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KLCI pares loss as banking stocks advance

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KUALA LUMPUR (June 22): The FBM KLCI pared much of its loss at the midday break today as index-linked banking stocks advanced for the benchmark index to regain some lost ground. At 12.30pm, the FBM KLCI was down 2.45 points to 1,689.87. The index had earlier slipped to its intra-morning low of 1,768.03. Losers led gainers by 288 to 208, while 550 counters traded unchanged. Volume was 944.01 million shares valued at RM829.76 million. The top losers included British American Tobacco (M) Bhd, KESM Industries Bhd, Ayer Holdings Bhd, TenagaRead More


FBM KLCI slides below 1,700 points to 16-month low

PETALING JAYA: The local stock market's benchmark index slipped below the 1,700-point phychological level today as investors were spooked by continued uncertainy in the trade spat between the US and China.

The FBM KLCI sank as much as 27.86 points or 1.63% to 1,681.89 points, its lowest level since January 2017. At the close of trading, it was down by 17.43 points or 1.02% to 1,692.32 points. A total of 2.13 billion shares were traded valued at RM2.68 billion. Market breadth was negative with losers outpacing gainers by 748 to 199.

The broader market was mainly dragged down by banking and telco stocks. Among the top losers were Hong Leong Bank, Telekom Malaysia, Hong Leong Financial Group and Public Bank, which fell 56 sen, 49 sen, 42 sen and 16 sen to RM17.90, RM3.14, RM17.90 and RM22.62, respectively.

Elsewhere in the region, the China and Hong Kong markets continued to see heavy selling pressure. Hong Kong's Hang Seng Index fell 1.35% and the Shanghai composite index lost 1.37%.

In currencies, the ringgit was also weaker today, depreciating as much as 0.3% to 4.0162 against the US dollar. As at 5pm, it was trading at 4.0150.

Maybank Kim Eng, the investment arm of Maybank Group, said at its Invest Asia UK conference yesterday that Asia's underlying fundamentals remain solid with resilient growth prospects despite headwinds from US-China trade friction and rising US interest rates.

Its CEO Datuk John Chong said investors should look beyond the short-term noise and focus on the region's long-term growth prospects. “While there have been substantial capital outflows as a result of the stronger US dollar, higher interest rates and US-China trade friction, Asia is now better positioned to weather the volatility.”

Chong noted that countries in the region have largely strengthened their current account balances, increased their foreign reserves and kept inflation in check over the past five years.

“Stronger private and infrastructure investments as well as a rising middle class are significant growth thrusts going forward. We believe investors will see real value emerging in Asian corporates after the recent market tantrums and should capitalise on the opportunity.”

For Malaysia, Chong said the government's commitment to adopt fiscal reforms and narrow the fiscal deficit bodes well for the country's economy.

Following the recent market correction, he said the FBM KLCI is now priced attractively at 15.4 times on 12 months forward earnings as of June 19.”This puts it at the lower end of its trading range of 15.4x to 17.3x over the past three years.”


Bursa slips further at mid-day

KUALA LUMPUR, June 21 — Bursa Malaysia slipped further to end the morning session lower today on a continued sell-down amid uncertainties and risks arising from the ongoing US-China trade war, alongside lower crude oil prices. At 12.30pm, the key…


Bursa retreats after opening higher

KUALA LUMPUR, June 21 — Bursa Malaysia opened higher, but retreated thereafter today, amid the mixed performance of regional peers and as markets remained uncertain about the US-China trade spat. A 9.05am today, the benchmark FTSE Bursa Malaysia…


Bursa Malaysia ends at over 15-month low

KUALA LUMPUR, June 20 — Bursa Malaysia gave up earlier gains to slip into the red in late trade, closing at over 15-month low on last-minute selling. A dealer said the market benchmark ended at its intra-day low for the second consecutive day…


