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.

Market Daily Report: Bursa closes higher for third straight day

KUALA LUMPUR (March 11): Bursa Malaysia closed higher for the third straight trading day on Monday, supported by continuous buying in most heavyweights, amid the mixed tone on the regional markets, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.85 points to 1,544.71 from last Friday's (March 8) close of 1,539.86.

The benchmark index, which opened 2.15 points higher at 1,542.01, moved within a narrow range between 1,540.77 and 1,547.48 throughout the day.

On the broader market, gainers beat decliners 518 to 460, while 468 counters were unchanged, 813 untraded, and 12 others suspended.

Turnover rose to 3.64 billion units worth RM2.71 billion from 3.03 billion units worth RM2.73 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the KLCI finished higher with strong buying in gaming, telecommunications and commodity-related stocks while the key regional indices trended mostly lower following a negative cue from Wall Street last Friday.

Market Daily Report: Bursa closes marginally higher in line with regional trend

 KUALA LUMPUR (March 8): Bursa Malaysia closed marginally higher on Friday in line with the positive tone from the regional markets, ahead of the US Nonfarm Payrolls data announcement later on Friday night.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 4.03 points to 1,539.86 from Thursday's close of 1,535.83.

The benchmark index, which opened 0.69 of a point higher at 1,536.52, moved within a narrow range between 1,535.32 and 1,541.15 throughout the day.

On the broader market, decliners beat gainers 495 to 486, while 425 counters were unchanged, 870 untraded, and 29 others suspended.

However, turnover fell to 3.03 billion units worth RM2.73 billion from 3.65 billion units worth RM2.66 billion on Thursday.

Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the KLCI is poised for potential upward movement ahead of the release of crucial US jobs data on Friday night.

“Investors are meticulously assessing various factors, including the prospect of rate cuts and the resumption of foreign net selling.

“Notably, sectors such as plantation, financial services, and energy are leading the gains, with the plantation sector particularly demonstrating an upward trend over the past three days, driven by market concerns over supply issues,” he said.

On a regional basis, Asian stock markets are predominantly on an upward trajectory, buoyed by encouraging signals from global markets and growing anticipation of interest rate cuts by major central banks.

Market Daily Report: Bursa closes higher as OPR kept unchanged

KUALA LUMPUR (March 7): Bursa Malaysia closed higher on Thursday as risk appetite was lifted after Bank Negara Malaysia (BNM) kept the overnight policy rate (OPR) unchanged at 3%, a move seen as supportive of the domestic economy.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 4.32 points to 1,535.83 from Wednesday's close of 1,531.51.

The benchmark index, which opened 0.19 of a point higher at 1,531.7, moved within a narrow range between 1,531.7 and 1,539.6 throughout the day.

On the broader market, gainers outnumbered decliners 546 to 452, while 430 counters were unchanged, 847 untraded and 29 suspended.

However, turnover fell to 3.55 billion units worth RM2.60 billion from 3.65 billion units worth RM2.66 billion on Wednesday.

Mohd Sedek Jantan, head of wealth research and advisory and a designated portfolio manager at UOB Kay Hian Wealth Advisors, said the market was buoyed by the Malaysian central bank’s decision to maintain the OPR at 3%, in line with analysts' forecasts.

Market Daily Report: Bursa ends marginally lower for second day running

KUALA LUMPUR (March 6 ): Bursa Malaysia continued to decline to close lower for a second consecutive day on Wednesday in lacklustre trading as investors took profits after the recent rally against the backdrop of significant data releases and economic meetings this week, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 5.47 points to 1,531.51 from Tuesday's close of 1,536.98.

The benchmark index, which opened 4.53 points lower at 1,532.45, moved within a narrow range between 1,527.92 and 1,535.2 throughout the day.

On the broader market, losers outpaced gainers 588 to 422, while 439 counters were unchanged, 814 untraded and 13 others suspended.

Turnover fell to 3.65 billion units worth RM2.66 billion from 3.81 billion units worth RM2.8 billion the previous day.

Market Daily Report: Bursa recoups most of earlier losses to close slightly lower

KUALA LUMPUR (March 5): Bursa Malaysia recouped most of its earlier losses to close slightly lower on Tuesday as late buying in gaming, telecommunications and banking stocks supported the benchmark index, amid the downbeat performance in most regional markets, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 2.29 points to 1,536.98 from Monday's close of 1,539.27.

