Nevertheless, BURSA KL Trading could be volatile as such selected markets Singapore, Hong Kong and in the US by buying interest in selected heavyweights.

Malaysia: Bursa Malaysia rebounded to open higher today, lifted by buying interest in selected heavyweights, dealers said.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was trading at 1,858.37, up 2.02 points from Thursday’s close of 1,856.35 .

The key index opened 3.02 points higher at 1,859.37.

Market breadth was positive with 127 gainers against 59 losers, while 135 counters were unchanged, 1,591 untraded and 57 others suspended.

Turnover stood at 72.15 million shares worth RM26.52 million.

Public Investment Bank Bhd said the FBM KLCI opened higher after US stocks staged a rally on Thursday with the S&P 500 climbing 1.4 per cent and the Nasdaq Composite advancing 1.6 per cent.

The Dow Jones Industrial Average rose 1.2 per cent.

Meanwhile, Maybank Kim Eng Research said the overnight rally on US markets should lend support to the local bourse.

“Nevertheless, trading could be volatile in the afternoon, as selected markets such as Singapore, Hong Kong and in the US are closed for the Good Friday holiday.

“Technically, we expect the FBM KLCI to trade between 1,850 and 1,870 today. Downside supports are at 1,834 and 1,812,” it said in a research note.

Among heavyweights, Maybank was flat at RM10.52, Public Bank added two sen to RM24.02, CIMB rose three sen to RM7.19 and Petronas Chemicals gained one sen to RM8.16.

Tenaga was down six sen to RM16.10.

For other actives, Sapura Energy and SKH each rose half-a-sen to 51 and 9.5 sen respectively, while Comfort Gloves dipped seven sen to RM1.02.

Of the top gainers, Nestle surged RM1.00 to RM152.00, BAT improved 34 sen to RM26.64 and Lotte Chemical Titan gained 10 sen to RM6.20.

The FBM Emas Index rose 13.31 points to 12,998.82, the FBMT 100 Index was 14.00 points better at 12,799.68 and the FBM Emas Shariah Index improved 9.35 points to 13,171.99.

The FBM 70 increased 17.38 points to 15,492.825 and the FBM Ace was 25.99 points higher at 5,399.12.

Sector-wise, the Finance Index inched up 21.27 points to 18,156.45, the Industrial Index increased 1.52 points to 3,228.14.But, the Plantation Index eased 1.84 points to 7,983.71.

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The ringgit traded higher against currencies; Also, the local note was quoted at 3.8650/8680 from 3.8620/8660.

Malaysia: The ringgit opened marginally lower against the US dollar today on lack of demand.

At 9.18am, the local note was quoted at 3.8650/8680 from 3.8620/8660 at Wednesday's close.

Meanwhile, the ringgit was traded higher against a basket of other currencies.

It was better against the Singapore dollar at 2.9452/9484 from 2.9506/9541 on Wednesday, and higher against the yen at 3.6223/6261 from 3.6541/6589.

The local unit appreciated against the British pound to 5.4392/4438 from 5.4655/4731, and was higher versus the euro at 4.7613/7654 from 4.7850/7915.

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Forex forecast in Malaysia. Our front online advisory and live Forex pairs is for the better profit of real-time streaming in all major currency pairs.

Malaysia: The ringgit closed at a high of 3.8755/8785 against the US dollar today – a level last seen on Jan 26 this year – supported by subsiding fears of a trade war between the US and China, and rising crude oil prices.

At 6pm, the local note finished 185 basis points higher against Monday's close of 3.8940/8970.

Meanwhile, the benchmark Brent crude oil traded at US$69.77 per barrel as at 6.25pm today.

The ringgit also traded higher against a basket of other major currencies.

It rose against the yen to 3.6665/6697 from 3.7050/7086 on Monday, and appreciated against the Singapore dollar to 2.9613/9645 from 2.9709/9737 yesterday.

The local unit advanced against the euro to 4.8110/8152 from 4.8305/8346 on Monday, and was better against the pound at 5.4745/4795 from 5.5353/5408 yesterday.

