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2019-07-21 16:03 | Report Abuse
KLCI snaps losses to follow Asian markets higher on US interest rate cut hopes
MARKETS
Friday, 19 Jul 2019
5:55 PM MYT
by joseph chin
image: https://www.thestar.com.my/~/media/online/2018/10/15/05/26/market-bear-bull-oct18.ashx/?w=620&h=413&crop=1&hash=54798A579E23072A6DE19E9458EC282B839DB70C
KUALA LUMPUR: Bursa Malaysia and all key Asian markets closed higher on Friday as investors were confident of a US interest rate cut by end July.
At 5pm, the FBM KLCI was up 9.26 points or 0.56% to 1,658.19, snapping its recent losses. Turnover was 2.50 billion shares valued at RM1.61bil. There were 506 gainers, 311 losers and 433 counters unchanged.
Japan's Nikkei 225 rose 2%, Hong Kong's Hang Seng Index added 1.07%, Shanghai Composite Index gained 0.79%, South Korea's Kospi 1.35%, Taiwan's Taiex 0.68% while Singapore's STI advanced 0.48%.
Reuters reported global stocks rose as investors firmed up bets on a US interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.
European shares opened higher across the board, with the pan-European STOXX 600 index gaining 0.7% in early trade. Britain's FTSE 100 index gained 0.6% and Germany's DAX rose 0.75%.
At Bursa, Heitech Padu hit limit-up, surging 30 sen to RM1.26 with 23.88 million shares done. Mesiniaga added 14 sen to RM1.34 while Complete Logistics added 12.5 sen to 93.5 sen.
In oil markets, crude surged after the US said its navy had destroyed an Iranian drone in the Strait of Hormuz, a major choke-point for global crude flows, raising concerns about supply disruptions out of the region, Reuters reported. US light crude oil rose 70 cents to US$56 and Brent gained 99 cents to US$62.92.
The firmer oil prices saw Petronas Chemical recoup part of its recent losses to climb 19 sen to RM7.81 and push the KLCI up 2.65 points. Petronas Gas added 16 sen to RM16.96 and nudged the index up by 0.55 point while Petronas Dagangan inched up four sen to RM24.32. Dialog rose six sen to RM3.51.
Tenaga rebounded 22 sen to RM13.64 and gave the KLCI a 2.18 point boost, IHH and Sime Darby added two sen each to RM5.78 and RM2.25 while Genting inched up one sen to RM6.63.
As for banks, CIMB's nine sen gain to RM5.24 added 1.52 points to the KLCI. HL Bank rose four sen to RM18.60, AmBank three sen to RM4.33, Public Bank two sen to RM22.88 and Maybank eked out a sen gain to RM8.87 but RHB Bank lost six sen to RM5.66.
Crude palm oil fell RM13 to RM1,970 per tonne. Sime Plantation fell three sen to RM4.67, KLK 10 sen to RM23.90 and PPB Group two sen to RM18.64 while IOI Corp shed one sen to RM4.23.
Among telcos, Telekom rose 14 sen to RM4.50, Maxis added nine sen to RM5.70, Digi edged up two sen to RM4.96 but Axiata fell two sen to RM5.08.
The ringgit rose against the US dollar by 0.04% to 4.1120 but slipped 0.23% against the pound sterling to 5.1448, shed 0.06% against the euro to 4.6257 and eased 0.02% to the Singapore unit to 3.0259.
TAGS / KEYWORDS:Markets
Read more at https://www.thestar.com.my/business/business-news/2019/07/19/klci-snaps-losses-to-follow-asian-markets-higher-on-us-interest-rate-cut-hopes/#ljiJ7twEZs0y5Oie.99
Stock
2019-07-21 16:01 | Report Abuse
KLCI snaps losses to follow Asian markets higher on US interest rate cut hopes
MARKETS
Friday, 19 Jul 2019
5:55 PM MYT
by joseph chin
image: https://www.thestar.com.my/~/media/online/2018/10/15/05/26/market-bear-bull-oct18.ashx/?w=620&h=413&crop=1&hash=54798A579E23072A6DE19E9458EC282B839DB70C
KUALA LUMPUR: Bursa Malaysia and all key Asian markets closed higher on Friday as investors were confident of a US interest rate cut by end July.
