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KUALA LUMPUR: Bursa Malaysia opened lower in consolidation mode, taking the cue from weaker performance on Wall Street, which snapped its longest winning streak in two months.
Investors are weighing the outlook on US-Sino trade talks and the US Federal Reserve’s interest rate policy after President Donald Trump said on Tuesday he was holding up a trade deal with China unless Beijing agrees to four or five “major points” which he did not specify.
At 9.07am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.35 points at 1,643.85 from 1,651.20 at 5pm on Tuesday.
The barometer index opened 4.53 points lower at 1,646.67.
Market breadth was negative as losers led gainers 128 to 81, with 185 counters unchanged, 1,494 untraded and 31 suspended.
Turnover stood at 98.37 million worth RM55.47 million.
Malacca Securities Sdn Bhd said following a retreat in the FBM KLCI yesterday the market started to taper off amid toppish technical indicators after gains over the past few weeks.
“The new trend appears that there could be further near term weakness that could prompt more profit taking activities over the near term.
“There remains little room for further upsides, not only due to the toppish conditions but also the already fair valuations following the recent upsides of more than 4.0%,“ it said.
While some of the recent gains were due to better-than-expected quarterly earnings, the improved earnings outlook is still largely meek due to the insipid global and domestic economic environment, it said.
With the toppish conditions, the market could still see further near term consolidation with the 1,650 level serving as the immediate support, followed by the 1,644 level. The resistances are at 1,660 and 1,673 respectively, said Malacca Securities.
However, the lower liners and broader market shares may still continue their upside as more retail players return to the market that could provide the near term buying impetus, it added.
Among heavyweights, Maybank and Public Bank shed two sen each to RM8.97 and RM23.46 respectively, Tenaga fell 14 sen to RM12.34, Petronas Chemicals slipped eight sen to RM8.29 and CIMB slid three sen to RM5.29.
Of the actively-traded stocks, HPMT Holdings eased one sen to 55 sen, Ikhmas Jaya added one sen to 22 sen, Bahfest and APFT edged up half-a-sen to 69.5 sen and two sen respectively while SMTRACK was flat at 18 sen.
The FBM Emas Index fell 41.99 points to 11,587.40, the FBMT 100 Index decreased 40.89 points to 11,437.98, the FBM Emas Shariah Index declined 56.74 points to 11,783.69 and the FBM 70 shed 9.88 points to 14,368.95.
The FBM Ace bagged 22.49 points to 4,426.69.
Sector-wise, the Financial Services Index was 42.55 points lower at 16,821.32 and the Industrial Products & Services Index eased 0.45 of-a-point to 160.16 and the Plantation Index slipped 11.80 points to 6,876.65. – Bernama
KUALA LUMPUR: Bursa Malaysia continued its uptrend to open higher this morning, supported by positive sentiment surrounding the market.
At 9.06am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) nudged 1.22 points at 1,656.69 from 1,655.47 at 5pm on Monday.
The barometer index opened 0.33 of a point better at 1,655.80.
Market breadth was positive as gainers led losers 125 to 52, with 191 counters unchanged, 1,519 untraded and 25 suspended.
Turnover stood at 107.57 million worth RM49.52 million.
Malacca Securities Sdn Bhd said there is some measure of stability in the market, helped by the easing of trade disputes and potential US government monetary policy supports.
“With the near term market sentiment on a calmer note, we see further near term upsides on the lower liners and broader market shares on rotational and trading activities,“ it said.
However, it noted that the overall outlook is still murky as the unresolved US-China tariff war remains the biggest impediment that will continue to leave sentiments on the wary side.
It said Bursa Malaysia remained overbought and this is likely to temper the upside potential over the near term.
“Therefore, we think that the upsides will remain mild as the buying will become more selective after the recent strong gains that have seen the key index gaining nearly five per cent from its low of 1,580 points a month ago.
“The FBM KLCI could now test the 1,657-1,660 levels, before making a pass at the 1,673 level. The supports, on the other hand, are at 1,650 and 1,644 points respectively,“ it said in a note.
