The FBM KLCI snapped its positive run and slipped at mid-morning on Monday, Oct 10 as the market appeared to show muted response to the 2012 Budget tabled last Friday, indicating that external factors still weighed on investor sentiment.
Regional markets were mixed, as investors await inflation and other economic data from China this week as Chinese markets reopen following Golden Week holidays.
At 10, the FBM KLCI slipped 3.08 points to 1,396.97, weighed by losses at select blue chips.
Losers overtook gainers by 148 to 139, while 156 counters traded unchanged. Volume was 140.01 million shares valued at RM84.25 million.
At the regional markets, Hong Kong’s Hang Seng Index fell 0.33% to 17,648.73 and the Shanghai Composite Index shed 0.06% to 2,357.87; South Korea’s Kospi rose 1.16% to 1,780.11 and Singapore’s Straits Times Index added 0.67% to 2,658.00.
Meanwhile, the Japan and Taiwan stock markets were closed for their respective national holidays.
HwangDBS Vickers Research in a note Oct 10 said the market was likely to remain volatile in the near term, adding that it did not expect an upswing to the market resulting from the Budget.
“In the immediate term, the market’s direction will more likely be determined by US growth outlook and Europe debt crisis.
“There is downside to our year-end KLCI target of 1,520 after we recently downgraded earnings for banks and property counters,” it said.
Meanwhile, BIMB Securities Research said it was getting really tiresome on the flip-flopping of sentiments that traders are leveraging on between Europe and the US.
Despite that the European Central Bank had indicated that more liquidity would be injected into the Euro zone financial system, traders had now turned sceptical from being encouraged earlier in the week, it said.
It said that as such, Wall Street’s progress had scuppered despite the encouraging US job figures for September, and that the Dow Jones dipped 20 point on Friday after what was a strong week.
Regionally, Asian bourses were largely positive and so was the local bourse, it said.
“The FBM KLCI closed stronger at just above the 1,400 level indicating that many are rather encouraged with Budget 2012.
“We are hoping this to continue and looking the FBM KLCI to test the 1,420 level further buoyed by a German-French allegiance to starve off a full blown Euro zone crisis,” it said on Oct 10.
On Bursa Malaysia, PPB fell 20 sen to RM15.74, Southern Acids lost 14 sen to RM1.79, Lafarge Malayan Cement 13 sen to RM6.75, Sime Darby 12 sen to RM8.40, Tenaga 10 sen to RM5.28, Mudajaya and Kumpulan Europlus seven sen each to RM2.16 and RM1.02, while Media Chinese International fell five sen to 99 sen.
Tobacco and brewery stocks edged up after being spared any tax hikes in the Budget 2012 unveiled last Friday.
BAT added 46 sen to RM43.96, JT International rose 30 sen to RM6.10, GAB 12 sen to RM10.02 while Carlsberg was up three sen to RM6.49.
Other gainers included DiGi, Toyo Ink, Dutch Lady, Brem, IJM PLANTATION []s and Latexx.
The actives included Karambunai, Dutaland, MBF Holdings, Malton, E&O and MBSB.(theedgemalaysia.com)
KUALA LUMPUR: Banking stocks were among the major losers on Monday, Oct 3 as the FBM KLCI slumped more than 2.1% as nervous investors off-loaded riskier assets in line with the negative sentiment that swept through key regional markets.
Banks are often seen as a proxy to the economy, and given the gloomy global outlook on the back of the looming euro zone debt crisis, most prone to a selldown in the current climate given the uncertainties.
At 11.15am, HLFG fell 50 sen to RM10.40, Hong Leong Bank lost 36 sen to RM9.82, AMMB 22 sen to RM5.57, Maybank 20 sen to RM7.80, CIMB and RHB Capital 13 sen each to 6.84 and RM6.87, Public Bank 10 sen to RM12.10, Affin nine sen to RM2.40 and AFG seven sen to RM3.23.
The FBM KLCI slumped 30.35 points to 1,356.78 at 11.15am.
Losers beat gainers by 443 to 86, while 152 counters traded unchanged.(theedgemalaysia.com)
The FBM KLCI started off September on a positive note as bargain hunting on select blue chips sent the 30-stock index up by 1.85% on Friday, Sept 2.
The FBM KLCI gained 26.82 points to close at 1,474.09, lifted by gains including at CIMB, DiGi, KLK and Telekom.
However, analysts said the FBM KLCI was playing catch up with the regional markets, having lost out on the rally over the last four trading days since Bursa Malaysia was closed since Monday afternoon.
Regional and European markets, however, slipped ahead of the US jobs data due to be released later Friday that could be a yardstick for the economic giant’s growth momentum.
Meanwhile, signs that Greece will miss its 2011 deficit target of 7.6 percent underscored concerns about the euro zone debt crisis, prompting investors to lighten their risky assets, according to Reuters.
At the regional markets, Hong Kong’s Hang Seng Index fell 1.81% to 20,212.91, Japan’s Nikkei 225 lost 1.21% to 8,950.74, the Shanghai Composite Index was down 1.09% to 2,528.28, South Korea’s Kospi down 0.69% to 1,867.75, Taiwan’s Taiex shed 0.01% to 7,757.06 and Singapore’s Straits Times Index down 0.84% to 2,843.09.
UOB KayHian in a note Sept 2 said the best rebound plays were downtrodden liquid large caps that were delivering good earnings.
It said such companies on its Buy list were CIMB, Gamuda, GENTING BHD [] and UEM Land.
Other notable downtrodden companies include IOI Corp (Hold) and MMHC (Buy) although MMHC would be a ‘second liner’ mover given its latest disappointing results, it said.
Notable downtrodden mid-small caps include MRCB (Buy), it said.