At 5pm, the FBM KLCI was up 9.26 points or 0.56% to 1,658.19, snapping its recent losses. Turnover was 2.50 billion shares valued at RM1.61bil. There were 506 gainers, 311 losers and 433 counters unchanged.
Japan's Nikkei 225 rose 2%, Hong Kong's Hang Seng Index added 1.07%, Shanghai Composite Index gained 0.79%, South Korea's Kospi 1.35%, Taiwan's Taiex 0.68% while Singapore's STI advanced 0.48%.
Reuters reported global stocks rose as investors firmed up bets on a US interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.
European shares opened higher across the board, with the pan-European STOXX 600 index gaining 0.7% in early trade. Britain's FTSE 100 index gained 0.6% and Germany's DAX rose 0.75%.
At Bursa, Heitech Padu hit limit-up, surging 30 sen to RM1.26 with 23.88 million shares done. Mesiniaga added 14 sen to RM1.34 while Complete Logistics added 12.5 sen to 93.5 sen.
In oil markets, crude surged after the US said its navy had destroyed an Iranian drone in the Strait of Hormuz, a major choke-point for global crude flows, raising concerns about supply disruptions out of the region, Reuters reported. US light crude oil rose 70 cents to US$56 and Brent gained 99 cents to US$62.92.
The firmer oil prices saw Petronas Chemical recoup part of its recent losses to climb 19 sen to RM7.81 and push the KLCI up 2.65 points. Petronas Gas added 16 sen to RM16.96 and nudged the index up by 0.55 point while Petronas Dagangan inched up four sen to RM24.32. Dialog rose six sen to RM3.51.
Tenaga rebounded 22 sen to RM13.64 and gave the KLCI a 2.18 point boost, IHH and Sime Darby added two sen each to RM5.78 and RM2.25 while Genting inched up one sen to RM6.63.
As for banks, CIMB's nine sen gain to RM5.24 added 1.52 points to the KLCI. HL Bank rose four sen to RM18.60, AmBank three sen to RM4.33, Public Bank two sen to RM22.88 and Maybank eked out a sen gain to RM8.87 but RHB Bank lost six sen to RM5.66.
Crude palm oil fell RM13 to RM1,970 per tonne. Sime Plantation fell three sen to RM4.67, KLK 10 sen to RM23.90 and PPB Group two sen to RM18.64 while IOI Corp shed one sen to RM4.23.
Among telcos, Telekom rose 14 sen to RM4.50, Maxis added nine sen to RM5.70, Digi edged up two sen to RM4.96 but Axiata fell two sen to RM5.08.
The ringgit rose against the US dollar by 0.04% to 4.1120 but slipped 0.23% against the pound sterling to 5.1448, shed 0.06% against the euro to 4.6257 and eased 0.02% to the Singapore unit to 3.0259.