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Ringgit traded mostly higher on increased demand and amidst rising crude oil prices; Brent crude oil rose at the opening

Malaysia: The ringgit opened higher against the US dollar today on increased demand and amidst rising crude oil prices.

At 9.02am, the local note was quoted at 3.8870/8900 from Monday’s close of 3.8940/8970.

The benchmark Brent crude oil rose 0.19 per cent to US$69.65 per barrel at the opening today.

Meanwhile, the ringgit traded mostly higher against a basket of other major currencies.

It rose against the Singapore dollar to 2.9692/9724 from 2.9709/9737 on Monday, and was higher against the yen at 3.6798/6830 from 3.7050/7086.

The local unit appreciated against the British pound to 5.5316/5370 from 5.5353/5408, but slipped versus the euro to 4.8393/8434 from 4.8305/8346.

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Foreign exchange markets traders trying to iron out the actual trade war implications to iron out the actual war. Foreign exchange markets weigh on local equity markets.

Malaysia: The ringgit was slightly higher against the US dollar in the morning session today on increased demand, said a dealer.

At 9.07 am, the local note was quoted at 3.9120/9170 from last Friday’s close of 3.9150/9200.

OANDA Head of Trading Asia-Pacific, Stephen Innes said trade war rhetoric lingered throughout the weekend and would continue to weigh on local equity markets.

“The greenback continues to trade weaker, amid firm crude oil markets which are providing background support, but with traders trying to iron out the actual trade war implications on foreign exchange markets,” he told Bernama.

Innes opined that its unlikely the ringgit will move off its defensive posture.

Against a basket of major currencies, the ringgit was mostly lower.

Meanwhile, the local currency was marginally lower against the Singapore dollar to 2.9778/9830 from 2.9756/9799 on Friday, but higher against the yen at 3.7268/7326 from 3.7318/7383.

It depreciated against the British pound to 5.5386/5473 from 5.5170/5248 on Friday and slipped versus the euro to 4.8372/8445 from 4.8245/8318.

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Bursa Malaysia among heavyweights, Maybank lost; Public Bank fell; TNB eased; CIMB gave up; Petronas Chemicals eased also, with 458 losers against 46 gainers

Malaysia: Bursa Malaysia opened sharply lower today, derailed by equally sharp losses on the US and European stock markets.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,858.84, down 18.03 points from Thursday’s close of 1,876.87.

The key index opened 16.29 points lower at 1,860.58.

A dealer said US and European stocks suffered sharp overnight losses and government bond prices jumped as the US imposed tariffs on Chinese imports, fuelling fresh concerns about the possibility of a global trade war.

“The Trump administration unveiled plans to slap 25 per cent tariffs on up to US$60 billion in annual imports from China, in response to a finding that Beijing had pursued a strategy of unfairly acquiring US intellectual property,” he added.

On Wall Street, the Dow Jones Industrial Average closed Thursday trade 724.42 points or 2.9 per cent lower at 23,957.89, the S&P 500 ended down 2.5 per cent at 2,643.69, while the Nasdaq Composite Index finished off lower by 2.4 per cent at 7,166.68.

In Europe, Germany's DAX 30 stumbled 1.7 per cent to close at 12,100.08, France's CAC 40 index gave up 1.4 per cent to finish at 5,167.21 and the UK’s FTSE 100 index dropped 1.2 per cent to end at 6,952.59.

On the local front, the FBM Emas Index shed 137.62 points to 13,022.43, the FBMT 100 Index was 131.689 points lower at 12,801.49 and the FBM Emas Shariah Index fell 132.699 points to 13,146.82.

The FBM 70 tumbled 185.08 points to 15,490.13 and the FBM Ace went down 99.55 points to 5,673.26.

Sector-wise, the Finance Index fell 201.631 points to 18,174.12, the Plantation Index was 20.42 points lower at 8,021.58 and the Industrial Index went down 33.75 points to 3,237.95.

Among heavyweights, Maybank lost 12 sen to RM10.42, Public Bank fell 20 sen to RM23.84, TNB eased four sen to RM15.74, CIMB gave up five sen to RM7.24 and Petronas Chemicals eased seven sen to RM8.14.

