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Friday, 16 February 2018

Bursa Malaysia’s key index at 1,900 points; World’s equity market which began the year registering a 5.2 return; Global markets had suffered selldown.


Malaysia: MIDF Research has reaffirmed its year-end target of Bursa Malaysia’s key index at 1,900 points, underpinned by continued corporate earnings growth this year.
Waking up from its lethargy during most part of the second half of 2017, the benchmark FBM KLCI was quite energetic as it chalked up a four per cent gain in January.
MIDF Research said this was in line with the world’s equity market which began the year on a right footing with the MSCI World Index registering a 5.2 return last month.
However, the bullish January ended abruptly as the global markets had suffered selldown as it entered February.
“Nonetheless, we view the recent world’s equity price correction, which emanated from Wall Street, as a healthy development. We reckon the moderated equity price trend trajectory would put the market on a sustainable forward footing that is more in consonant with the underlying fundamentals,” MIDF Research said in a report today.
The firm noted that since the onset of recent February selloff, the Asean equity markets (particularly emerging ones namely Jakarta, Kuala Lumpur and Bangkok) had demonstrated their relative resilience vis-à-vis other regional and international markets.
At the other end of the spectrum, the major North Asian markets namely Hong Kong, Shanghai and Tokyo) saw the biggest percentage losses. Meanwhile, the main North American and European markets fared somewhere in between.
Locally, MIDF Research said defensive sectors and the big capitalised stocks had registered shallow retreat.
“Looking at the domestic equity performance from sectoral and capitalisation perspectives, it is not too surprising especially during period of elevated risk-off sentiment to see the defensive sectors (namely plantation and consumer) outperformed and the big caps (namely FBM Hijrah and KLCI) fared relatively better than their more diminutive peers,” it noted.
On the other hand, the small caps namely FBM Small Cap and ACE) and cyclical sectors namely technology, real estate, construction and industrial fared relatively worse pursuant to the recent market selloff.
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Thursday, 15 February 2018

Malaysian economy expanded/fastest pace in three years. Better-than-expected 2017 GDP growth.


Malaysia: The ringgit opened sharply higher against the US dollar this morning following better-than-expected 2017 gross domestic product (GDP) growth, announced yesterday.
At 9am, the ringgit stood at 3.8920/8960 against the greenback, from Wednesday’s close of 3.9170/9210.
The Malaysian economy expanded 5.9 per cent in 2017, the fastest pace in three years.
However, the ringgit was traded mostly lower against a basket of other major currencies.
The local unit rose against the Singapore dollar to 2.9595/9643 from 2.9654/9705 on Wednesday, but weakened slightly against the Japanese yen to 3.6449/6493 from yesterday’s 3.6441/6488.
It depreciated versus the British pound to 5.4511/4591 from 5.4325/4400, and fell vis-a-vis the euro to 4.8471/8529 from 4.8383/8444.

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Wednesday, 14 February 2018

Malaysia; ahead against a basket of other major currencies, the ringgit traded mixed, positive. GDP Growth & local sentiment ahead.


Malaysia: The ringgit opened higher against the US dollar this morning on continued positive local sentiment ahead of Malaysia’s 2017 gross domestic product (GDP) growth announcement.
At 9am, the ringgit stood at 3.9300/9350 against the greenback from Tuesday’s close of 3.9370/9400.
Against a basket of other major currencies, the ringgit traded mixed.
It fell against the euro to 4.8555/8633 from 4.8476/8517, and was marginally lower against the Japanese yen at 3.6487/6540 from 3.6569/6600 on Tuesday.
The local note rose against the British pound to 5.4584/4673 from 5.4653/4715, and inched up versus the Singapore dollar to 2.9750/9793 from 2.9760/9792 previously.
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Tuesday, 13 February 2018

Malaysia Investors may also have been encouraged by $458.3 billion as also, Global equities rebounded strongly.