“While the global equity markets are taking a respite, we remain cautious and expect equity markets to resume their downtrend, potentially until mid-4Q11.
“Hence, upside to the rebound plays could be capped,” it said.
On Bursa Malaysia, DiGi was the top gainer and added RM1.04 to RM31.26; Lafarge Malayan Cement added 41 sen to RM7, Harrisons 40 sen to RM3.80, Petronas Dagangan and KLK 36 sen each to RM18 and RM21.68, CIMB 33 sen to RM7.40, Parkson 31 sen to RM5.73, Tasek and Quality Concrete 30 sen each to RM7.56 and RM1.54, Telekom 21 sen to RM4.36 while Petronas Chemicals gained eight sen to RM6.30.
Axiata was the most actively traded counter with 45.99 million shares done. The stock fell two sen to RM4.70.
Other actives included E&O, CIMB, Petronas Chemicals, DVM, Telekom, Maybank and AirAsia.
Decliners meanwhile included Metrod, Masterskill, Hong Leong Industries, Faber, Petrol One, SapuraCrest and Southern Acids. (theedgemalaysia.com)
Trading on Bursa Malaysia on Monday, 29 was subdued as most investors stayed on the sidelines in view of the shorter trading week with the Hari Raya and National Day holidays this week.
Investors also likely taking a breather after some heaving sell down last. Trading on Bursa Malaysia will end at 12.30pm today as the market is open only for the morning session.
At mid-morning, the FBM KLCI edged up 2.24 points to 1,447.05.
Gainers edged losers by 219 to 140, while 178 counters traded unchanged. Volume was 93.91 million shares valued at RM115.35 million.
Regional markets were mostly up on positive vibes from US Federal Reserve chairman Ben Bernanke’s address at Jackson Hole last Friday.
However, gains on Japan’s Nikkei 225 were limited ahead of the ruling party electing its next Prime Minister.
At the regional markets, Japan’s Nikkei 225 edged up 0.54% to 8,845.19, Hong Kong’s Hang Seng Index up 0.87% to 19,753.47, South Korea’s Kospi rose 1.97% to 1,814.02, Taiwan’s Taiex gained 1.64% to 7,567.34 and Singapore’s Straits Times Index up 1.01% to 2,775.85.
Meanwhile, the Shanghai Composite Index fell 1.3% to 2,578.30.
BIMB Securities Research in a note Aug 29 said many were wondering if Wall Street would be affected by Hurricane Irene battering New York.
It added that the Dow Jones rose 135 points but left investors wondering of Bernanke’s ultimate game plan.
Nonetheless many generally felt positive from his address. Regional bourses are expected to see some upward momentum following the gains on Wall Street, it said.
“We expect the local bourse to remain weak with selling on key component stocks to persist notwithstanding at a slower pace.
“Having broken the 1,460 support level last week, market undertone is jittery and may see a quiet half trading day on Bursa with dissipating selling pressure on the FBM KLCI,” it said.
On Bursa Malaysia, Nestle rose 40 sen to RM48.50, DiGi 22 sen to RM30.24, Carlsberg 17 sen to RM6.85, Allianz 14 sen to RM4.78, MISC 12 sen to RM6.90, Tradewinds and Rapid 11 sen each to RM9 and RM1.86, Bina Goodyear 10.5 sen to 83 sen, S P Setia 10 sen to RM3.80, Petronas Chemicals seven sen to RM6.10 and CIMB four sen to RM7.08.(theedgemalaysia.com)
he FBM KLCI extended its losses at mid-morning on Monday, Aug 22 in line with the weaker closing at Wall Street last Friday and the still cautious sentiment at regional markets.
Most regional markets were slightly up on the prospect of currency market intervention in Japan offsetting growing worries of another U.S. recession.
The FBM KLCI was down 6.96 points to 1,477.02 at 10am, with weighed by losses at blue chips including CIMB, BAT, KLK, and Digi.
Losers edged gainers by 267 to 121, while 174 counters traded unchanged. Volume was 132.95 million shares valued at RM256.82 million.
At the regional markets, Japan’s Nikkei 225 added 0.19% to 8,735.57, Hong Kong’s Hang Seng Index gained 0.79% to 19,553.81, the Shanghai Composite Index was up 0.39% to 2,544.19, Taiwan’s Taiex rose 1.69% to 7,466.77 and Singapore’s Straits Times Index edged up 0.27% to 2,740.95.
Meanwhile, South Korea’s Kospi shed 0.04% to 1,744.20. (theedgemalaysia.com)
The FBM KLCI rose marginally higher at mid-morning on Friday, July in line with the slightly firmer overnight close at Wall Street.
According to Reuters, asian stocks rose to a one-month high on Friday as investors hoped for a strong US jobs report that may signal the economy is pulling out of a soft patch, while the euro held on to much of its overnight gains after the European Central Bank raised interest rates.
Risky assets have been on a tear since last week as fears of an imminent Greek debt default ebbed and as encouraging US data strengthened views that the world's largest economy was turning around after a patchy first half.
The FBM KLCI rose 1.84 points to 1,592.08 at 10am, with gains including at KLK, MISC, Petronas Dagangan and Genting.
Gainers led losers by 210 to 170, while 196 counters traded unchanged. Volume was 175.73 million shares valued at RM214.47 million.
As for the regional markets, Hong Kong’s Hang Seng Index rose 1.30% 22,823.48, Japan’s Nikkei 225 added 0.98% to 10,170.34, Singapore’s Straits Times Index gained 0.72% to 3,148.24, Taiwan’s Taiex up 0.45% to 8,812.53, the Shanghai Composite Index added 0.29% to 2,802.35 while South Korea’s edged up 0.11% to 2,183.07.
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