sen to RM9.09, CIMB Group Holdings Bhd rose five sen to RM6.02, Public Bank Bhd bagged one sen to RM4.35, Hong Leong Bank Bhd garnered 10 sen to RM19.12, and RHB Bank Bhd put on three sen to RM5.60.

Market Daily Report: Bargain hunting drives Bursa higher for second straight day

KUALA LUMPUR (Jan 22): Bursa Malaysia closed higher for the second consecutive day on Monday, thanks to bargain-hunting activities in selected heavyweights and small-cap stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.82 points to 1,491.19 from last Friday's (Jan 19) close of 1,486.37.

The barometer index, which opened 0.98 of a point better at 1,487.35, moved between 1,485.51 and 1,493.98 throughout the session. 

Buying in heavyweights was led by YTL Power International Bhd, which climbed 19 sen or 5.26% to RM3.80, followed by Axiata Group Bhd which soared 14 sen or 5.51% to RM2.68, while YTL Corp Bhd surged 11 sen or 5.05% to RM2.29. These three stocks contributed 6.681 points to the rise in the composite index.

In line with the upbeat momentum, the broader market saw advancers outpacing losers 644 to 375, while 428 counters were unchanged, 816 untraded and 15 others suspended.

Turnover dropped to 4.79 billion units worth RM3.12 billion from 5.39 billion units valued at RM2.73 billion on Friday.

Rakuten Trade equity research vice president Thong Pak Leng said the KLCI closed marginally higher as the "buying on dips" strategy continued following the recent sell-off.

The key regional indices, however, ended mostly lower due to the selling of real estate stocks in China and Hong Kong as investors were disappointed with the government's measures to stimulate the world's second-largest economy.

On the bright side, the US Federal Reserve (Fed) has hinted at the likelihood of rate cuts although some officials have signalled a potential delay compared to market expectations.

“On the domestic front, investors prefer to stay cautious due to the increasing global volatility and uncertainties.

“Hence, we reckon the FBM KLCI will stay in consolidation mode with an upside bias for the week, ranging between 1,480 and 1,500 points with immediate support at 1,475 and resistance at 1,500,” he said.

As for other heavyweights, Maybank Bhd eased two sen to RM9.01, Public Bank Bhd slipped a sen to RM4.34, CIMB Group Holdings Bhd shed four sen to RM5.97, Petronas Chemicals Group Bhd lost seven sen to RM6.71, while IHH Healthcare Bhd trimmed three sen to RM5.97.

Tenaga Nasional Bhd rose four sen to RM10.48, CelcomDigi Bhd gained three sen to RM5.97, while Hong Leong Bank Bhd soared 1.17% or 22 sen to RM19.02.

Of the actives, Sarawak Consolidated Industries Bhd jumped 14.5 sen to 43.5 sen, Widad Group Bhd bagged 2.5 sen to 13.5 sen, Leform Bhd added two sen to 18 sen, Jentayu Sustainables Bhd rose 4.5 sen to 54.5 sen, while Minetech Resourves Bhd shed a sen to 15.5 sen.

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

KUALA LUMPUR (Jan 19): Bursa Malaysia snapped three consecutive days of losses to end at its intraday high on Friday on bargain hunting in selected heavyweights led by the financial services and utilities sectors.

This was in tandem with a few key Asian markets which rebounded on Friday while taking the cue from the strong performance of US stocks, buoyed by artificial intelligence optimism which drove gains in chipmakers and brightened the earnings outlook for technology stocks, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.19 points to 1,486.37 from Thursday's close of 1,479.18.

The barometer index opened one point better at 1,480.18 and moved to as low as 1,477.05 in the early morning session.

On the broader market, gainers beat losers 639 to 359, while 423 counters were unchanged, 844 untraded and 16 others suspended.

Turnover decreased to 5.39 billion units worth RM2.73 billion from 6.10 billion units worth RM3.62 billion on Thursday.

