KL Bursa stocks also appeared headed! US economy and the chances of further stock market gains, but are expecting more swings.

NEW YORK: European markets mounted a nervous recovery Wednesday while US finished lower as investors across the globe settled in for a period of volatility after this week’s wild swings.

Divided opinion on the outlook for markets means “volatility is back, and investors had better get used to it,” said Lee Wild, head of equity strategy at Interactive Investor.

Wild noted that “just as markets cannot keep rising forever, they must also stop falling at some point, but it’s still unclear whether we’ve reached a level where buyers see value again.”

Bourses in London, Paris and Frankfurt all rose more than 1.5 percent, clawing back around two-thirds of the previous day’s losses.

US stocks also appeared headed for solid gains at mid-morning, but the rally faded and all three indices ended lower, with the Nasdaq shedding the most, with a loss of 0.9 percent.

“Right now, it looks like we are trying to make a bottom,” said Quincy Krosby, chief market strategist at Prudential Annuities.

Analysts say worries about higher US interest rates were the prime catalyst for this week’s turmoil, but the severity of the price swings was exacerbated by computerized trading programs.

The pullback follows a series of records after the US enacted massive tax cuts plan favored by President Donald Trump in December. Many analysts remain upbeat on the US economy and the chances of further stock market gains, but are expecting more swings.

“We continue to believe in the New Yorker’s risk management creed: there is never just one cockroach,” Nicholas Colas of DataTrek Research said in a note.

“The blow up in the volatility space yesterday counts as one insect. Where are the rest?”

Colas suggested markets would remain cautious and not rally significantly until it regains confidence.

Oil shares were an especially weak sector after a US Energy Department report showed US oil production last week exceeded 10 million barrels a day for the first time since 1983.

Dow member ExxonMobil and Chevron and oil services giants Halliburton and Schlumberger all fell close to two percent.

New York - DOW: DOWN 0.1 percent at 24,893.35 (close)

New York - S&P 500: DOWN 0.5 percent at 2,681.66 (close)

New York - Nasdaq: DOWN 0.9 percent at 7,051.98 (close)

London - FTSE 100: UP 1.9 percent at 7,279.42 points (close)

Frankfurt - DAX 30: UP 1.6 percent at 12,590.43 (close)

Paris - CAC 40: UP 1.8 percent at 5,255.90 (close)

EURO STOXX 50: UP 1.8 percent at 3,455.83

Tokyo - Nikkei 225: UP 0.2 percent at 21,645.37 (close)

Hong Kong - Hang Seng: DOWN 0.9 percent at 30,323.20 (close)

Shanghai - Composite: DOWN 1.8 percent at 3,309.26 (close)

Euro/dollar: DOWN at US$1.2269 from US$1.2376 at 2200 GMT

Pound/dollar: DOWN at US$1.3881 from US$1.3948

Dollar/yen: DOWN at 109.28 yen from 109.54 yen

Oil - Brent North Sea: DOWN US$1.35 at US$65.51 per barrel

Oil - West Texas Intermediate: DOWN US$1.60 at US$61.79 per barrel.

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#Ringgit was also traded higher! Sell-off across world stock markets sent investors rushing into the dollar.

Malaysia: The ringgit opened higher against the US dollar today on renewed buying interest and amid the better performance of Bursa Malaysia.

At 9.00 am, the ringgit stood at 3.8970/9000 against the greenback from Tuesday’s close of 3.9135/9165.

A dealer said the US dollar index, which tracks the greenback against a slate of currencies, pared gains from previous sessions as Wall Street rebounded off its low, and this contributed to the higher ringgit.

He said the sell-off across world stock markets sent investors rushing into the dollar on Monday, helping the greenback to trade higher.

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

It improved against the Singapore dollar to 2.9554/9588 from 2.9632/9657 and strengthened against the euro to 4.8276/8317 from Tuesday’s close of 4.8535/8580.

The ringgit also rose against the British pound at 5.4394/4440 from 5.4762/4808, and appreciated against the yen to 3.5609/5646 from 3.5897/5934.

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Malaysia PM today announced the upcoming establishment of 'Malaysia-Singapore' Connect of stock market investors from each country to trade.

The Singapore Exchange (SGX) welcomes the proposal to collaborate with Bursa Malaysia Bhd on jointly developing capital markets through a stock market trading link.

The stock exchange welcomes and supports the announcement made by the Monetary Authority of Singapore (MAS) and Securities Commission Malaysia (SC) this morning on the establishment of a BM-SGX trading link.

Prime Minister Datuk Seri Najib Razak today announced the upcoming establishment of 'Malaysia-Singapore Connect', which will enable stock market investors from each country to trade in the other.

The Malaysia-Singapore Connect will enable investors from both countries to access into a market capitalisation (market cap) of over US$1.2 trillion, through over 1,600 public listed companies.

In his keynote delivery at the 2018 World Capital Markets Symposium (WCMS), Najib said both him and Singapore's Prime Minister Lee had agreed that now is the ideal time to establish a market corridor connecting both countries’ stock exchanges.