SHANGHAI: China stocks opened sharply higher on Tuesday, in sympathy with strong global equities and after an affiliate of the country's securities regulator encouraged major shareholders of listed firms to increase their holdings following last week's sell-off.
The CSI300 index rose 1.5 percent to 3,947.38 points at 0136 GMT, while the Shanghai Composite Index gained 1.2 percent to 3,191.71 points.
Global equities rebounded strongly from a rout recently, providing the early boost to sentiment, while encouraging domestic news added to the improved backdrop.
China Securities Investor Services Center, directly managed by the China Securities Regulatory Commission (CSRC), on Monday urged share purchases by major shareholders, saying listed companies share the responsibility with regulators in protecting small investors' interest.
Investors may also have been encouraged by data showing China's banks extended a record 2.9 trillion yuan ($458.3 billion) in new yuan loans in January - blowing past expectations and nearly five times the previous month - suggesting economic growth will remain supported by robust lending.
The Hang Seng index in Hong Kong was up 1.3 percent, to 29,849.09 points, as global equities appeared to find a footing after last week's turmoil.

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Monday, 12 February 2018

Traders may still favour stocks with defensive attributes. Likely positive sentiment from the US stock markets.


Malaysia: Bursa Malaysia rebounded from last week’s losses to open higher on fresh buying support today, while tracking the positive performance of Wall Street last Friday, dealers said.
At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.47 points higher at 1,827.29, after opening 5.61 points better at 1,825.43.
Gainers led losers 212 to 48, while 129 counters were unchanged, 1,468 untraded and 31 others suspended.
Turnover stood at 89.46 million shares worth RM29.53 million.
A dealer said the FBM KLCI might move into correction mode this week on growing concerns over US interest rate hikes, as well as the expectation of rising of bond yields, which resulted in Wall Street entering into a correction.
"On the local front, the FBM KLCI could trend higher around 1,840 on the back of positive sentiment from the US stock markets. Traders may still favour stocks with defensive attributes such as consumer and REITs under this cautious environment," he added.
The Industrial Index rose 11.62 points to 3,232.98 and the Finance Index jumped 76.18 points to 17,532.65 and the Plantation Index added 7.43 points to 7,953.46.
The FBM Emas Index increased 49.49 points to 13,024.55, the FBMT100 Index gained 46.84 points to 12,748.68, the FBM 70 improved 40.91 points to 15,989.68, while the FBM Ace advanced 42.69 points to 6,131.01.
For the heavyweights, Maybank rose two sen to RM10.04, Tenaga expanded 12 sen to RM15.84, Public Bank added 16 sen to RM21.96 and CIMB increased nine sen to RM6.95.
Among actives, PUC and AirAsia X gained one sen each to 24 sen and 40 sen respectively, P.A Resources, Diversified Gateway and UMW OIL rose half-a-sen each to 8.5 sen, nine sen and 31 sen respectively.

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Friday, 9 February 2018

Stock Exchange on Wall Street on dramatic sharp swings including the S&P 500's biggest drop that pulled equities.


NEW YORK: US stocks plunged around 4 per cent on Thursday in another dramatic session, confirming a correction that has thrown the market's nearly nine-year bull run off course.
The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months.
With Thursday's drops, the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 per cent from Jan 26 record highs. The S&P 500 slumped 3.8 per cent on Thursday, while the Dow dropped 4.2 percent as losses accelerated late in the trading day.
The Dow Jones Industrial Average fell 1,032.89 points, or 4.15 per cent, to 23,860.46, the S&P 500 lost 100.66 points, or 3.75 per cent, to 2,581 and the Nasdaq Composite dropped 274.83 points, or 3.9 per cent, to 6,777.16.
The S&P 500 last confirmed a correction in Jan 2016, when it fell 13.3 per cent amid concerns about a slump in oil prices.
The S&P closed below the intraday low it had hit on Tuesday, a key level traders had been watching.
Thursday marked another day of recent sharp swings including the S&P 500's biggest drop in more than six years on Monday that pulled equities away from record highs.
"The dust hasn't settled yet, and I think both buyers and sellers are trying to figure out what this market really wants to do," said Jonathan Corpina, senior managing partner for Meridian Equity Partners in New York.
"I would think that this continues to happen for the next few trading sessions for everything to kind of get flushed out."
The retreat in equities had been long awaited by investors as the market climbed to record high after record high with few bumps. The S&P correction is the fifth of this bull market, according to Yardeni Research. The last bear market was during the 2008 financial crisis.

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