Market Daily Report: Bursa Malaysia at Highest Level Since March 2022, Rate Cut Hopes Boost Global Sentiment

KUALA LUMPUR, May 16 (Bernama) -- Bursa Malaysia ended slightly off its intraday high today on renewed hopes of a possible two interest rate cuts in the United States (US) this year.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) bagged 7.88 points to 1,611.11 compared to yesterday’s close of 1,603.23, marking its highest level since March 2022.

The barometer index opened 1.15 points better at 1,604.38 and hit a high of 1,611.57 in the afternoon session.

Gainers outnumbered losers 720 to 492, with 456 counters unchanged, 700 untraded and 10 others suspended.

Turnover, however, decreased to 6.04 billion units worth RM4.35 billion from 6.20 billion units worth RM4.69 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that bargain hunting also contributed to today's uptrend, following a few sessions of consolidation mode.

"We remain positive about the recovery of global market sentiment.

"Furthermore, we anticipate this bullish momentum to drive the benchmark index towards the next resistance level of 1,615 as the bulls regain strength," he told Bernama.

Consequently, the FBM KLCI is expected to move within the 1,605-1,620 range towards the weekend, with immediate resistance at 1,615 followed by 1,635, and support at 1,600 followed by 1,585.

The domestic performance was in tandem with the US stock market, which registered fresh highs on the back of lighter-than-expected consumer price index (CPI) readings.

Additionally, investors also cheered Beijing's move to implement policies to support the purchase of unsold homes from distressed builders. 

Back home, investors will be closely monitoring the first-quarter gross domestic product to be announced tomorrow, with markets projecting a higher-than-expected growth.

The Department of Statistics Malaysia (DOSM) recently forecast a growth of 3.9 per cent based on advance estimates.

Among the heavyweights, Tenaga Nasional rose 26 sen to RM12.66, while Public Bank, Maybank and YTL Power bagged four sen each to RM4.19, RM9.92 and RM5.18 respectively.

Petronas Chemicals gained nine sen to RM6.90 and PPB climbed 18 sen to RM15.48.

Market Daily Report: Bursa Malaysia Snaps Two-Day Winning Streak to End Marginally Lower

KUALA LUMPUR, May 15 (Bernama) -- Bursa Malaysia ended trading at an intraday low today, snapping a two-day winning streak as investors hesitated to make significant moves ahead of the upcoming US economic report. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.65 points or 0.17 per cent to 1,603.23 compared to yesterday’s close of 1,605.88.

The barometer index opened 0.13 of-a-point easier at 1,605.75 and reached an intraday high of 1,607.64 during the late morning session. 

On the broader market, decliners led advancers 579 to 574, with 475 counters unchanged, 740 untraded, and 23 others suspended.

Turnover increased to 6.20 billion units worth RM4.69 billion from 4.69 billion units worth RM3.19 billion on Tuesday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the US consumer price index (CPI) data slated for release later today is pivotal for the Federal Reserve's (Fed) future interest rate decisions. 

Market Daily Report: Bursa Malaysia Ends Higher on Improved Sentiment

KUALA LUMPUR, May 14 (Bernama) -- Bursa Malaysia closed higher today, driven by increased daily trading volume indicating rising interest in Malaysian equities, particularly from foreign buyers, a dealer said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.97 points to 1,605.88, compared to yesterday’s close of 1,602.91.

The benchmark index opened 1.04 points lower at 1,601.62 and moved between 1,601.44 and 1,607.42 throughout the session.

Advancers outnumbered decliners 592 to 527 across the broader market, with 520 counters unchanged, 706 untraded, and nine others suspended.

Turnover improved to 4.69 billion units worth RM3.19 billion from 4.53 billion units worth RM3.01 billion on Monday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI advanced further as foreign buying continues, particularly in energy, telecommunications and plantation stocks.

“Consequently, we maintain our weekly FBM KLCI target between 1,600 and 1,620, with immediate resistance at 1,615 and support at 1,600, followed by 1,585,” he told Bernama.

As for regional markets, Thong said that key regional indices saw minimal changes as investors preferred to stay cautious ahead of this week's release of crucial US inflation data, expected to influence the outlook for US interest rates significantly.

The data is scheduled for Wednesday, with expectations indicating a slowdown in the core Consumer Price Index from an annual rate of 3.6 per cent for April compared with 3.8 per cent in March.

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI ended slightly higher today amidst a week packed with economic releases while investors continue to exercise caution ahead of key economic data releases, including the US April Producer Price Index (PPI) report scheduled for Tuesday, followed by the CPI.

“Furthermore, attention will be on Friday's release of Bank Negara Malaysia's GDP figures for the first quarter of 2024.