Rakuten Trade equity research vice-president Thong Pak Leng said the optimism for a US interest rate cut reemerged after data showed that manufacturing in the mid-Atlantic region contracted by more than economists expected.

He also shared that economists predicted that Bank Negara Malaysia will maintain the overnight policy rate at 3% and hold at this level until at least by end-2025.

"We believe this will instil confidence in the improving economy, providing greater stability in corporate earnings and, in turn, enhancing the fundamentals of the local market.

"We reckon that interest in Malaysian equities will remain strong, given the robust daily trading volume, however, investors are staying cautious due to the rising volatility in the global markets," he told Bernama.

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

KUALA LUMPUR (Jan 17): Bursa Malaysia ended lower on Wednesday in tandem with its regional peers, jittered by uncertainties over the US interest rates path as well as the health of China’s economy after the release of its 2023 gross domestic product (GDP), a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.66 points to 1,491.21 from Tuesday's close of 1,493.87.

The KLCI opened 1.98 points easier at 1,491.89 and moved between 1,487.52 and 1,494.32 during the trading session. 

On the broader market, decliners thumped gainers 832 to 265, while 385 counters were unchanged, 761 untraded and 18 others suspended.

Turnover decreased to 5.23 billion units worth RM3.17 billion from 5.84 billion units worth RM3.59 billion on Tuesday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the regional equities market was mostly in the red on Wednesday.

“The anticipation for the US rate cut in March received a backlash as a Federal Reserve official seemed to be reluctant to enact monetary easing in the near term.

“Meanwhile, China’s 2023 GDP growth came in at 5.2% compared to 3% posted in 2022, and within the government forecast of around 5%. However, the slump in its property market suggests that China’s authority needs to do more to stimulate its economy,” he said.

Mohd Afzanizam also noted that the ongoing military conflict in the Red Sea could also potentially affect the global supply chain, which could result in the disruption to timely deliveries of goods which to some degree can be deemed inflationary as it can raise the cost of doing business.

Regionally, Japan's Nikkei 225 inched down 0.4% to 35,477.75, Hong Kong’s Hang Seng Index slipped 3.71% to 15,276.9, Shanghai Stock Exchange Composite Index lost 2.09% to 2,833.62, Singapore’s Straits Times Index dipped 1.19% to 3,147.06, and South Korea’s Kospi fell 2.47% to 2,435.9.

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

KUALA LUMPUR (Jan 17): Bursa Malaysia ended lower on Wednesday in tandem with its regional peers, jittered by uncertainties over the US interest rates path as well as the health of China’s economy after the release of its 2023 gross domestic product (GDP), a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.66 points to 1,491.21 from Tuesday's close of 1,493.87.

The KLCI opened 1.98 points easier at 1,491.89 and moved between 1,487.52 and 1,494.32 during the trading session.

On the broader market, decliners thumped gainers 832 to 265, while 385 counters were unchanged, 761 untraded and 18 others suspended.

Turnover decreased to 5.23 billion units worth RM3.17 billion from 5.84 billion units worth RM3.59 billion on Tuesday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the regional equities market was mostly in the red on Wednesday.

“The anticipation for the US rate cut in March received a backlash as a Federal Reserve official seemed to be reluctant to enact monetary easing in the near term.

“Meanwhile, China’s 2023 GDP growth came in at 5.2% compared to 3% posted in 2022, and within the government forecast of around 5%. However, the slump in its property market suggests that China’s authority needs to do more to stimulate its economy,” he said.

Market Daily Report: Bursa ends lower on profit taking

KUALA LUMPUR (Jan 16): Bursa Malaysia ended lower on Tuesday on profit taking in tandem with its regional peers, a retracement after closing above the 1,500 psychological barrier on Tuesday, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.24 points to 1,493.87 from Monday's close of 1,501.11.

The KLCI opened 0.72 of a point easier at 1,500.39 and moved between 1,492.4 and 1,503.73 during the trading session. 

