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Tuesday, February 14, 2017

Market Daily Report: KLCI slips but stays above 1,700 as bullish sentiment remains

KUALA LUMPUR (Feb 14): The FBM KLCI declined marginally today but stayed above the 1,700 psychological level the entire day, as market sentiment remained bullish after the rally in the previous two trading days.

The benchmark index settled at 1,708.90, down 1.34 points or 0.08% from yesterday, after moving between 1,703.59 and 1,710.08.

Interpacific Securities Sdn Bhd’s senior remisier Sam Ng said the market’s overall trading behaviour today was stable.

“The price behaviour remains resilient today. The KLCI trend seems stable, as bullish sentiment in the past has attracted some investors to enter the market,” he told

Across the board, there were 2.18 billion shares traded, worth some RM2.56 billion.

A total of 387 stocks gained, 470 counters fell, while 387 stocks finished unchanged.

The biggest loser was KESM Industries Bhd, while the top gainer was British American Tobacco (M) Bhd.

Sterling Progress Bhd was the day’s most actively-traded counter, with 56.35 million shares exchanging hands.

Reuters reported Southeast Asian stock markets fell today, as a stronger dollar weighed on sentiment, while investors awaited the congressional testimony by U.S. Federal Reserve Chair Janet Yellen for clues on the pace of interest rate hikes.

Yellen will present the U.S. central bank's semi-annual report on monetary policy and the economy in testimony to the Senate Banking Committee today, followed by the semi-annual monetary testimony, before the House Financial Committee on Wednesday.

The ringgit weakened slightly to 4.4490 against the U.S. dollar, and to 3.1377 against the Singapore dollar, in late afternoon trading.

Source: The Edge

Friday, February 10, 2017

Market Daily Report: FBM KLCI rises over 10pts on Wall Street gains, Chinese trade data

KUALA LUMPUR (Feb 10): The FBM KLCI rose 10.44 points or 0.62% to 1698.94 today, boosted by strong overnight gains on Wall Street and China’s positive January trade figures.

The broader market was also higher with 542 gainers as against 338 losers. Total turnover was 2.69 billion shares, valued at RM2.42 billion.

Top gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd and Malaysian Pacific Industries Bhd. The leading losers included United Plantations Bhd, Petronas Gas Bhd and Far East Holdings Bhd.

“We are looking at good figures on the FBM KLCI today,” said TA Securities Holdings Bhd senior technical analyst Stephen Soo.

“Wall Street’s performance, which was triggered by (U.S. President Donald) Trump’s announcement of plans to lower taxes on American businesses, was definitely a catalyst of this uptrend,” Soo told over the phone.

He said China’s trade data was another factor for the bullish market sentiment. According to the data, the country’s imports from the U.S. climbed 23.4% in January (the best record ever posted in a year), whereas exports — led by electronics — rose 7.9%, after 2016 shipments dipped almost 8%.

“It can be well said that the FBM KLCI’s performance today is driven by external and globally-led rallies. Investors are beginning to break out of the ‘psychological resistance’,” said Soo.
Reuters reported Asian shares reached an 18-month peak, on the back of better investor confidence, following Chinese trade data and gains on the Wall Street.

Japan’s Nikkei 225 inched up 2.49%, Hong Kong’s Hang Seng Index rose 0.21%, and South Korea’s Composite Stock Price Index dipped 0.45%.

Source: The Edge