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Tuesday, August 22, 2017

Market Daily Report: FBM KLCI higher on bargain hunting, earnings cue





KUALA LUMPUR (Aug 22): The FBM KLCI closed 2.6 points or 0.1% higher on bargain hunting and as the market reacted to Malaysia's ongoing corporate financial-reporting season.

At 5pm, the KLCI settled at 1,774.22 points. Investors bargain hunted for local shares after the index fell 4.6 points to 1,771.62 points yesterday.

Today, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com : “Overall market sentiment is still mixed, but the [KLCI] likely recouped its losses from yesterday due to its reaction to the earnings season.”

Malaysia's April-June quarter corporate financial-reporting season starts in July, although most companies report their earnings in August.

Today, Bursa Malaysia saw 392 gainers compared with 364 decliners. A total of 1.77 billion shares valued at RM1.89 billion were traded.

Top gainer was KESM Industries Bhd while Mlabs Systems Bhd was the top-active counter. Pong said penny stocks' performance was a good barometer for retail investors' sentiment.

Across Asian share markets, Japan’s Nikkei 225 fell 0.05% while Hong Kong’s Hang Seng rose 0.91%. South Korea's Kospi added 0.44%.

Reuters reported that Asian shares rose on Tuesday after modest gains on Wall Street, while robust metals prices underpinned some regional markets even as investors remained wary ahead of the annual central banking conference in Jackson Hole later this week.


Source: The Edge

Monday, August 21, 2017

Market Daily Report: FBM KLCI down with Westports as Trump talk spooks investors



KUALA LUMPUR (Aug 21): The FBM KLCI dipped 4.6 points or 0.3% to close at its intraday low
on late selling of Westports Holdings Bhd shares and as investors remained concerned about President Donald Trump's ability to push through his growth-focused economic agenda.

At 5pm, the KLCI closed at 1,771.62 points. KLCI-linked Westports shares fell 13 sen to RM3.62 to become Bursa Malaysia's fifth-largest decliner.

“It’s clear that the better than expected growth in (Malaysia's) gross domestic product (GDP announced) last Friday is not really helping as (share) trade is mostly cautious,” TA Securities Holdings Bhd technical analyst Stephen Soo said.

Soo said worries that Trump would fail to push through his growth-focused economic agenda had overridden Malaysia's economic growth figures.

Across Bursa Malaysia, decliners outpaced gainers at 418 to 366 respectively. A total of 1.68 billion shares were traded for RM1.78 billion.

Malaysian shares fell with Asian equities. Japan’s Nikkei 225 fell 0.4% while South Korea's Kospi was down 0.14%.

Reuters reported that Asian shares were fragile on Monday as investors remained unconvinced about Trump's ability to fulfill his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress.

It was reported that investors were also wary of any flare-up of tensions between North Korea and the US as US troops and South Korean forces started a joint exercise on Monday.

Source: The Edge