MONEY MASTER

  KUALA LUMPUR (July 30): The FBM KLCI slipped to below the key support level of 1,500 today, in line with weaker regional markets which were dragged down by Covid-19 worries. The benchmark index ended 18.33 points or 1.21% lower at its intra-day low of 1,494.6. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the market weakness was in tandem with regional peers. “Local political uncertainty also dampened sentiment as foreign funds have been selling local equities in the past five days,” he told theedgemarkets.com . Leong expects the weakness to continue next week in the absence of fresh catalysts. Overall market breadth was negative with 665 counters ending the day in the red, versus 300 gainers and 407 that were unchanged. A total of 4.12 billion securities were traded at a value of RM2.72 billion, compared with 4.48 billion securities worth RM2.86 billion yesterday. Heavyweights that dragged the KLCI down included Sime Darby Plantation Bhd (d...

  KUALA LUMPUR (July 29): The FBM KLCI erased earlier gains and sank into the red today on concerns about the latest political developments in the country. The benchmark index closed 2.46 points or 0.16% lower at 1,512.93 after moving between 1,511.51 and 1,520.04 throughout the day. Areca Capital Sdn Bhd chief executive officer (CEO) Danny Wong said the market pulled back in the afternoon after Yang di-Pertuan Agong issued a statement rebuking the government. “The market in the next few days should remain volatile as political uncertainties will continue to affect market sentiment,” he told The Edge. The King, in his statement, said he was very disappointed that the Cabinet had decided to revoke the Emergency Ordinances promulgated during the state of emergency without receiving his consent. Meanwhile, Hong Leong Investment Bank (HLIB) Research analyst Ng Jun Sheng said in a note today that lingering concerns over the precarious local Covid-19 situation and...

  KUALA LUMPUR (July 28): Political headwinds and persistent rise in the number of Covid-19 infections continue to bog down the stock market. The FBM KLCI closed almost flat amidst cautious sentiments as it ended 0.79 points or 0.05% lower at 1,515.39, after trading at between 1,509.81 and 1,516.35. Rakuten Trade Research vice-president Thong Pak Leng said Malaysian equity market sentiments continued to be affected by domestic political uncertainty and high Covid-19 cases. “People are just afraid it will drag too long and lead to a more difficult economic recovery,” he told theedgemarkets.com , adding that he expects the benchmark index to be range bound in the near term. Malaysia’s daily Covid-19 cases jumped to an all-time high of 17,405 today, compared with 16,117 yesterday. The previous record high of new cases was 17,045 posted on Sunday (July 25). Meanwhile, TA Securities said in a note today that blue chips closed slightly higher yesterday, despite heavy losses i...