On the broader market, decliners thumped gainers 775 to 324, while 406 counters were unchanged, 712 untraded and 19 others suspended

Turnover increased to 5.84 billion units worth RM3.59 billion from 4.98 billion units worth RM3.13 billion on Monday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the local bourse’s performance was in tandem with the regional market performance whereby most bourses were in the red.

"In a grand scheme of things, Bursa Malaysia has performed well with the FBM KLCI flirting around its psychological level of 1500 points.

"However, concern over China’s economy especially on its deflationary trend along with the timing of the US rate cuts will continue to hog the limelight. As such, intermittently we could be seeing profit-taking to come in as the FBM KLCI is building a strong base at around the 1,500-point level," he told Bernama.

Market Daily Report: Bursa breaks 1,500 key level, KLCI highest since August 2022

KUALA LUMPUR (Jan 15) : Bursa Malaysia continued its upbeat momentum to end higher on Monday on broad-based buying support, with the barometer index closing above the 1,500 psychological barrier last seen in August 2022, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.77 points to 1,501.11 from last Friday's (Jan 12) close of 1,487.34.

The last time the key index was above the 1,500 level was on Aug 30, 2022 when it closed at 1,512.05.

The benchmark index opened 0.94 of a point better at 1,488.28 and moved between 1,487.81 and 1,501.86 during the trading session. 

On the broader market, gainers beat decliners 575 to 456, while 419 counters were unchanged, 769 untraded and 20 suspended.

Turnover increased to 4.98 billion units worth RM3.13 billion from 4.08 billion units worth RM2.84 billion on Friday.

Rakuten Trade equity research vice president Thong Pak Leng said the local bourse also tracked the positive performance of regional peers, as China on Monday kept its one-year policy loan interest rate unchanged at 2.5%, while injecting funds into the financial system to stimulate the economy.

“With the FBM KLCI breaching the 1,500 psychological resistance threshold and if this level can be maintained for an extended period, we anticipate additional upward potential.

“As such, we foresee the benchmark index to trend within the 1,490 to 1,510 range for the week with immediate resistance at 1,525 and support at 1,475, followed by 1,465,” he said.

Market Daily Report: KLCI ends at intraday high, Bursa up for the week

 KUALA LUMPUR (Jan 12): Bursa Malaysia closed the week on a positive note, as the key index settled at its intraday high on Friday, despite a weaker performance in most regional markets, with buying mainly focused on utilities as well as financial services stocks. 

YTL Power International Bhd increased 31 sen to RM3.68 a share, YTL Corp Bhd added 12 sen to RM2.36, and Malayan Banking Bhd (Maybank) rose six sen to RM9.06. These stocks lifted the composite index by a combined 7.53 points. 

At 5pm on Friday, the FBM KLCI had risen 4.34 points to 1,487.34, from Thursday's close at 1,483.00.

The benchmark index opened 0.24 of a point firmer at 1,483.24 on Friday morning, and hit an intraday low of 1,482.02 in the mid-morning session.

In the broader market, gainers beat decliners 492 to 486, while 445 counters were unchanged, 796 untraded, and 29 others suspended.

Turnover declined to 4.08 billion units worth RM2.84 billion, from 4.64 billion units worth RM3 billion on Thursday.

SPI Asset Management managing partner Stephen Innes said US headline inflation came in hotter than expected, but the supercore component, which the US Federal Reserve (Fed) closely watches, came in softer than expected.

Market Daily Report: Bursa closes lower ahead of US CPI data

KUALA LUMPUR (Jan 11): Bursa Malaysia took a breather to end at an intraday low on Thursday, dragged down mainly by the consumer products and services as well as industrial products and services sectors, ahead of the release of US consumer price index (CPI) data later in the day. 