Of the actives, Sapura Energy and AirAsia lost 1.5 sen each to 52.5 sen and 38.5 sen, UMW O&G and CME slipped half-a-sen each to 30.5 sen and 4.5 sen, while Compugates was flat at 2.5 sen.

Market breadth was negative with 458 losers against 46 gainers, while 146 counters were unchanged, 1,245 untraded and 18 others suspended.

Turnover stood at 194.55 million shares worth RM79.87 million.

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In today’s early trading session the local note was quoted at 3.9050/9100 on renewed buying interest.

Malaysia: The ringgit strengthened against the US dollar in today’s early trading session on renewed buying interest.

At 9am, the local note was quoted at 3.9050/9100 from Wednesday’s close of 3.9240/9270.

However, the ringgit traded mostly lower against a basket of other major currencies.

It rose against the Singapore dollar to 2.9748/9790 from 2.9752/9788, but declined against the Japanese yen to 3.6948/7012 from 3.6907/6946.

The local unit depreciated against the British pound to 5.5310/5385 from 5.5152/5210, and fell against the euro to 4.8285/8351 from 4.8171/8224. 

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Market breadth was positive. Sector-wise; The Finance Index rose, Plantation Index points better, Industrial Index went down.

Malaysia: Shares on Bursa Malaysia opened higher today as the market rebounded from yesterday's oversold position.

At 9.11 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,858.69, up 2.3 points from Tuesday's close of 1,856.39.

The key index opened 3.14 points higher at 1,859.53.

A dealer said the market is expected to remain cautious today, taking cue from Wall Street which saw an an aggressive sell-off in social media stocks, fuelled by concerns about increased regulatory scrutiny of the sector.

“Adding to the cautious mood was uncertainty over whether the Federal Reserve would signal a faster pace of interest rate rises this year when its first meeting under the chairmanship of Jay Powell concludes on Wednesday,” he said.

Among heavyweights, Maybank added four sen to RM10.38, Public Bank and TNB gained two sen each to RM23.54 and RM15.78 respectively, CIMB perked six sen to RM7.26 and Petronas Chemicals earned three sen to RM8.22.

Of the actives, Media Chinese Digital added 3.5 sen to 46.5 sen, Panpage and Sapura Energy gained one sen each to 30 sen and 49.5 sen respectively, and Comintel perked nine sen to 78 sen.

Nexgram was flat at five sen.

The FBM Emas Index bagged 14.16 points to 13,068.55, the FBMT 100 Index was 22.2 points higher at 12,837.94, while the FBM Emas Shariah Index declined 8.949 points to 13,219.98.

The FBM 70 jumped 48.649 points to 15,662.39 and the FBM Ace surged 175.66 points at 5,993.55.

Sector-wise, the Finance Index rose 62.67 points to 18,148.63, the Plantation Index was 13.94 points better at 8,021.89, but the Industrial Index went down 18.77 points to 3,243.17.

Market breadth was positive with 196 gainers against 79 losers, while 207 counters were unchanged, 1,411 untraded and 22 others suspended.

Turnover stood at 147.87 million shares worth RM67.41 million.

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Among rate hikes in 2018 market starting to price in a close call, emerging market and commodity currency continue to under-perform in a risk-averse environment.

Malaysia: The ringgit rebounded to open higher against the US dollar today ahead of the US Federal Open Market Committee later today.

At 9.05 am, the local note was quoted at 3.9100/9130 from Monday’s close of 3.9160/9190.

OANDA Head of Trading Asia-Pacific, Stephen Innes said the emerging market and commodity currency continue to underperform in a risk-averse environment.

“But with market starting to price in a close call on the US Federal Reserve (Fed) to shift to four rate hikes in 2018, it has been paring back short US dollar/ringgit and Asian currencies positions, so the ringgit continues to struggle in this environment,” he said in a note today.

Innes said the prospect of a faster pace of Fed policy normalisation and a risk-averse market provides a toxic backdrop for near-term ringgit sentiment.

Meanwhile, the ringgit traded mostly lower against a basket of emerging currencies.