“Nonetheless, we believe the market undertone remains solid as the accumulation of stocks continues, supported by recent high-profile investments announced by multinationals, strengthening local political stability, and a gradual rollout of economic and fiscal reform initiatives to facilitate long-term growth and competitiveness,” he said.

Mohd Sedek said the index is expected to range between 1,600 and 1,614 this week, with any breach of these limits likely prompting further movement.

"Support levels remain steady at 1,575 and 1,560, while resistance is expected at 1,614 and 1,635," he added.

Among gainers in the heavyweights, YTL Corporation rose 13 sen to RM3.52, YTL Power gained 12 sen to RM5.04, while Maybank improved one sen to RM9.88. However, Public Bank and CIMB lost one sen each to RM4.17 and RM6.79, respectively.

As for the actives, MMAG shares lost half a sen to 37 sen, its warrant was 2.5 sen easier at 13 sen, ACE-market debutante Farm Price’s shares jumped 70.83 per cent to 41 sen from the opening price of 24 sen, Pan Malaysia added four sen to 32.5 sen, while Sapura Energy was flat at 4.5 sen.

Market Daily Report: FBM KLCI snaps losing streak

KUALA LUMPUR: The FBM KLCI rebounded today, snapping a three-day losing streak, bucking the trend as other regional indices edged down.

At closing, the 30-stock index advanced 2.24%, or 0.44% to 1,602.91 on strong interest in banking and Genting stocks.

In the broader market, gainers outnumbered decliners 642 to 494, while 505 counters remained unchanged. Turnover stood at 4.53 billion shares worth RM3bil.

Genting rose 21 sen to RM4.76 while Genting Malaysia added nine sen to RM2.72.

It was reported that Genting Singapore Plc’s earnings beat expectations after hitting a 10-year high in the first quarter of 2024 (1Q 2024).

Among the gainers, Malaysia Pacific Industries jumped RM1.08 to RM32.08, Sungei Bagan Rubber surged RM1.06 to RM6.66, Kluang rose 64 sen to RM5.95 and MI Technovation added 35 sen to RM2.30.

Market Daily Report: Bursa Malaysia all-time high indicates Madani framework is building investor confidence

KUALA LUMPUR: Bursa Malaysia’s all-time high indicates measures under the MADANI framework are building investor confidence, said Finance Minister II Senator Datuk Seri Amir Hamzah Azizan.

Bursa Malaysia's key index, the FTSE Bursa Malaysia KLCI (FBM KLCI), recently breached 1,600 points, the highest level in two years, with the bourse achieving an all-time high of RM2 trillion in market capitalisation.

"Coming on the back of a strong show of resilience amidst the ongoing geopolitical tensions, this performance is a testament to the strength of our market and Malaysia’s economy," he said at the launch of CIMB Securities Sdn Bhd here, today.

Amir Hamzah said the development of Malaysia’s capital market reflects a commitment to fostering growth, innovation, and resilience in the financial sector, positioning Malaysia as a leading destination for investment and capital market activity.

"As the steward of Malaysia’s economic well-being, the Ministry of Finance is entrusted with the responsibility of formulating policies and strategies to ensure sustainable growth, financial stability, and prosperity for all Malaysians.

"Central to this mandate is the promotion and development of Malaysia’s capital market," he highlighted.

The minister said multiple strategies and initiatives that the government has rolled out continue to work in tandem to realise the key targets un der the MADANI Economy.

Market Daily Report: Malaysia's top 100 stocks add RM175 bil to market cap; more upside for some

KUALA LUMPUR (May 8): Malaysia’s largest 100 companies added RM175.33 billion to their market value since the start of the year as optimism for a US Federal Reserve rate cut fuelled a broad rally in sectors ranging from technology to utilities.

The top 30 companies — including most of the constituents of the benchmark index FBM KLCI — gained as much as RM118.2 billion in market capitalisation up until Tuesday, according to data compiled by The Edge. Shares of the next 70 companies racked up RM57.13 billion in value.

There is further upside for the KLCI, and the Employees Provident Fund (EPF) account restructuring and pay hike for civil servants will be positive for the equity market, said Nomura.

Banks, consumer staples, retail, retail-focused real estate investment trusts, and automotive as well as stocks related to oil and travel will likely benefit from the introduction of EPF Account 3.

Some of the stocks have exceeded market expectations as investors jumped in on the rally.

On the FBM KLCI, the gains were led by YTL Power International Bhd (KL:YTLPOWR), which soared 92.6% or RM19.07 billion in market capitalisation year-to-date. Its Tuesday's close of RM4.88 beat the 12-month consensus target price of RM4.81 marginally by 1.5%.

YTL Corp Bhd (KL:YTL) also saw a surge of 77.5% or RM16.05 billion in market capitalisation. At Tuesday's close, shares of YTL Corp stood at RM3.35, which was 14.3% higher than the consensus target price of RM2.87.

