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Wednesday, June 21, 2017

Market Daily Report: FBM KLCI down on Tenaga as crude oil drop hits Malaysian shares

KUALA LUMPUR (June 21): The FBM KLCI fell 5.14 points or 0.3% on Tenaga Nasional Bhd share losses and as lower crude oil prices hit Bursa Malaysia oil and gas-related shares.

At 5pm, the KLCI closed at 1,775.57 points. Tenaga shares fell 14 sen to RM14.18 to become Bursa Malaysia's 7th largest decliner.

Tenaga shares fell after the state-controlled utility said the Employees Provident Fund and Permodalan Nasional Bhd cut their respective stakes in Tenaga.

On the broader market, analysts said investors could be taking profit across Bursa Malaysia ahead of the Hari Raya Aidilfitri holidays starting this Sunday (June 25).

Malaysian markets will be closed this Monday and Tuesday (June 26 and 27) for Hari Raya Aidilfitri.
Today, Jupiter Securities Sdn Bhd analyst Benny Lee told “Because of the long weekend for Malaysia, investors might be taking profit, so we might see a downtrend but the market should pick up after Hari Raya.”

Across Bursa Malaysia, 1.69 billion shares valued at RM2.41 billion were transacted. There were 284 gainers and 574 decliners.

Top active counter Hibiscus Petroleum Bhd fell 2.5 sen to 39 sen with 34.2 million shares transacted. Hibiscus could have taken the cue from lower crude oil prices.

Reuters reported that a renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by US index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.

It was reported that Brent eased 10 cents to US$45.92 a barrel, while US crude futures lost 6 cents to US$43.45.

Source: The Edge

Tuesday, June 20, 2017

Market Daily Report: KLCI falls 8.19 points; Maybank active

KUALA LUMPUR (June 20): The FBM KLCI fell 8.19 points or 0.5% , weighed down by blue-chip stocks like Maxis Bhd and Petronas Gas Bhd.

At 5pm, the KLCI closed at 1,780.71 points. Maxis shares fell 26 sen to RM5.62 while Petronas Gas dropped 22 sen to RM18.66.

Maxis and Petronas Gas were Bursa Malaysia's fourth and sixth-largest decliners respectively.
“The KLCI’s decline was driven by losses sustained by some of the blue-chip stocks, including Maxis," Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told

Maxis shares fell after the mobile telecommunication network provider said it was placing out 300 million new shares to investors. Petronas Gas shares dropped as crude oil prices fell.

Reuters reported that oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices.

US West Texas Intermediate crude futures were down three cents at US$44.17 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at US$44.20 per barrel, the lowest close since Nov. 14.

In Malaysia today, Bursa Malaysia saw 1.81 billion shares worth RM2.18 billion traded. Decliners beat gainers at 493 against 303 respectively.

Malayan Banking Bhd (Maybank) was among Bursa Malaysia's most-active stocks. Maybank shares rose one sen to RM9.64 with some 24 million units traded.

According to Inter-Pacific Securities remisier Sam Ng, Maybank drew interest from fund managers as investors might be reorganising their blue-chip  portfolios.

“In my view, the stock (Maybank) is still undervalued, so the attractiveness is there,” Ng told

Source: The Edge