Genting Malaysia Bhd lost 17 sen to RM2.68, Petronas Chemicals Group Bhd slid 12 sen to RM6.88, Genting Bhd eased 19 sen to RM4.68, and Press Metal Aluminium Holdings Bhd was eight sen lower at RM4.82. These stocks pulled down the composite index by a combined 5.53 points. 

At 5pm, the FBM KLCI had edged down by 3.86 points to 1,483.00, from Wednesday’s close at 1,486.86.

The benchmark index opened 0.29 of a point better at 1,487.15, and thereafter moved to its highest level of 1,492.44 in the early morning session.

On the broader market, decliners beat gainers 568 to 406, while 447 counters were unchanged, 797 untraded, and 29 others suspended.

Turnover declined to 4.64 billion units worth RM3 billion, from 4.97 billion units worth RM2.84 billion on Wednesday.

SPI Asset Management managing partner Stephen Innes said benign US inflation outcomes had indeed played a significant role in shaping global expectations for interest rate cuts.

"Ahead of the US CPI release, assets perceived as riskier, such as the local bourse, were taking a breather and leaning towards profit-taking. This cautious approach was in anticipation of the much-awaited US CPI report later today (Thursday)," he told Bernama. 

Market Daily Report: Bursa ends lower ahead of US CPI data

KUALA LUMPUR (Jan 10): Bursa Malaysia reversed its gains on Tuesday to end lower on Wednesday, in sync with the downbeat regional market performances, weighed down by cautious sentiments ahead of the release of the US consumer price index (CPI) data on Thursday.

At 5pm, the FBM KLCI slid 11.97 points to 1,486.86 from Tuesday's close of 1,498.83.

The benchmark index opened 1.03 points weaker at 1,497.8 and moved between 1,486.72 and 1,497.8 throughout the day.

On the broader market, decliners led gainers 588 to 359, while 497 counters were unchanged, 775 untraded and 20 others suspended.

Turnover declined to 4.97 billion units worth RM2.84 billion from 6.44 billion units worth RM3.77 billion on Tuesday.

SPI Asset Management managing partner Stephen Innes said Asian equity markets, including Bursa Malaysia, have been partly influenced by the struggles of the Hang Seng Index, the Dow Jones Industrial Average, the Nasdaq and the S&P 500.

He said sentiments on the global markets have weakened with the US dollar strengthening, equity benchmarks declining and US Treasury yields falling.

“The exact drivers of these market movements are not entirely clear, as the overnight macro data did not indicate anything exceptional in terms of economic weakness.

“Global factors that stand out are the growing concerns ahead of the US CPI data, as inflation could run high and there might be a shift in the bullish narrative as global traders question whether bets on US Federal Reserve rate cuts are overdone," he said. 

Back home, Innes said Bursa Malaysia is coming off a sizzling rally, attributed to the improving global goods cycle and product-specific trends, such as the artificial intelligence (AI) chip boom, benefiting local chip producers.

"While the AI sector is expected to continue thriving, some profit-taking may have set in," he added. 

Among the heavyweights, Maybank Bhd, CIMB Group Holdings Bhd and Petronas Chemicals Group Bhd eased 10 sen each to RM9, RM5.95 and RM7, respectively, while Public Bank Bhd and Tenaga Nasional Bhd fell eight sen each to RM4.31 and RM10.48, respectively.  

Of the actives, TWL Holdings Bhd was half a sen higher at five sen, while Minetech Resources Bhd and Pan Malaysia Holdings Bhd lost a sen each to 22.5 sen and 14 sen, respectively, Hong Seng Consolidated Bhd inched down half a sen to two sen and Fintec Global Bhd was flat at 1.5 sen. 

On the index board, the FBM Emas Index erased 68.32 points to 11,097.83, the FBMT 100 Index reduced 69.96 points to 10,743.75, the FBM ACE Index slid 10.09 points to 5,432.85, the FBM 70 Index dropped 30.73 points to 15,078.64 and the FBM Emas Shariah Index shrank 31.69 points to 11,234.96.