Further, SGX said this is the first time that both SGX and Bursa Malaysia have come together to establish a network that will enable cross-border clearing and settlement of traded stocks.

"This is a unique opportunity to galvanise wider interest in listed companies and boost trading activity in both markets.

"We will utilise technology to implement an end-to-end solution that delivers a better and more efficient experience for market participants," SGX chief executive officer Loh Boon Chye said in a statement today.

The joint regulatory supervision and enforcement arrangements by MAS and SC will allow investors to use the trading link with confidence.

Each market will continue to be governed by its own listing, trading and clearing rules and regulations.

SGX and Bursa Malaysia will jointly work out the operational model and safeguards for the trading link.

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Wall Street ended its worst week in two years on Friday! Among heavyweights amid an acceleration of last week’s bond sell-off.

Malaysia: Bursa Malaysia opened lower today in the aftermath of stocks tumbling on Wall Street last Friday and amid an acceleration of last week’s bond sell-off.

At 9.18 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,848.23, down 22.25 points from Friday’s close at 1,870.48.

Losers led gainers 731 to 43, while 169 counters were unchanged, 889 untraded and 19 others suspended.

Turnover stood at 588.76 million shares worth RM287.55 million.

Wall Street ended its worst week in two years on Friday, amid the fear of an interest rate increase.

Public Investment Bank Bhd said strong US wage growth data had heightened investor speculation that the US Federal Reserve would raise interest rates more aggressively than had been expected.

Meanwhile, Kenanga Investment Bank Bhd anticipated a healthy pullback today, following the sell-off in the US before an eventual move towards the resistance level of 1,888 and 1,900, a level near the all-time high recorded in July 2014.

Dealers are also expecting Bursa Malaysia to consolidate this week as investors price in the probability of a US interest rate increase from the Federal Open Market Committee meeting scheduled for March.

Among heavyweights, Maybank lost 10 sen to RM10.00, Tenaga fell eight sen to RM15.72 and Public Bank shed two sen to RM21.98.

Of the actives, Nexgram was flat at 3.5 sen, UMWog eased one sen to 32.5 sen and Sapura Energy fell 2.5 sen to 7.10.

The FBM Emas Index contracted 162.02 points to 13,214.56, the FBMT 100 Index lost 151.92 points to 12,919.80, with the FBM 70 decreasing 273.13 points to 16,195.05.

The FBM Emas Shariah Index declined 180.32 points to 13,471.50, while the FBM Ace went down 123.66 points to 6,372.47.

Sector-wise, the Finance Index shrank 207.46 points to 17,772.12, but the Plantation Index eased 67.08 points to 7,989.32 and the Industrial Index dipped 51.36 points to 3,336.05.

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Ringgit traded mixed against the Singapore dollar; appreciated against the yen; eased against the British pound; weakened against the euro.

Malaysia: The ringgit opened higher against the US dollar today, on the back of firmer global crude oil prices.

At 9am, the ringgit stood at 3.8830/8870 against the greenback, from Tuesday's close of 3.8975/8995.

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

It improved against the Singapore dollar to 2.9655/9692 from 2.9711/9731, and appreciated against the yen to 3.5484/5524 from 3.5869/5897.

The ringgit, however, eased against the British pound to 5.5387/5460 from 5.4842/4889, and weakened against the euro to 4.8557/8619 from Tuesday's close of 4.8317/8358.

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Malaysia’s trade performance is expected onwards the volume is big, but the growth percentage would be lower is expected to be at RM1.8 trillion.

Malaysia: Malaysia’s trade performance is expected to continue its growth momentum but at a moderate pace this year due to a high-base forecast in 2017.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said while this year’s trade volume is expected to be big, the growth percentage is projected to be smaller compared with last year as 2017 trade performance was forecast to be at RM1.8 trillion.

“If we look at the comparison of trade figures, 2017-2016 can be assumed as lower based, as 2016 recorded only about RM1.4 trillion in trade.

“For this year, our comparison based (2017) is expected to be at RM1.8 trillion. The volume is big, but the growth percentage would be lower,” he told reporters after delivering a keynote address at the Export Day 2018, an event for exporters and trade-related agencies to gather network, here today.

He said that this year’s trade performance would be supported by positive economic indicators domestically and globally.

Meanwhile, Mustapa said the strengthening of the ringgit would not have a big impact on the export performance, as only certain companies were using the local currency for trade.

“We expect no major impact (on exports), some industries, such as rubber companies, will be slightly affected as they exporting using the ringgit (for trade),” he said, adding that however, the stronger ringgit would give a major impact on total trade this year.

Organised by the Malaysia External Trade Development Corporation (MATRADE), the Export Day 2018 is aimed at informing local companies on the latest export opportunities around the world, strategies to win global market demands and current issues in international trade.

MATRADE Chief Executive Officer Dr Mohd Shahreen Zainooreen Madros said the event was an embodiment of MATRADE’s effort to create a conducive platform for the Malaysian business community to congregate and network and relish upon each other experiences in global business and entrepreneurship.

“It is crucial for the local business fraternity to meet so that they can compare notes and most importantly identify what are the things they could do differently to help them become export champions,” he said.

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