TAGS / KEYWORDS:Markets
Read more at https://www.thestar.com.my/business/business-news/2019/07/19/klci-snaps-losses-to-follow-asian-markets-higher-on-us-interest-rate-cut-hopes/#ljiJ7twEZs0y5Oie.99
Stock
2019-07-21 11:49 | Report Abuse
企业家丹斯里林刚河旗下的怡克伟士（EKOVEST,8877,主板建筑组）和海滨城市（IWCITY,1589,主板产业组）获投资者热捧，挤入热门榜，半天成交量各达8833万7500股和7357万1700股。
Stock
2019-07-21 11:49 | Report Abuse
（吉隆坡16日讯）市场预期全球中行将步入宽松货币周期，亚股起落参半，马股缺乏新指引走势反复，周二因最大贸易国之一的中国经济放缓，悲观情绪蔓延引发资金出逃，富时综合指数半天报1667.20点，跌5.17点或0.31%。
马股周二以跌0.88点至1671.49点开市，盘中一度站上1672.47点，随即遭遇卖压，退守至盘中最低的1666.46点。
富时全股指数表现同样疲弱，半天跌24.17点至11843.26点，创业板指数逆市走扬，略增2.60点，挂4698.24点；领域指数跌多起少，金融服务指数跌14.84点报16620.69点，种植指数同样滑15.52点，挂6885.90点。
广告
半天共有17亿5800股成交量，总值9亿4500万令吉，下跌股多达427只，仅有298只上涨股，另有388只没有起落。
企业家丹斯里林刚河旗下的怡克伟士（EKOVEST,8877,主板建筑组）和海滨城市（IWCITY,1589,主板产业组）获投资者热捧，挤入热门榜，半天成交量各达8833万7500股和7357万1700股。
丹斯里郑鸿标旗下的伦平资本（LPI,8621,主板金融服务组）业绩表现亮眼，股价大涨12仙，报16令吉18仙。
隔夜美股3大指数皆微增，道琼斯指数扬0.10%、标普500指数起0.02%及纳斯达克指数起0.17%。
亚股方面，日经指数跌0.72%、中国上证指数也跌0.10%，而韩国首尔综指起0.28%，香港恒生指数也起0.13%；至于泰国则休市一天。
汇市方面，马币兑美元在中午报4.1082令吉，比较周一为4.1070令吉。
Stock
2019-07-20 16:16 | Report Abuse
Stocks to Rise in Asia as Fed-Cut Bets Lift
Bloomberg
/
Bloomberg
July 19, 2019 06:17 am +08
-A+A
(July 19): Stocks in Asia looked set to track gains in U.S. equities as dovish commentary from Federal Reserve officials saw bets on a half-point interest rate cut this month ramp up. Treasury yields and the dollar fell.
Futures on equities in Japan, Hong Kong and Australia rose. Chipmakers will be in focus after a strong outlook from Apple Inc. supplier Taiwan Semiconductor Manufacturing Co. lifted the sector. The S&P 500 climbed and Microsoft Corp. rallied in after-hours trading after sales topped estimates. The MSCI Emerging Markets Index of equities fell even though central banks in South Korea, Indonesia and South Africa all cut interest rates on Thursday.
Fed funds futures are now pricing in about 42 basis points of easing for the July 31 decision. Fed Vice Chairman Richard Clarida told Fox Business Network that policy makers shouldn’t wait for the economy to turn down to act and Fed Bank of New York President John Williams highlighted the need for swift action should policy makers conclude the economy is in trouble.
“We’re in a trade war, you’re seeing the impact on corporate earnings, you’re seeing the central banks forced to scramble to react to that,” Bob Michele, CIO and head of global fixed income at JPMorgan Asset Management, said in a Bloomberg TV interview.
Elsewhere, oil slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut. The pound climbed as the British Parliament backed measures to prevent the next prime minister suspending the legislature to pursue a no-deal Brexit.
These are the main moves in markets:
Stocks
The S&P 500 rose 0.4%.
Futures on Japan’s Nikkei 225 added 0.6%.
Hang Seng futures earlier climbed 0.3%.
Futures on Australia’s S&P/ASX 200 Index advanced 0.2%.
Currencies
The yen was at 107.29 per dollar after slipping 0.6%.
The offshore yuan was at 6.8739 per dollar.
The Bloomberg Dollar Spot Index dipped 0.5%.
The euro bought $1.1278.
The British pound traded at $1.2552 after climbing 0.9%.
Bonds
The yield on 10-year Treasuries dipped two basis points to 2.02%.
Commodities
West Texas Intermediate crude declined 2% to $55.63 a barrel.
Gold was at $1,446 an ounce. - Bloomberg
Stock
2019-07-20 14:57 | Report Abuse
US Fed rate cut could be a boon to Malaysia
Justin Lim
/
theedgemarkets.com
July 19, 2019 15:32 pm +08
-A+A
KUALA LUMPUR (July 19): As the market is expecting another rate cut by the US Federal Reserve (Fed), this could be a boon for emerging equity markets, including Malaysia.