Market Daily Report: Bursa extends gains to end higher for fifth consecutive day

KUALA LUMPUR (Jan 9): Bursa Malaysia continued its recent bullish streak, ending higher on Tuesday for the fifth straight session with buying activities mainly on banking, telecommunication and consumer stocks while profit-taking was seen on utility stocks.

The barometer index had increased by 45.73 points over the five days.

At 5pm, the FBM KLCI climbed 0.21%, or 3.13 points to 1,498.83 from Monday's close of 1,495.7.

The benchmark index opened 1.47 points firmer at 1,497.17 and moved between 1,496.84 and 1,503.93 throughout the trading session.

However, in the broader market, decliners outnumbered gainers 605 to 410 while 475 counters were unchanged, 729 untraded and 19 others suspended.

Turnover declined to 6.44 billion units worth RM3.77 billion from 6.96 billion units worth RM4.21 billion on Monday.

Rakuten Trade equity research vice president Thong Pak Leng said key regional bourses closed higher as well as technology stocks surged after a tech-led rally on Wall Street overnight.

“The surge in technology stocks was propelled by a substantial amount of bargain hunting.

Market Daily Report: Bursa ends higher for fourth consecutive day

KUALA LUMPUR (Jan 8): Bursa Malaysia saw follow-through buying from last week with the FTSE Bursa Malaysia KLCI (FBM KLCI) ending broadly higher for the fourth consecutive day on Monday, led by construction and energy stocks.

At 5pm, the KLCI increased 0.54% or 8.09 points to 1,495.70 from last Friday’s close of 1,487.61.

The benchmark index opened 0.99 of a point better at 1,488.6, its intraday low, and moved in an upward trajectory to its intraday high of 1,498.52 in mid-afternoon before retreating towards closing. 

On the broader market, gainers beat losers 494 to 448, while 583 counters were unchanged, 695 untraded, and 19 others suspended.

Turnover surged to 6.96 billion units worth RM4.21 billion from 6.62 billion units worth RM3.72 billion last Friday. 

Rakuten Trade equity research vice president Thong Pak Leng said the KLC ended in the positive territory, thanks to strong foreign buying.

Meanwhile, he said key regional indices closed mixed, with heavy selling in Hong Kong and China, as tensions in the US-China trade war intensified.

“The imposition of sanctions by both parties on several companies added to the market volatility and has impacted market sentiment.

“Investors are eagerly awaiting Friday's inflation data from China, as it is expected to serve as a key indicator for gauging the central bank's policy outlook,” he said. 

Back home, he said Rakuten Trade's positive outlook on the local market is driven by appealing valuations, an upswing in investor confidence and strong foreign buying.

“As a result, we foresee the FBM KLCI to test the psychological barrier of 1,500 soon.

“For the week, we anticipate the benchmark index to trend within the 1,490-1,510 level with immediate resistance at 1,510 and support at 1,465,” he added. 

Market Daily Report: Bursa up on strong buying momentum, CI highest in almost a year

KUALA LUMPUR (Jan 5): Bursa Malaysia continues its upward trajectory on Friday to end at its highest level in almost a year on strong buying in heavyweights led by YTL Corp Bhd and YTL Power International Bhd, said an analyst. 

The key regional indices also ended higher as bargain hunting emerged following the recent sell-off with a focus on financial stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) soared 0.7% or 10.35 points to settle at its intraday high of 1,487.61 from Thursday’s close of 1,477.26.

The benchmark index opened 0.37 of a point lower at 1,476.89 and reached a low of 1,476.85 in the early morning session before gaining steam to trend upwards throughout the rest of the day. 

On the broader market, gainers trounced losers 745 to 351, while 417 counters were unchanged, 707 untraded, and 17 others suspended.

Friday's turnover hit another high in over a year at 6.62 billion units worth RM3.72 billion compared with 6.37 billion units valued at RM3.82 billion on Thursday. 

