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Tuesday, March 20, 2018

Market Daily Report: KLCI lifted by last-minute buying as Asian shares erase losses

KUALA LUMPUR (March 20): The FBM KLCI rose 8.45 points or 0.5% after investors bought Malaysian blue chips including Public Bank Bhd and MISC Bhd shares at the eleventh hour. The KLCI had erased losses in tandem with Asian share markets as Bursa Malaysia's technology, REIT and small cap indexes closed in the red.

At 5pm, the KLCI closed at 1,856.39 after falling to its intraday low at 1,841.47. At 5pm, Public Bank shares climbed 40 sen to RM23.52 while MISC increased 25 sen to RM7.30 among Bursa Malaysia top gainers.

Bursa Malaysia top decliners included Nestle (M) Bhd, Ajinomoto (M) Bhd and KLCC Stapled Group. Among Bursa Malaysia indexes, the largest decliner was the technology index at 2.29% followed by the REIT index at 2.09%. The small cap index was 1.06% lower.

The KLCI had tracked Asian share gains. Loui Low, who is head of retail research at Hong Leong Investment Bank Bhd, said positive sentiment was seen across major regional equity indexes in the second half of the day.

“However, (in Malaysia) the market remains cautious ahead of the announcement and schedule of the 14th general election,” he told

Across Asian share markets, Hong Kong's Hang Seng and South Korea's Kospi erased losses to close higher. Hang Seng rose 0.11% while Kospi climbed 0.42%.

Reuters reported that Asian shares were on the defensive on Tuesday after investors took profits in high-flying US technology shares on fears of stiffer regulation, as Facebook came under fire following reports it allowed improper access to user data.

The retreat came as investors braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day and amid concerns that US President Donald Trump could impose additional punitive trade measures against China.

Source: The Edge

Monday, March 19, 2018

Market Daily Report: FBM KLCI up on bargain hunting as Bursa share volume dips below two billion

KUALA LUMPUR (March 19): The FBM KLCI closed 1.55 points or 0.1% higher as share trade volume across Bursa Malaysia fell below two billion. The KLCI erased losses to finish at 1,847.94 on bargain hunting and as Asian share markets ended mixed.

Japan's Nikkei 225 dropped 0.9%, South Korea's Kospi fell 0.76% while Hong Kong’s Hang Seng erased losses to close 0.04% higher.

Reuters reported that Asian share markets traded mixed on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year. The Federal Reserve is scheduled to announce on Wednesday (March 21) the US' interest rate decision.

In Malaysia today, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told “Market up because of the Friday close of the US Dow Jones Industrial Average, and the backdrop was generally okay for the global markets.”

Today, the KLCI closed higher after falling to its intraday low at 1,845.45. Pong said investors had bargain hunted for KLCI-linked telecommunication, banking and plantation stocks.
Across Bursa Malaysia, 1.94 billion shares worth RM1.68 billion were traded. On Friday, the bourse saw 2.88 billion shares worth RM4.26 billion transacted.

Source: The Edge