KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15. The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session. On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended. Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.
Wall Street Recap:
- U.S. stocks saw a sharp decline on Thursday, with S&P 500 entering correction territory, down 1.39%, and the Nasdaq falling 1.96%.
- Trade tensions escalated, particularly over tariffs: President Trump threatened 200% tariffs on EU alcoholic beverages in retaliation to the EU’s proposed 50% duty on American whiskey.
- Despite positive inflation news, with the Producer Price Index staying flat, trade war fears overshadowed market sentiment.
Stocks to Watch:
- Intel (INTC.US) surged 14.6% after announcing the appointment of Lip-Bu Tan, former Cadence Design Systems CEO, as the new chief executive.
- Adobe (ADBE.US) faced a steep 13.9% drop due to disappointing Q2 guidance, overshadowing better-than-expected Q1 results.
Bursa Market Insight:
- The FTSE Bursa Malaysia KLCI rebounded 1.70%, reaching 1,510.03 after a five-day sell-off. The rebound was driven by bargain hunting, particularly in construction and banking sectors.
- The index entered oversold territory, encouraging investors to pick up undervalued stocks. However, concerns about slowing Western demand for Asian exports remain a key concern.
- Analysts expect the FBM KLCI to trade between 1,500 and 1,530 in the near term, with continued accumulation likely.
Healthcare Sector Outlook:
- RHB Investment Bank sees a strong 2025 for Malaysia’s healthcare sector, driven by investor demand and an ageing population. New government health insurance plans are boosting access, though DRG pricingchallenges may affect sentiment.
- KPJ Healthcare remains the top pick, with an “overweight” sector rating.
Stocks to Watch:
- UWC (5292.MY) reported a strong 2QFY2025, with net profit more than doubling year-on-year, benefiting from the semiconductor industry’s recovery. No dividend was declared.
- APOLLO (6432.MY) showed mixed results in 3QFY2025, with a slight revenue increase due to higher domestic sales, but net profit dropped sharply due to lower profit margins and the absence of one-time gains.
- HIBISCS (5199.MY) declared its third interim dividend, raising the total for FY2025 to seven sen per share, with confidence in meeting its dividend guidance based on oil price forecasts.
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