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Bursa opens lower on weak Wall Street showing

KUALA LUMPUR, Oct 23 — Share prices on Bursa Malaysia opened lower and slipped further thereafter this morning as buying sentiment was pressured by unfavourable external developments.  At 9.10am, the benchmark FTSE Bursa…


Banks lead US stock slide, extending market’s losing streak

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Banks led a broad slide in U.S. stocks Monday as an early rally faded, giving the benchmark S&P 500 index its fourth straight loss. Health care and energy stocks also helped pull the market lower, outweighing gains by technology and consumer-focused stocks. Crude oil prices eked out a small gain after spending most of the day in the red. The latest losses came as traders geared up for a busy week of company earnings reports that should help answer how Corporate America is coping with rising interest rates, inflation andRead More


Banks drag KLCI into the red, Asian markets cautious

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KUALA LUMPUR: Banks weighed on the FBM KLCI early Tuesday as worries about new taxes, slower economic growth and the US-China trade war tensions pushed investors to the sidelines, with more downside seen. At 9.07am, the FBM KLCI was down 3.63 points or 0.21% to 1,718.84. Turnover was 68.62 million shares valued at RM41.63mil. There were 71 gainers, 112 losers and 130 counters unchanged. Asian shares edged lower as earnings season nerves in the US dented Wall Street, while a cocktail of negative factors from Saudi Arabia’s diplomatic isolation toRead More


KL shares lower on external development woes

KUALA LUMPUR: Share prices on Bursa Malaysia opened lower and slipped further thereafter this morning as buying sentiment was pressured by unfavourable external developments.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.18 points lower at 1,719.29 from yesterday's close of 1,722.47.

The index opened 0.97 of-a-point lower at 1,721.5.

In a note, PublicInvest Research said among external concerns affecting the FBM KLCI was the weaker overnight performance on Wall Street.

“In the US, energy stocks were among the worst performers in the S&P 500 as Brent oil struggled to regain the US$80-a-barrel mark after Saudi Arabia said it was likely to increase crude output.

“Furthermore, a broadly disappointing round of US corporate earnings added to the cautious mood,” it added.

On the broader market, losers led gainers 127 to 78 with 143 unchanged, 1,556 counters untraded and 29 others were suspended.

Volume stood at 94.1 million units valued at RM53.38 million.

Among heavyweights in Bursa Malaysia, Maybank eased seven sen to RM9.53, Tenaga fell eight sen to RM14.42, while Public Bank and Petronas Chemicals were flat at RM24.98 and RM9.38, respectively.

For actives, Pesona Metro fell half-a-sen to 27 sen, Prestariang rose 3.5 sen to 47.5 sen and MYEG was one sen weaker at RM1.37.

The FBM Emas Shariah Index decreased 11.71 points to 11,851.72, the FBM Ace Index decreased 0.21 of-a-point to 5,071.39 and the FBM 70 was down 12.74 points at 13,679.68.

The FBM Emas Index declined 19.77 points to 11,884.37 and the FBMT 100 Index lost 19.21 points to 11,713.95.

Sector-wise, the Plantation Index added 6.61 points to 7,410, the Industrial Products and Services Index was 0.04 of-a-point weaker at 171.84 and the Financial Services Index fell 54.63 points to 17,441.9.

The physical price of gold as at 9.30am stood at RM158.34 per gramme, up 12 sen from RM158.22 at 5.00pm yesterday. — Bernama


11MP mid-term review unlikely to excite equity market: MIDF Research

PETALING JAYA: The mid-term review of the 11th Malaysia Plan is not enough to excite the equity market in the near term as it provides no material surprises that may spur significant buying interest, according to MIDF Research.

The research house has made no changes to its earnings forecasts as well as target prices of companies under its coverage.

“Furthermore, in so far as the broad market reaction is concerned, the benchmark FBM KLCI (FTSE Bursa Malaysia KLCI) was hovering within a narrow trading band (both before and after the 11MP-MTR reading in Parliament) and ended the day marginally lower by -0.15% to close at 1,738.01 points,” it said in a report on Friday, referring to Thursday's closing.

On Friday, the FBM KLCI closed 0.34% lower at 1,732.14 points.

Additionally, the research house said it expects the short-term market undertone to continue to be dominated by the prevailing vagaries on Wall Street as well as other external developments, particularly the ongoing US-China trade spat.

However, MIDF Research stressed that the mid-term review's objectives of fiscal consolidation while ensuring more inclusive economic growth are of long-term strategic importance to the nation's well-being, particularly on Malaysia's sovereign credit rating and country risk, global investors' confidence and the government's continued ability to provide adequate backstops during economic downturn.

Therefore, it said, over the long term, lessening sovereign and country risks which attract a lower required return would naturally drive market valuation market.

MIDF Research reiterated its FBM KLCI year-end 2018 target at 1,800 points, which equates to PER18 of 16.6 times. It also reiterated its FBM KLCI year-end 2019 target at 1,900 points, which equates to PER19 of 16.7 times, a slight discount to its multi-year (2010-17) mean of 16.8 times.

On a separate note, FXTM research analyst Lukman Otunuga said there will be an extra focus on the nation's macro fundamentals following growth downgrades in the mid-term review and by the World Bank.

He said the ringgit is likely to remain pressured by external risks, including trade disputes, global growth fears and prospects of higher US interest rates.

He added that global sentiment is expected to remain fragile in the week ahead as investors juggle with trade tensions, growth fears, Brexit-related uncertainty and geopolitical tensions.
The ringgit closed at 4.16 to the dollar last Friday.


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