MR DIY Group (M) Bhd (KL:MRDIY) is the only counter among the top five gainers that still has significant potential upside. The stock has climbed 22% to RM1.77 on Tuesday and accumulated RM3.03 billion in market value, but is still about 18% away from its consensus target price of RM2.08.

However, five out of the 30 KLCI companies have lost value: Maxis Bhd (KL:MAXIS) declined 6.5%, Petronas Chemicals Group Bhd (KL:PCHEM) 3.5%, Genting Malaysia Bhd (KL:GENM) 3%, Genting Bhd (KL:GENTING) 2.8% and Public Bank Bhd (KL:PBBANK) 1.9%.

Market Daily Report: Malaysian stocks’ market capitalisation reaches historical high of RM2 trillion

KUALA LUMPUR (May 7): Malaysian stocks hit RM2 trillion in market capitalisation for the first time ever on Tuesday thanks to broad gains in blue chip stocks and a slew of new listings.

The benchmark index FBM KLCI rallied for its fourth straight days to 1,605.68, its highest close since April 8, 2022, led by consumer and banking stocks. So far this year, the KLCI has racked up over 10% gains.

“We have seen foreign investors become net buyers again recently as the US economy is showing signs of slowing down, reviving hope of earlier interest rate cut,” Fortress Capital chief executive officer Datuk Thomas Yong told The Edge. Blue chips with strong fundamentals will likely continue to do well, he noted.

Investors also bet on small-cap stocks, pushing the index to its highest since Oct 2014, while Bursa Malaysia's Mid 70 Index also gained. ACE Market stocks, however, edged lower on Tuesday.

Stocks on the Main Market accounted for 97% of the entire equity market capitalisation, with the ACE Market and LEAP Market making up the rest. All in all, there are 2,315 securities listed on Bursa Malaysia.

Bursa Malaysia has also listed 18 companies so far this year, and most have delivered gains since their debut. This year, Bursa Malaysia aims to host 42 initial public offerings with a market capitalisation of RM13 billion.

Market Daily Report: Sustained buying interest boosts FBM KLCI

KUALA LUMPUR: The domestic market could wrap the week on a high note after stubbornly holding on to optimism amid better-than-expected earnings results from Wall Stret.

The FBM KLCI rose 1.29 points to 1,581.58 at the opening bell, and ramped up to as high as 1,587.32 in the first 10 minutes of trading as the return of foreign funds continued to lift Malaysia's blue chips.

YTL Power gained seven sen to RM4.68 and YTL Corp added seven sen to RM3.23, while Telekom Malaysia climbed six sen to RM6.20.

CIMB rose three sen to RM6.67, Tenaga Nasional climbed 14 sen to RM12.16 and Kuala Lumpur Kepong added six sen to RM23.30.

Apex Securities Research said the upbeat tone may sustain on the final trading day of the week, taking cue from the positive developments on Wall Street overnight.

"Investors will be keeping a close tab onto US unemployment rate and ISM Services data to provide gauge the strength of the world’s largest economy.

"We reckon the technology sector may mirror the positive performance on the Nasdaq overnight.

"Meanwhile, we advocate investors to steer away from the Plantation sector with CPO price languishing below RM3,800/MT," it said in its market outlook.

Malacca Securities Research said Apple's and Qualcomm's earnings results, which beat expectations and sparked a post-market jump, should provide decent support towards the technology sector.

Market Daily Report: FBM KLCI bucks regional downtrend

KUALA LUMPUR: The local bourse bucked the downtrend seen in regional stock markets to stay in positive territory amid the weaker sentiment.

At closing, the FBM KLCI was up 4.33 points, or 0.27% to 1,580.30. The market traded within a range of 8.41 points between an intra-day high of 1,582.68 and a low of 1,574.27 during the session.

Losers outpaced gainers 620 to 530, while 464 counters were unchanged. Volume stood at 3.81 billion units valued at RM3.05mil.

Among the gainers, Dutch Lady surged 84 sen to RM33.70, Nestle rose 70 sen to RM127.90, Ajinomoto added 32 sen to RM19.74 and Ge-Shen gained 30 sen to RM4.19.

Among the decliners, Crescendo fell 13 sen to RM3.47, SHH Resources lost 12 sen to RM1.16, Greatech Technology declined 10 sen to RM4.40 and Hibiscus Petroleum slid 10 sen to RM2.62.

Meanwhile, the ringgit strengthened against the US dollar. The ringgit was quoted at 4.7533 against the US dollar, up 0.39%.

The local unit rose 0.1% to 5.9509 against the pound sterling. It fell 0.05% to the Euro at 5.0893 and lost 0.06% to the Singapore dollar at 3.4975.