Meanwhile, Rakuten Trade equity research vice president Thong Pak Leng said that simultaneously, robust indications from the US labour market data released on Thursday were influencing the landscape of expectations for interest-rate cuts.

Investors were betting that the US Federal Reserve (Fed) would cut interest rates by twice as much this year as the central bank has indicated.

“Back home, our optimism persists, fuelled by favourable market indicators as we aspire for the benchmark index to remain above the 1,465 level for an extended period, a threshold it struggled to maintain several times last year,” said Thong. 

Market Daily Report: Bursa surges 1% with turnover at over a year's high of 6.37 bil units

KUALA LUMPUR (Jan 4): Bursa Malaysia continues its uptrend at the close on Thursday due to increased interest from retail and repositioning of portfolios by institutional and foreign investors, analysts said. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 1.01% or 14.89 points to 1,477.26 from Wednesday’s close of 1,462.37.

Turnover surged to 6.37 billion units worth RM3.82 billion from 5.63 billion units worth RM3.12 billion on Wednesday.

Thursday's turnover was the highest in over a year, since Nov 24, 2022 when the market recorded 6.86 billion units turnover. 

The benchmark index opened 0.48 of a point higher at 1,462.85 and moved between 1,461.03 and 1,477.56 throughout the trading session.

On the broader market, gainers beat losers 630 to 424, while 444 counters were unchanged, 722 untraded and 16 others suspended.

Regionally, the Jakarta Stock Exchange also went up 1.11%, while the Philippine Stock Exchange rose 1.59%, as foreign funds poured into Southeast Asia.

Rakuten Trade equity research vice president Thong Pak Leng said there was strong buying in YTL Power International Bhd and YTL Corp Bhd, driven by robust earnings from their Singapore power business and optimistic expectations in the data centre sector, while interest in blue chips such as Tenaga Nasional Bhd and Maybank Bhd remains strong.

Meanwhile, other key regional markets finished mostly lower following a negative cue from Wall Street overnight.

The spotlight, Thong said, would now be on the forthcoming US jobs data on Friday, especially after the US Federal Reserve's (Fed) December meeting minutes hinted that rates might persist at restrictive levels for an extended period.

On the domestic front, the benchmark has successfully breached the 1,465 resistance line.

“If it can sustain this breakout for an extended period, we are optimistic that the FBM KLCI is well-positioned for further advancement.

“For the time being, we anticipate the index to trend within the range of 1,465-1,480 towards the weekend. From a technical point of view, we spot the next resistance at 1,500 with support at 1,450,” Thong said. 

Among the heavyweights, YTL Power International soared 20 sen to RM3 and YTL Corp was four sen higher at RM2.05, Tenaga Nasional accumulated 36 sen to RM10.42, Maybank surged 14 sen to RM9.03, Axiata Group Bhd gained 11 sen to RM2.49 and Hong Leong Bank Bhd rose 38 sen to RM18.88.

Of the actives, Minetech Resources Bhd rose 3.5 sen to 21 sen, Hong Seng Consolidated Bhd eased half a sen to 2.5 sen, while Ekovest Bhd increased a sen to 55 sen, Asdion Bhd climbed 3.5 sen to 14 sen and BSL Corp Bhd added half a sen to 4.5 sen. 

On the index board, the FBM ACE Index expanded 20.39 points to 5,387.89, the FBM Emas Index increased 101.21 points to 11,004.14 and the FBMT 100 Index garnered 99.16 points to 10,655.17.

The FBM 70 Index jumped 104.73 points to 14,875.91 and the FBM Emas Shariah Index advanced 85.79 points to 11,1167.69.

Sector-wise, the Property Index added 17.46 points to 915.37, the Energy Index gained 13.65 points to 834.49 and the Industrial Products and Services Index inched up 0.66 of a point to 177.1.

