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Bursa Malaysia ends at intra day high on institutional support

KUALA LUMPUR: Bursa Malaysia ended at an intra-day high backed by institutional support in selected heavyweights, especially government-linked counters.

The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.42% or 6.86 points higher at 1,609.33, after trading between it and the lowest point of 1,594.59.

The market barometer opened 6.70 points lower at 1,595.77.

Market breadth, however, was on a negative note as losers slightly outpaced gainers by 400 to 381, with 397 counters unchanged, 780 untraded and 13 others suspended.

Turnover was slightly lower at 2.01 billion units worth RM1.74 billion compared with 2.04 billion units worth RM1.75 billion yesterday.

Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said that the local bourse ended in range-bound trading as the market was less enthusiastic pending further market direction.

“It seems that 1600 points remains as the psychological level, and it remained steady as it was supported by local institutional funds.

“At the moment, investors especially retail are very cautious about the external environment as there have been clear signs of a global economic slowdown,” he told Bernama.

He added that the government is now conducting demand management to help the economy to grow.

“While the intervention is welcome, the markets are very cautious especially areas relating to the trade war which is very edgy. At this juncture, a second rate cut by the central bank is quite possible,” he said.

On the local bourse, Tenaga Nasional rose 10 sen to RM13.76, IHH and CIMB Group gained one sen to RM5.68 and RM5.07 respectively, Maybank added eight sen to RM8.64 and Petronas Chemicals added two sen to RM7.22.

As for actives, Ekovest expanded four sen to 84.5 sen, Iskandar Waterfront leaped eight sen to 95 sen, AirAsiaX slid one sen to 18.5 sen and Dayang Enterprise lost three sen to RM1.49.

The FBM Ace declined 94.01 points to 4,553.63, the FBM 70 advanced 44.50 points to 14,180.45, the FBM Emas Index recovered 47.36 points to 11,386.15, the FBM Emas Shariah Index appreciated 54.24 points to 11,924.19 and the FBMT 100 Index was 44.84 points higher at 11,219.33.

Sector-wise, the Financial Services Index strengthened 67.22 points to 15,655.33, the Plantation Index rose 69.04 points to 6,841.69, and the Industrial Products and Services Index was 0.18 point higher at 150.57.

Main Market volume increased slightly to 1.38 billion units worth RM1.60 billion from 1.31 billion units worth RM1.60 billion, compared with yesterday’s 1.27 billion units worth RM1.47 billion.

Warrants turnover decreased to 369.33 million units worth RM82.98 million from 404.69 million units worth RM95.73 million yesterday.

Volume on the ACE Market declined to 354.58 million units worth RM54.87 million from 317.62 million units worth RM55.75 million yesterday.

Consumer products and services accounted for 247.14 million shares traded on the Main Market, industrial products and services (163.94 million), construction (253.59 million), technology (122.17 million), SPAC (nil), financial services (37.88 million), property (168.03 million), plantations (15.29 million), REITs (10.82 million), closed/fund (nil), energy (187.54 million), healthcare (21.57 million), telecommunications and media (111.80 million), transportation and logistics (26.11 million), and utilities (19.55 million).

The physical price of gold as at 5.00pm stood at RM194.91 per gramme, down five sen from RM194.96 at 5.00pm yesterday. — Bernama


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Bursa Malaysia ends on cautious note

KUALA LUMPUR: Bursa Malaysia ended the day on a cautious note, pending further market direction amid global economic uncertainty.

The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.49% or 7.88 points higher at 1,602.47, after hitting an intra-day high of 1,605.53, breaking the immediate support level of 1,601.0 at the eleventh hour before sliding back.

The market barometer opened 1.67 points higher at 1,597.26.

Market breadth, however, skewed to the negative as losers outpaced gainers 401 to 382, with 430 counters unchanged, 746 untraded and 14 others suspended.

Turnover was slightly higher at 2.04 billion units worth RM1.75 billion compared with 1.99 billion units worth RM1.62 billion yesterday.

VM Markets Pte Ltd managing partner Stephen Innes said that the market was in a capricious mood, which has a decidedly risk-off note.

“Most of the investors are awaiting what US Federal Reserve (US Fed) chairman Jerome Powell would be saying at the Jackson’s Hole symposium tomorrow, which would give an indication on the rate cut decisions,“ he told Bernama.

He added that investors are mostly certain that the US Fed would implement an interest rate cut, but it is still undecided on whether it would be 25 or 50 basis points.

Another analyst said that besides global reasoning, retail investors were absent from the local market as they implement a risk-off investment.

“With gold price on the rise, it is an indication that they are shifting to safe haven assets in bracing for a downturn,“ she said.

On the local bourse, AMMB added 24 sen to RM4.14, Dialog and Digi gained two sen to RM3.49 and RM5.00 respectively, while IHH and Sime Darby were up one sen at RM5.67 and RM2.10 respectively.