"(In the event of a) US rate cut, where it doesn't lead to (economic) recession, which is what we expected, 100% is good for equities market, including emerging markets such as Malaysia," said Standard Chartered head of managed investments and products management Danny Chang during a briefing on the global market outlook for 2H19.
Chang noted that market consensus estimated that there is a 100% probability for at least one rate cut and a 93% probability of two rate cuts from the Fed by end-2019.
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In June, the Fed signalled it was prepared to cut rates as soon as July if the US and China don't reach a détente in their escalating trade war and other risks continue to grow.
The Fed currently pegs the overnight funds rate in a range between 2.25% and 2.5% — above zero, but still well below normal levels that prevailed during past economic expansions.
The upcoming US Federal Open Market Committee (FOMC) meeting will be held on July 30-31, 2019.
In the event of a US rate cut, Chang said Northeast Asia equity markets, including China, South Korea and Hong Kong, are among those noted to benefit from foreign inflows, due to cheaper valuations and anticipation of higher corporate earnings growth.
The funds will also flow into Southeast Asia markets such as Malaysia, albeit at a much slower pace, Chang added.
However, Chang sees Malaysian equities continuing to underperform against its peers, due to expensive valuation and lower corporate earnings growth.
"The price-earnings (PE) ratio for FBM KLCI is trading about 16 to 17 times, (while) Asia peers are trading at low teen between 10 and 11 times.
"The consensus estimated that Malaysia's corporate earnings growth is below 10% (in 2019), lower compared to Asia peers, which are growing at a rate of 11% to 12%," said Chang.
On the ringgit front, Standard Chartered has projected the ringgit to trade against the US dollar at RM4.15 level by year-end.
As of writing, the ringgit was trading at RM4.1095 against the greenback.
One of the important factors to watch out for is the potential withdrawal of Malaysia's government bonds from the FTSE World Government Bond Index (WGBI), according to Chang.
The global index provider has placed Malaysian bonds on the watch list for six months due to concern about market liquidity, which simultaneously raises some concerns that an exclusion could trigger a rating downgrade.
Stock
2019-07-20 12:33 | Report Abuse
Leong1982 Yes, goodiewilly, you are right! At least 2 to 3 months to ink the agreement.
20/07/2019 11:11 AM
The time enough for ekovest to reach the highest tp.
It's time to buy low sell high-high
Stock
2019-07-20 12:31 | Report Abuse
Bursa Malaysia to benefit from another fed rate cut
CORPORATE NEWS
Friday, 19 Jul 2019
4:37 PM MYT
image: https://www.thestar.com.my/~/media/online/2017/11/10/07/34/bursa.ashx/?w=620&h=413&crop=1&hash=0444EABAC7BC6468E2397D4828A365DFBF74EBB3
KUALA LUMPUR: Bursa Malaysia will be among the emerging market beneficiaries if the US Federal Reserve (Fed) lowers interest rates by at least once more by end-2019, according to Standard Chartered Bank Malaysia Bhd.
Managed Investments and Products Management head Danny Chang said market players were expecting a nearly a 100-per cent chance of one Fed rate cut, and a 93-per cent probability of two, by end-2019.
“Historically, when there is a US Fed rate cut which will not lead to a recession in the country, which is what we expect, it will be good for emerging equity markets, including Bursa Malaysia,” he told reporters on the sidelines of the Standard Chartered’s Global Market Outlook for the Second Half of 2019 briefing here today.
However, Chang admitted that Northeast Asian emerging markets such as Hong Kong, China and South Korea would benefit first, subsequently followed by Bursa Malaysia due to the local bourse ‘s higher valuation and the low beta nature.
He added that the lower corporate earnings in Malaysia, which grew less than 10 per cent as compared with 11-12 per cent registered by Northeast Asian markets thus far also made the local exchange less attractive.