KLCI pares gains as regional sentiment turns tepid

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KUALA LUMPUR (June 20): The FBM KLCI pared its gains substantially at the midday break today, tracking its regional peers as China’s stock markets fell. At 12.30pm, the FBM KLCI was up 2.65 points to 1,718.01. The index had earlier risen to a high of 1,728.69. Gainers edged losers by 250 to 244, while 519 counters traded unchanged, Volume was 966.88 million shares valued at RM903.19 million. The top gainers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, United Plantations Bhd, Hong Leong IndustriesRead More


Positive mood sustained at Bursa mid-day

KUALA LUMPUR, June 20 — Bursa Malaysia extended its uptrend to mid-day today, spurred by continued bargain-hunting, stronger regional peers and improved crude oil prices. At 12.30pm, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.65 points…


Bursa Malaysia snaps eight-day losing streak, opens higher

KUALA LUMPUR: Bursa Malaysia snapped an eight-day losing streak to open higher today as bargain-hunting took place.

The local bourse slumped to an over six-and-a-half month low at yesterday's close. But at 9.08am today, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 10.02 points stronger at 1,725.38 from Tuesday's close of 1,715.36.

The index opened 4.30 points firmer at 1,719.66.

On the broader market, losers led gainers 143 to 87, while 171 counters were unchanged, 1,510 untraded and 24 others suspended.

Volume stood at 99.55 million units valued at RM70.33 million.

A dealer said yesterday's heavy selling had spurred bargain hunters to pick up the cheap valuations.

“At the same time, many investors too have returned to work after the Hari Raya holiday and higher crude oil prices also lent support to the local bourse,” he added.

For heavyweights, Maybank perked 11 sen to RM9.39, Public Bank bagged 24 sen to RM23.60, CIMB was three sen higher at RM5.89, while Tenaga and Petronas Chemicals were flat at RM14.16 and RM8.36 respectively.

Among actives, MI Equipment and MyEG gained three sen each to RM1.45 and RM1.01, GSB inched up 1.5 sen to 20 sen, Sapura Energy was two sen better at 62 sen, while TH Heavy was unchanged at 5.5 sen.

Nestle led the top gainers list in rising RM1.00 to RM148.00, followed by F&N which advanced 48 sen to RM38.00, United Plantations improved 28 sen to RM27.50, Top Glove perked 26 sen to RM11.58 and Hong Leong Financial rose 22 sen to RM18.48.

The FBM Emas Index accumulated 60.06 points to 12,155.31, the FBM70 was 54.41 points higher at 14,676.55, the FBMT100 Index gained 63.17 points to 11,944.51, the FBM Emas Shariah Index bagged 46.66 points to 12,215.38 and the FBM Ace Index edged up 15.44 points to 5,248.45.

Sector-wise, the Finance Index jumped 84.71 points to 17,166.29 and the Industrial Index ticked up 0.87 of-a-point to 3,125.05.But, the Plantation Index lost 3.16 points to 7,640.23.

Gold futures contracts on Bursa Malaysia Derivatives opened untraded in early trading today.

At 9.15am, June 2018, July 2018, August 2018 and September 2018 stood at RM165.10, RM165.45, RM165.55 and RM165.90 a gramme respectively.

Volume was nil, while open interest amounted to 38 contracts.

At 9.30am, the price of physical gold was down 57 sen to RM158.72 a gramme. — Bernama


ublic Bank, Tenaga lift KLCI, Mi climbs on debut

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KUALA LUMPUR: Local fund buying of Public Bank and Tenaga Nasional underpinned the FBM KLCI’s rebound early Friday after the recent battering by foreign institutions while Mi Equipment climbed on its trading debut. At 9.20am, the KLCI was up 12.65 points or 0.74% to 1,728.01. Turnover was 182.04 million shares valued at RM126.57mil. There were 207 gainers, 121 losers and 217 counters unchanged. Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the spectre of a US-China trade war drove down bond yields,Read More


Bursa opens higher following eight-day downturn

KUALA LUMPUR, June 20 — Bursa Malaysia snapped an eight-day losing streak to open higher today as bargain-hunting took place. The local bourse slumped to an over six-and-a-half month low at yesterday's close. But at 9.08 am today, the benchmark…