As for actives, Vsolar dropped 1.5 sen to 13.5 sen, Jaks shed half-a-sen to 81.5 sen, Berjaya Land firmed 1.5 sen to 24 sen, MNC Wireless was half-a-sen firmer at 8 sen and NETX was flat at 1.5 sen.

The FBM Ace rose 41.47 points to 4,647.64, the FBM 70 slipped 19.79 points to 14,135.95, the FBM Emas Index recovered 36.40 points to 11,338.79, the FBM Emas Shariah Index appreciated 36.26 points to 11,869.95 and the FBMT 100 Index was 38.41 points higher at 11,174.49.

Sector-wise, the Financial Services Index strengthened 75.95 points to 15,588.11, the Plantation Index rose 21.88 points to 6,772.65, and the Industrial Products and Services Index was 0.75 point higher at 150.39.

Main Market volume increased to 1.31 billion units worth RM1.60 billion, compared with yesterday’s 1.27 billion units worth RM1.47 billion.

Warrants turnover decreased to 404.69 million units worth RM95.73 million compared with 418.17 million units worth RM92.27 yesterday.

Volume on the ACE Market, meanwhile, increased to 317.62 million units worth RM55.75 million from 303.94 million units valued at RM50.73 million.

Consumer products and services accounted for 286.64 million shares traded on the Main Market, industrial products and services (222.62 million), construction (106.14 million), technology (110.58 million), SPAC (nil), financial services (40.32 million), property (164.73 million), plantations (12.17 million), Reits (14.75 million), closed/fund (20,000), energy (186.29 million), healthcare (25.89 million), telecommunications and media (100.72 million), transportation and logistics (29.82 million), and utilities (17.00 million).

The physical price of gold as at 5.00pm stood at RM194.96 per gramme, up 22 sen from RM194.74 at 5.00pm yesterday. — Bernama


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Bursa Malaysia ends at intraday low amid global economic concerns

KUALA LUMPUR, Aug 21 — Bursa Malaysia ended at its intraday low today in mild trading due to lack of catalysts amid global economic uncertainty. The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.51 per cent or 8.16 points lower at 1,594.59,…


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FMM members bracing for a slowdown in second half

PETALING JAYA: Members of the Federation of Malaysian Manufacturers (FMM) are bracing for a sluggish second half in 2019 due to uncertainties arising from the US-China trade tensions, Brexit and global economic slowdown.

Its President Datuk Soh Thian Lai (pix) cited the organisation’s business conditions survey conducted with Malaysian Institute of Economic Research indicated that only 29% of its respondents are projecting a pick up in business activities, while 28% are expecting a slowdown and the rest foresee their business to remain unchanged.

Meanwhile, the survey also revealed that the manufacturing sector took a downturn in the first half of the year with the business conditions index registering a score of 78 points against 107 points recorded in the second half of the previous year.

With regards to trade, only 25% of FMM members surveyed expect higher export sales in the second half of the year.


Freight Management’s Q4 earnings tumble 74.3%

PETALING JAYA: Freight Management Holdings Bhd’s net profit slumped 74.3% to RM1.07 million in the fourth quarter ended June 30, 2019 against RM4.17 million in the previous corresponding period, mainly due to higher share of losses from an associate in tug and barge services and impairment of its assets.

The lower earnings were also contributed by higher operating cost for third-party logistics & warehousing and the ongoing costs for the new distribution services.

Its revenue, however, rose 10.1% to RM142.96 million from RM129.9 million.

The group has proposed to declare an interim dividend of 2.5 sen per share for the quarter under review.

Freight Management’s full-year net profit declined 31% to RM13.6 million from RM19.7 million a year ago on the back of a 6.6% rise in revenue to RM545.35 million from RM511.59 million.

Barring unforeseen circumstances, the group is optimistic on a positive performance for the financial year ending June 30, 2020.

“The group will continue to focus on expanding its customer base regionally and improving its cost management via operational efficiencies to mitigate the decelerating global economic outlook, which is partly exacerbated by the ongoing trade war between the US and China.”


Ringgit ends lower

KUALA LUMPUR: The ringgit ended lower against the US dollar today as the greenback climbed to its highest this year, backed by optimism over possible stimulus to counter the global economic slowdown.

At 6pm, the ringgit finished at 4.1810/1860 against the greenback from 4.1750/1790 on Monday.

VM Markets Pte Ltd managing partner Stephen Innes said the dollar remains supported by US growth differentials.

“The strong US economic data versus the weaker data in Europe and China makes the greenback more attractive,“ he told Bernama.

There are also a lot of nervous investors ahead of US-China trade talks scheduled for next month.

“I think until there is a definitive or positive sign from those talks only then will the ringgit significantly strengthen,“ he added.

The ringgit was traded mixed against other major currencies.

The local note was better against the British pound at 5.0569/0646 from 5.0593/0645 on Monday and versus the euro to 4.6334/6393 from 4.6338/6399.

It was weakened against the yen at 3.9321/9372 from 3.9183/9228 and against the Singapore dollar to 3.0164/0204 from 3.0144/0184. — Bernama