“It is not the government’s policies or political risks that affect the Bursa Malaysia, but (because) the local equity market is still expensive compared with others,” he said, adding that the benchmark FTSE Bursa Malaysia KLCI’s ( FBM KLCI) price-to-earnings (P/E ) ratio currently stood at about 16-17 times, much higher than the 10-11 times P/E ratio of Northeast Asian markets.
On the Overnight Policy Rate (OPR) adjustment, Chang said Standard Chartered expected Bank Negara Malaysia to maintain the rate at the current level of 3.00 at year-end.
“The economy is not slowing to a level where the central bank has to do another immediate rate cut after 25 basis points cut in May this year,” said Chang.
However, he said the central bank could cut the rate of the OPR if it wanted to mainly due to the low inflation rate in the country.
On the ringgit’s performance, Standard Chartered projected the local unit to trade at 4.15- level against the US dollar by year-end despite expectations of the weakening of the greenback following the Fed rate cuts.
Chang said the weaker forecast was due to the anticipations of lower foreign inflows as compared with the Northeast Asian markets.
“The saga of Malaysian bonds to be removed from the FTSE World Government Bond Index (WGBI) in April this year had also caused some restrictions in foreign inflows,” he added.
On the global front, the bank said it continued to have a preference for equities over bonds, and emerging market and corporate bonds over developed market government bonds.
“Within equities, we have a tilt towards the US,” it said in a statement today. - Bernama
TAGS / KEYWORDS:Corporate News , Bursa Malaysia , Fed , StanChart
Read more at https://www.thestar.com.my/business/business-news/2019/07/19/bursa-malaysia-to-benefit-from-another-fed-rate-cut/#4FIvhymT9toFzojh.99
Stock
2019-07-19 11:20 | Report Abuse
Klse index already up, waiting for IWCITY to wake up
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2019-07-18 17:41 | Report Abuse
The conclusion is just buy and keep quiet.
Once the time come, automatically the price will shoot up.
No point shouting here and there.
Hahaha!!!
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2019-07-16 09:49 | Report Abuse
Cool, uptrend will go for few days.
Stay cool.
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2019-07-15 20:59 | Report Abuse
Ekovest...ekovest has a good financial to handle bm project. That's why iwh ever offered ekovest to merge.
All the best to the ekovest fans who still in the forum.
Stock
2019-07-15 19:48 | Report Abuse
Yessssss...will limit up for few week .
Target tp rm3
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2019-07-15 19:44 | Report Abuse
Sale and purchase agreement for Bandar Malaysia project to be inked soon
6:57 pm (Updated 6:58 pm)
A A
The sale and purchase agreement for the Bandar Malaysia project is expected to be inked soon, said Finance Minister Lim Guan Eng.
He said the government, via a development advisory committee, is negotiating with developer IWH CREC Sdn Bhd (ICSB) to finalise the terms of the agreement.
Both parties will also determine the strategic direction of the development of Bandar Malaysia, Lim said in a parliamentary reply dated last Thursday
"The committee and ICSB are in talks... The agreement is expected to be signed in the near future," he added.
Bandar Malaysia was once under the development of 1MDB, a brainchild of former prime minister Najib Abdul Razak.
IWH CREC first won the bid for Bandar Malaysia in late 2015 but their agreement was terminated in May, 2017.
In April, Harapan government decided to revive the project with some changes.
The changes include the construction of a "people's park", 10,000 affordable homes, bumiputera participation throughout the project and priority for local resources in the construction process.
The government awarded the contract to the same developer on the basis that the company was terminated unfairly.
On April 22, the government also set up the development advisory committee to determine the terms of the project together with ICSB.
The committee was entrusted to determine the direction and monitor the implementation of Bandar Malaysia project.
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2019-07-15 13:07 | Report Abuse
Its time to buy liao.
Why why tell you why, don't ask me why why..
Stock
2019-07-15 09:49 | Report Abuse
Heng ah!!!!!!!!
Huat ah!!!!!!!!
Ong ah!!!!!!!!