The benchmark index, which opened 1.35 points lower at 1,537.92, moved between 1,518.84 and 1,537.92 throughout the day.

On the broader market, losers outpaced gainers 654 to 380, while 450 counters were unchanged, 767 untraded and 13 others suspended.

Turnover rose to 3.81 billion units worth RM2.8 billion from 3.32 billion units worth RM2.56 billion the previous day.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said that the key regional indices mostly ended lower, seeing strong selling in technology stocks following a negative cue from Wall Street overnight.

Back home, he said sentiment turned cautious after the benchmark index broke the 1,534 support level. The next support level is seen at 1,520, he added.

“Despite the prevailing cautious sentiment, we believe the sell-off presents an opportunity for investors to seek bargains in stocks at lower levels,” he said.

Meanwhile, UOB Kay Hian Wealth Advisors head of wealth research & advisory (designated portfolio manager) Mohd Sedek Jantan said investor disappointment was particularly palpable following announcements made at the National People's Congress on Tuesday.

The Chinese government reportedly set a conservative 5% economic growth target for 2024, significantly lower than the previous double-digit figures.

“This shift towards stability rather than aggressive stimulus measures has raised concerns among investors regarding the future growth prospects,” he said.

On the local bourse, heavyweights Maybank Bhd added three sen to RM9.63, CIMB Group Holdings Bhd rose eight sen to RM6.53, Public Bank Bhd increased two sen to RM4.32, while Tenaga Nasional Bhd fell four sen to RM11.16, and Petronas Chemicals Group Bhd dipped two sen to RM6.86.

As for the actives, Harvest Miracle Capital Bhd shrank half a sen to 13.5 sen, Sapura Energy Bhd shaved off half a sen to 4.5 sen, Widad Group Bhd declined 1.5 sen to 9.5 sen, and both TWL Holdings Bhd and Fitters Diversified Bhd were unchanged at 3.5 sen and five sen, respectively.

On the index board, the FBM Emas Index was 20.09 points lower at 11,397.01, the FBMT 100 Index trimmed 19.02 points to 11,065.29, the FBM ACE Index fell 51.2 points to 4,699.16, the FBM Emas Shariah Index lost 58.40 points to 11,385.09, and the FBM 70 Index dropped 36.72 points to 15,363.41.

Sector-wise, the Financial Services Index climbed 36.6 points to 17,290.13, the Plantation Index tumbled 117.81 points to 7,178.29, the Energy Index shed 6.49 points to 907.27, and the Industrial Products and Services Index eased 1.22 points to 174.47. 

The Main Market volume increased to 1.99 billion units valued at RM2.51 billion from 1.93 billion units valued at RM2.32 billion on Monday.

Warrants turnover surged to 1.22 billion units worth RM151.75 million from 786.11 million units worth RM102.03 million previously.  

The ACE Market volume expanded to 595.83 million shares worth RM140.07 million from 589.15 million shares worth RM134.95 million on Monday.

Consumer products and services counters accounted for 252.26 million shares traded on the Main Market, industrial products and services (412.72 million); construction (140.51 million); technology (197.07 million); SPAC (nil); financial services (150.35 million); property (388.42 million); plantation (41.36 million); REITs (13.19 million), closed/fund (25,800); energy (186.23 million); healthcare (42.44 million); telecommunications and media (32.13 million); transportation and logistics (29.14 million); and utilities (103.62 million).

Source: The Edge

Market Daily Report: KLCI pares earlier gains to end marginally higher

KUALA LUMPUR (March 4): Bursa Malaysia pared earlier gains to close marginally higher on Monday as selling emerged in late trading while most regional markets also eked out narrow gains.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.25 points to close at 1,539.27 from last Friday's (March 1) close of 1,538.02.

The benchmark index, which opened 1.08 points firmer at 1,539.1, moved between 1,537.03 and 1,547.1 throughout the day.

On the broader market, losers outpaced gainers 536 to 426, while 461 counters were unchanged, 837 untraded and 23 others suspended.

Turnover fell to 3.32 billion units worth RM2.56 billion from 4.82 billion units worth RM3.09 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices also recorded narrow gains to finish slightly higher as investors were cautiously awaiting updates on China's National People’s Congress.