It eased against the euro at 4.8261/8302 against Monday’s 4.8096/8137 and slid against the British pound at 5.4881/4927 from 5.4718/4768.

Against the Singapore dollar, it slightly depreciated to 2.9718/9748 from 2.9712/9746, but strengthened against the Japanese yen to 3.6849/6880 from 3.6936/6975.

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Foreign buying peaked with a Retail participation rate remained vibrant has foreign funds withdrew RM227.5 million

Malaysia: Foreign funds slowly added their holdings in stocks listed on Bursa Malaysia after a week filled with major news affecting global capital markets, said MIDF Research in a note.

Based on preliminary data from Bursa Malaysia which excluded off market deals, the net amount acquired by foreign investors last week amounted to RM141.2 million net, cancelling almost half of the RM299.1m net sold in the preceding week.

Foreign buying peaked on Monday at RM279.3 million net, the highest net inflow in a day since January 23, 2018 which led to FBM KLCI’s biggest daily gain in 15 trading days of 0.94 per cent.

“Sentiment on that day was buoyed by receding fears over quicker US rate hikes this year amid the increase in jobs coupled with a slowdown in wage growth,” it said.

MIDF said the FBMKLCI gained 0.15 per cent to 1,864 points the next day with a smaller inflow of RM122.9 million.

However, it said markets on Wednesday negatively affected by President Trump’s decision to oust Rex Tillerson.

“The political turmoil in the US prompted investors to shift to safe-haven assets, resulting in a daily attrition of RM11.5 million,” it said.

MIDF said foreigners then disposed RM22 million net on Thursday amid concerns of the US-China trade spat, coinciding with the FBMKLCI’s settling at the lowest point during the week at 1,845 points.

Foreign selling further intensified on Friday as foreign funds withdrew RM227.5 million net ahead of the US Federal Reserve’s monetary policy meeting this week.

On a year-to-date basis, MIDF said foreigners have accumulated RM2.05 billion worth of local equities.

Meanwhile, it said March has so far recorded a net outflow of RM207.4 million, a far cry from the RM4.37 billion net inflow in March 2017 amid the anticipation of the 14th General Election.

MIDF said foreign average daily trade value (ADTV) increased by 46 per cent to RM1.64 billion, marking its 11th week of staying above RM1 billion.

“Retail participation rate remained vibrant too with its ADTV remaining above RM1 billion for the fourth consecutive week,” it said.

Tenaga Nasional Bhd recorded the highest net money inflow of RM10.41 million last week, followed by Hong Leong Bank Bhd (RM6.76 million) and Malaysia Airports Holdings Bhd (RM5.36 million).

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Global oil demand is expected to pick up. OECD inventories in the first quarter of 2018 with declines. Trigger a renewed draw-down in stocks.

LONDON: Global oil demand is expected to pick up more quickly this year, but supply is still growing at a faster pace leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday.

The Paris-based IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd), from 97.8 million bpd in 2017.

Commercial oil inventories in industrialised OECD nations rose in January for the first time in seven months to 2.871 billion barrels, 53 million barrels above their five-year average, the IEA said.

But it said Venezuela, where an economic crisis has cut oil production by 50 percent in two years to lows not seen in more than a decade, could still trigger a renewed drawdown in stocks.

“With supply from Venezuela clearly vulnerable to an accelerated decline, without any compensatory change from other producers, it is possible that the Latin American country could be the final element that tips the market decisively into deficit,” the IEA said.

In a bid to drain inventories, the Organisation of the Petroleum Exporting Countries (OPEC), Russia and several other producers have been implementing a deal to cut output by about 1.8 million bpd from January 2017 until the end of 2018.

Assuming no change in OPEC output for the rest of the year, the IEA said it expected a small increase in Organisation for Economic Co-operation and Development (OECD) inventories in the first quarter of 2018 with declines after that.

The agency said it expected supply from non-OPEC nations to grow by 1.8 million bpd in 2018 to 59.9 million bpd, led by the United States, where crude output was forecast to rise by 1.3 million bpd in 2018 to more than 11 million bpd by the end of the year.

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