The Financial Services Index surged 154.65 points to 16,465.2 and the Plantation Index grew by 24.93 points to 7,037.57.

The Main Market volume expanded to 4.44 billion units worth RM3.43 billion against 3.79 billion units valued at RM1.63 billion on Wednesday.  

Warrants turnover increased to 770.91 million units valued at RM92.22 million from 637.23 million units worth RM74.37 million previously. 

The ACE Market volume narrowed to 1.12 billion shares worth RM297.69 million versus 1.18 billion shares valued at RM299.76 million on Wednesday.

Consumer products and services counters accounted for 569.47 million shares traded on the Main Market, industrial products and services (1.21 billion); construction (373.14 million); technology (653.73 million); SPAC (nil); financial services (76.56 million); property (618.03 million); plantation (54.59 million); REITs (13.78 million), closed/fund (30,000); energy (166.57 million); healthcare (204.17 million); telecommunications and media (47.97 million); transportation and logistics (202.31 million); and utilities (247.81 million).

Source: The Edge

Market Daily Report: Bargain hunting pushes Bursa to higher close, KLCI up 0.63%

KUALA LUMPUR (Jan 3): Bursa Malaysia closed higher on Wednesday as bargain hunting emerged following Tuesday's sell-down, despite the mostly lower regional market performance, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) ended 0.63% or 9.27 points firmer to 1,462.37 from Tuesday’s close of 1,453.1.

The benchmark index, which opened 0.56 of a point easier at 1,452.54, moved between 1,450.17 and 1,465.69 throughout the trading session. 

On the broader market, gainers outpaced losers 715 to 352, while 382 counters were unchanged, 779  untraded and 22 suspended.

Turnover surged to 5.63 billion units worth RM3.12 billion from 4.91 billion units valued at RM2.00 billion the previous day.

Rakuten Trade equity research vice president Thong Pak Leng said buying interest were also seen in small-cap stocks, particularly in the healthcare, property, and utilities sectors. 

Market Daily Report: Bursa ends marginally lower on first trading day of 2024

 KUALA LUMPUR (Jan 2): Bursa Malaysia closed marginally lower on Tuesday, the first trading day of the year, due to a lack of buying interest amid subdued market performance across the region, said a dealer.

Rakuten Trade equity research vice president Thong Pak Leng said the key regional indices were mostly lower following the negative cue from Wall Street last Friday (Dec 29). 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.1% or 1.56 points easier to 1,453.1 from last Friday’s close of 1,454.66.

The benchmark index which opened 2.46 points weaker at 1,452.2, moved between 1,446.36 and 1,453.56 throughout the trading session. 

In the broader market, gainers however surpassed decliners 512 to 463, while 399 counters were unchanged, 854 untraded and 22 others suspended.

Turnover went up to 4.91 billion units worth RM2 billion from 4.67 billion units valued at RM2.96 billion on Friday.

Thong further said that, simultaneously, increasing tensions in the Middle East, marked by Iran deploying a warship in the Red Sea, have had an impact on investor sentiment.

Meanwhile, he said the market's spotlight now centres on a barrage of data scheduled for release this week, which would offer a clearer picture of the available space for major central banks across the globe to implement monetary policy easing and the potential timing of the impending rate cuts.

“As for the local bourse, we view today's [Tuesday] selldown as a good opportunity for bargain hunting, as valuations of local equities remain attractive, particularly among blue-chip stocks.

“Consequently, we expect the benchmark index to stage a rebound anytime soon and anticipate it to hover within the 1,450-1,470 range for the week,” he said. 

Thong added that from a technical standpoint, Rakuten Trade has spotted immediate support at 1,450 followed by 1,440 and resistance at 1,465.

On Bursa Malaysia, heavyweights Sime Darby Plantation Bhd was down nine sen to RM4.37, IHH Healthcare Bhd dipped four sen to RM5.99, and Hong Leong Bank Bhd slid 24 sen to RM18.66.