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KLCI drifts lower, tracks losses at regional markets

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KUALA LUMPUR (July 16): The FBM KLCI drifted lower at mid-morning today, tracking losses at most regional markets. At 10am, the FBM KLCI dipped 3.15 points to 1,718.78. Losers edged gainers by 242 to 236, while 308 counters traded unchanged. Volume was 543.98 million shares valued at RM257.83 million. The top losers included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Genting Plantations Bhd, MSM Malaysia Holdings Bhd, UMW Holdings Bhd, Hong Leong Financial Group Bhd, Dialog Group Bhd and Hartalega Holdings Bhd. The actives includedRead More


KLCI extends gains for 6th day, Dialog lifts

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KUALA LUMPUR: Sustained local institutional support for battered down but fundamentally strong blue chip companies saw the FBM KLCI climbing for the sixth day on Friday. The firmer key Asian markets helped shore up local market sentiment. Fresh China data suggest the Sino-US trade war has yet to make a dent on the Chinese economy, Reuters reported. The KLCI rose 18.36 points or 1.08% to 1,721.93, after adding 14.8 points on Thursday. Turnover improved to 3.27 billion shares valued at RM2.83bil. The broader market was firmer with advancers leading declinersRead More


KLCI reverses loss, climbs 0.44% as Maybank, Public Bank lift

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KUALA LUMPUR (July 12): The FBM KLCI reversed its earlier losses and climbed 0.44% at midday break, tracking regional markets, lifted by gains including at banking heavyweights Malayan Banking Bhd and Pulic Bank Bhd. At 12.30pm, the FBM KLCI rose 7.41 points to 1,696.18. The index had earlier slipped to its intra-morning low of 1,686.14. Gainers overtook losers by 277 to 236, while 506 counters traded unchanged. Volume was 1.24 billion shares, valued at RM815.69 million. Top gainers included Malaysian Pacific Industries Bhd, Kossan Rubber Industries Bhd, Maybank, Hartalega HoldingsRead More


KLCI remains under pressure as spectre of trade war hangs over global markets

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KUALA LUMPUR (July 12): The FBM KLCI remained presured at mid-morning today, tracking regional markets as market sentiment stayed tepid with the spectre of a U.S.-China trade war still hanging over global markets. At 10am, the FBM KLCI was down 1.77 points to 1,687.00. Losers led gainers by 238 to 197, while 249 counters traded unchanged. Volume was 520.77 million shares valued at RM253.27 million. The decliners included Nestle (M) Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Batu Kawan Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd,Read More


KLCI closes higher as Asian markets pick up positive sentiment

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KUALA LUMPUR: Asian markets took a running start to the week with all key markets rising as Friday’s US payroll data lifted sentiment. Japan’s Nikkei climbed 1.2% while in China, the Shanghai Composite Index rose 2.5%, the blue chip CSI300 gained 1.5% and Hong Kong’s Hang Seng gained 1.3%. In South Korea, the Kospi put on 0.6%. Bursa Malaysia was also swept up in the rally, rising 8.77 points to 1,672.63 at the close. Trading volume was 2.01 billion shares with a value of RM2.05bil. There were 512 decliners versusRead More


KLCI rises as region rebounds on positive US data

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KUALA LUMPUR: Bursa Malaysia joined the Asian rebound on Monday as positive US jobs data on Friday bolstered sentiment over market conditions and inflationary rates in the US. In morning trade, Asian markets were up across the board with the Shanghai Composite Index adding 1.65%, the Nikkei rising 1.4% and the Kospi gaining 0.75%. The FBM KLCI got off to a slow start in the hour of trading but ramped up over the course of the morning, ending 6.89 points higher to 1,670.75 at midday. Trading volume was just aRead More


Foreign funds likely to return in Q4, says Rakuten Trade

KUALA LUMPUR: Rakuten Trade, which expects volatility to reign in the local stock market for now, opines that foreign funds are likely to return in the fourth quarter against the backdrop of Malaysia’s position as a safe haven in the region and weakness in the US, said head of research Kenny Yee.

“The US has been the epicentre of volatility. Once volatility heightens, fund managers with cash will avoid the US and will look at Asia as Asia is a growth engine. Given time, money will come back to this region and Malaysia is a preferred destination because it is a safe haven,” he told a media briefing on the market outlook for the second half of 2018 here today, adding that the cheap ringgit will also spur a comeback.