Meanwhile, the lower liners and broader market shares could continue to make headway as market participation returns that are also seeing renewed buying on selected stocks, it added.
Among heavyweights, Tenaga increased six sen each to RM12.82, CIMB gained three sen to RM5.31, Maybank shed two sen to RM9.02, while Public Bank and Petronas Chemicals were flat at RM23.50 and RM8.38 respectively.
Of the actively-traded stocks, IRIS Corporation and Scomi edged up half-a-sen to 16 sen and 6.5 sen respectively, Ekovest perked one sen to 86 sen and Iskandar Waterfront City added three sen to 97 sen.
The FBM Emas Index gained 6.69 points to 11,649.05, the FBMT 100 Index increased 7.02 points to 11,504.14 and the FBM Emas Shariah Index improved rose 8.95 points to 11,861.17.
The FBM 70 added 3.10 points to 14,358.20 and the FBM Ace bagged 8.82 points to 4,389.72.
Sector-wise, the Financial Services Index was 8.50 points higher at 16,914.71 and the Industrial Products & Services Index added 0.01 of-a-point to 160.75 and the Plantation Index gained 18.16 points to 6,900.17. – Bernama
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KUALA LUMPUR: Bursa Malaysia rebounded from Tuesday’s loss to open higher this morning as improved market sentiment fuelled demand for riskier assets.
At 9.07am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) perked 4.9 points to 1,648.99 from 1,644.56 at 5pm on Tuesday.
The barometer index opened 6.84 of a point better at 1,650.93.
The market was closed on Wednesday and Thursday for the Hari Raya Aidilfitri holiday.
Market breadth was positive as advancers outnumbered decliners 208 to 73, with 146 counters unchanged, 1,463 untraded and 27 others suspended.
Turnover stood at 127.92 million worth RM86.43 million.
Malacca Securities Sdn Bhd said market conditions look to improve with some external events easing during the Hari Raya break and this could provide some near-term impetus for the market to regain some of the lost ground from Tuesday.
As it is, the United States’ tariff threats on Mexico is easing, while the US Federal Reserve’s willingness to use monetary policies to cushion any slowdown in the country’s economy would provide further relief to equities, although the trade spat between the US and China remains no closer to a resolution, it added.
“Therefore, we see Bursa Malaysia’s stocks playing catch up to gains on overseas peers. But, with the FBM KLCI raking up decent gains over the past few sessions and is still overbought, any recovery is likely to be mild with the 1,650 level serving as the near-term hurdle.
“Resistance is at the 1,656 level, while supports are at 1,640-1,642, followed by 1,639,” the research firm said in a note.
Malacca Securities also said after the incessant fall of late, lower liners and broader market shares are finding support, and this could provide some room for near-term upsides as conditions are seeing some improvement.
“Still, we think any gains will be measured, as fresh buying is still lacking,” it added.
Among heavyweights on Bursa, Maybank rose four sen to RM9.01, Public Bank increased eight sen to RM23.50, CIMB gained three sen to RM5.35 and IHH Healthcare advanced nine sen to RM5.52.
However, Tenaga gave up 16 sen to RM12.66, while Petronas Chemicals trimmed three sen to RM8.25.
Of the actively-traded stocks, Ekovest perked two sen to 79.5 sen, Bumi Armada and AirAsia X bagged one sen each to 21 sen and 24 sen respectively, while Tiger Synergy inched up half-a-sen to 5.5 sen.
The FBM Emas Index rose 35.89 points to 11,574.48, the FBMT 100 Index increased 36.72 points to 11,439.43 and the FBM Emas Syariah Index improved 22.57 points to 11,747.87, the FBM 70 improved 57.02 points to 14,231.8 and the FBM Ace bagged 29.09 points to 4,261.08.
Sector-wise, the Financial Services Index was 57.1 points higher at 16,873.67 and the Industrial Products & Services Index added 0.20 of-a-point to 159.13, but the Plantation Index slipped 8.63 points to 6,846.52.
The physical price of gold as at 9.30am stood at RM172.40 per gramme, up 21 sen from RM172.19 at 5pm Tuesday. — Bernama