The event aims to boost the world's second-largest economy, address challenges in the property market, and stabilise financial markets, he added.

Additionally, on the domestic front, Thong said the stockbroker’s positive assessment of Malaysian equities remained intact, supported by stronger corporate earnings and improving economic conditions.

“Hence, we anticipate the FBM KLCI to trend within the range of 1,540-1,570 for the week with immediate resistance at 1,570 and support at 1,534,” he said.

Among heavyweights, Maybank Bhd perked up 15 sen to RM9.60 and CIMB Group Holdings Bhd inched up 11 sen to RM6.45 while Public Bank Bhd slid six sen to RM4.30, Tenaga Nasional Bhd declined 10 sen to RM11.20, and Petronas Chemicals Group Bhd went down five sen to RM6.88.

As for the actives, TWL Holdings Bhd and Hong Seng Consolidated Bhd were flat each at 3.5 sen and 1.5 sen respectively, while Harvest Miracle Capital Bhd and Widad Group Bhd shaved off a sen each to 14 sen and 11 sen respectively, and Jaks Resources Bhd dropped two sen to 15.5 sen.

On the index board, the FBM Emas Index rose 6.79 points to 11,417.1, the FBMT 100 Index added 9.54 points to 11,084.31, the FBM 70 Index advanced 15.41 points to 15,400.13, the FBM ACE Index slid 10 points to 4,750.36, and the FBM Emas Shariah Index eased 28.06 points to 11,443.49. 

Sector-wise, the Financial Services Index rose 78.30 points to 17,253.53, the Plantation Index increased by 72.24 points to 7,296.1, the Energy Index improved by 4.11 points to 913.76, and the Industrial Products and Services Index shed 0.09 of-a-point to 175.69. 

The Main Market volume dwindled to 1.93 billion units valued at RM2.32 billion from 3.29 billion units valued at RM2.83 billion last Friday.

Warrants turnover tumbled to 786.11 million units worth RM102.03 million from 931.75 million units worth RM125 million previously.  

The ACE Market volume expanded to 589.15 million shares worth RM134.95 million from 579.47 million shares worth RM131.61 million million last Friday. 

Consumer products and services counters accounted for 219.49 million shares traded on the Main Market, industrial products and services (382.62 million); construction (147.23 million); technology (282.01 million); SPAC (nil); financial services (143.21 million); property (351.76 million); plantation (59.08 million); REITs (15.7 million), closed/fund (198,100); energy (137.40 million); healthcare (43.69 million); telecommunications and media (38.11 million); transportation and logistics (33.64 million); and utilities (71.38 million).

Source: The Edge

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

KUALA LUMPUR (March 1): Bursa Malaysia struggled to make significant progress above the 1,550 level and ended lower on Friday due to profit-taking activities following recent gains.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 13.42 points to close at 1,538.02 from Thursday’s close of 1,551.44. 

The benchmark index, which opened 1.72 points firmer at 1,553.16, moved between 1,537.11 and 1,556.22 throughout the day.

On the broader market, losers outpaced gainers 679 to 396, while 448 counters were unchanged, 737 untraded and 23 others suspended.

Turnover narrowed to 4.82 billion units worth RM3.09 billion versus 5.34 billion units worth RM7.01 billion on Thursday.

SPI Asset Management managing partner Stephen Innes said in the current market landscape, there's a noticeable disparity among different markets.

“While major US indices, particularly those dominated by mega tech companies in the artificial intelligence sector, continue to hit record highs despite concerns over rising US inflation and robust personal income growth, local stocks are grappling with challenges such as higher US yields and weaker manufacturing purchasing managers' index (PMI) data from China.

“The latter indicates ongoing contraction in the manufacturing sector, which is weighing on investor sentiment,” he said. 

Meanwhile, Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said Bursa Malaysia trended lower as profit taking continued following the recent rally.

“Meanwhile, key regional indices trended higher following positive economic data from China.

“Official data revealed that China's manufacturing PMI for February matched the Reuters poll forecast at 49.1, while, the private Caixin manufacturing final PMI recorded a slightly higher figure of 50.9, up from the previous month's 50.8.

“At the same time, the US January personal consumption expenditures price index came in within estimates, fuelling expectations that the Federal Reserve will implement interest rate cuts by June,” he said.