Yee described the US as the biggest market concern over domestic issues, with more interest rate increases in 2018, uncertain trading patterns coupled with high valuations on Wall Street as well as President Donald Trump’s egotistical economic policies.

Bursa Malaysia is expected to be impacted by heightened global and regional volatility over the next few months, and to a less extent, domestic political landscape and impending overhaul of some government-linked companies.
Post the 14th general election, net foreign selling has hit almost RM7 billion year to date.

“Like it or not, the volatility of the local market will continue for now. For May and June, net foreign selling has been ongoing or every day, totalling RM10 billion and it’s continuing. Now we’ve seen the quantum of net selling diminishing in terms of value, but they’re still evaluating their buildings,” Yee said, adding that there is a positive correlation between net foreign selling and the FBM KLCI’s performance.

He considers the prevailing “kitchen-sinking” in the country a short-term pain, with the downtrend of major regional indices not exclusive to Malaysia.

Yee remains positive on Malaysia, given the ringgit performance, the country’s position as a safe haven, its domestic funds, and positive FBM KLCI estimates.
Against the US dollar, the ringgit is only down 0.28% year to date, Yee said.He expects the ringgit to strengthen to around the RM3.80 level.

Yee said Malaysia is blessed with the establishments of government-linked investment companies, namely Employees Provident Fund, Permodalan Nasional, The Retirement Fund Inc and Tabung Haji. These four manage a total fund size exceeding RM1.2 trillion. He said should there be any drastic fall, these will act as a cushion for any hard landing in the local market.

Rakuten Trade is the only equity broker which expects the FBM KLCI to touch 1,895 points by year-end, with corporate earnings growth of 6.8% estimated for FY18. The key index closed up 2.2 points at 1,690.65 points today.

It is also looking at FBM KLCI-linked counters as better bets at this juncture, with its top picks being Malayan Banking, Genting, Kuala Lumpur Kepong and Telekom Malaysia.

“At the moment, liquidity is scarce in the local market. Once the foreigners come in, these are the counters that they will go for first. Index-linked blue chips are ripe for pickings, many are now trading at attractive levels,” said Yee.


Telekom Malaysia, Axiata lift KLCI despite shaky regional markets

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KUALA LUMPUR (July 4): The FBM KLCI rose at midday break today, lifted by gains at select index-linked blue chips, including Telekom Malaysia Bhd and Axiata Group Bhd, against the backdrop of weaker regional markets. At 12.30pm, the FBM KLCI rose 5.81 points to 1,686.18. The index had earlier risen to a high of 1,687.12. Losers led gainers by 278 to 253, while 490 counters traded unchanged. Volume was 1.03 billion shares, valued at RM682.37 million. Top gainers included British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Telekom Malaysia, HongRead More


KLCI pares gains in line with shaky regional markets

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KUALA LUMPUR (July 4): The FBM KLCI pared some of its gains at mid-morning today in line with the shaky regional markets, as mounting worries of an escalating U.S.-China trade spat kept global investors on tenterhooks. At 10am, the FBM KLCI was up 1.06 points to 1,681.43. The index had earlier risen to a high of 1,685.24. Losers overtook gainers by 236 to 180, while 290 counters traded unchanged. Volume was 456.47 million shares valued at RM262.14 million. The gainers included British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd,Read More


Telekom, Tenaga lift KLCI but gains seen capped

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KUALA LUMPUR (July 4): The FBM KLCI edged up slightly in early trade today, lifted by heavyweights Telekom Malaysia Bhd and Tenaga Nasional Bhd but gains were seen capped in line with the shaky regional markets. At 9.05am, the FBM KLCI was up 2.93 points to 1,683.30. The early gainers included Malaysia Airports Holdings Bhd, Kuala Lumpur Kepong Bhd, Telekom Malaysia Bhd, IHH Healthcare Bdh, Petron Malaysia Refining & Marketing Bhd, Tan Chong Motor Holdings Bhd, Public Bank Bhd, Bermaz Auto Bhd and Tenaga Nasional Bhd. Asian stocks were onRead More