Stock
2019-07-15 09:48 | Report Abuse
Kang Hoo was in the news recently for his involvement in the revival of Bandar Malaysia, together with his Chinese partner.
Stock
2019-07-15 09:47 | Report Abuse
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TOPICS#AnakAnakMalaysia2019 |SOBA 2019 |Export Excellence Awards 2019 |Asean+ |True or Not |Do You Know |Star Golden Hearts Award
Ekovest MD donates RM1mil for school at mum’s birthday do
PROPERTY
Monday, 15 Jul 2019
For a good cause: Lim (seventh from right) donates RM1mil to Chong Hwa Independent High School while celebrating his mother’s 80th birthday together with his siblings, personalities from the business, education and political world.
KUALA LUMPUR: Ekovest Bhd ’s managing director Tan Sri Lim Keng Cheng has donated RM1mil to Chong Hwa Independent High School while celebrating his mother’s 80th birthday together with celebrities from the business, education and political world.
He and his mother Lee Ai presented the RM1mil cheque to a representative of the school, witnessed by his three siblings and VIP guests headed by Finance Minister Lim Guan Eng over the weekend.
The donation was made in the name of Lee Ai.
Lim, known in the property and construction sector and his support for Chinese education, is the chairman of the management committee of Chong Hwa Independent (Chinese) High School – a leading Chinese high school in Jalan Ipoh, here.
Paying tribute to his mother at the dinner of 65 tables, Lim narrated how his mother had single-handedly brought up four children after his father passed away in 1976.
Lee Ai had operated a small sundry shop for 50 years to feed four children and educate them.
“It’s never an easy task. To repay her motherly love, I have promised her that I will be someone who can stand firm and hold the sky, be a good citizen of our country and contribute to society.
“For this reason, the donation will be made under my mother’s name,” Lim said in a report.
Lim, a nephew of Tan Sri Lim Kang Hoo, also thank his relatives and the long-serving employees of Ekovest.
Kang Hoo was in the news recently for his involvement in the revival of Bandar Malaysia, together with his Chinese partner.
TAGS / KEYWORDS:Property , Ekovest
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2019-07-14 10:45 | Report Abuse
HOMEMONEYForeign appetite for bursa Malaysia, ringgit remains strong, says economist
Published 17 hours ago on 13 July 2019
Foreigners remained as net buyers on Bursa Malaysia, acquiring RM214.73 million of local equities between July 8 and July 11 compared to RM253.8 billion recorded between July 1 and July 4. — Picture by Hari Anggara
KUALA LUMPUR, July 14 — Foreign appetite for the Malaysian market continued to remain steady for both local equities and the ringgit, says Bank Islam Malaysia chief economist Mohd Afzanizam Abdul Rashid.
He said foreigners remained as net buyers on Bursa Malaysia, acquiring RM214.73 million of local equities between July 8 and July 11 compared to RM253.8 billion recorded between July 1 and July 4.
–– ADVERTISEMENT ––
He said positive developments in the trade war since the G20 summit at the end of June and the recent indication from US Federal Reserve chairman Jerome Powell of a possible reduction in interest rates as soon as July have resulted in optimism in the equities market.
In addition, the ringgit saw an encouraging trend this week when the local currency appreciated 0.5 per cent to RM4.11 against the US dollar.
“Going forward, investors would monitor closely developments in the trade war whether there would be discussions between China and the US in the immediate term and the Federal Open Market Committee on July 30-31, and whether the Fed would deliver the first rate cut since the Sub-Prime crisis in 2007/2008.
“The recent increase in the US core Consumer Price Index to 2.1 per cent in June, which surpassed the 2.0 per cent consensus estimates, may have prompted doubts on the rate cut to seep in,” he told Bernama.
Bursa Malaysia kicked the week off on a positive note as investor buying improved following Bank Negara Malaysia’s (BNM) decision to retain the overnight policy rate (OPR) at 3.00 per cent.
The market then turned negative from Wednesday onward as the local bourse succumbed to profit-taking amid an overbought market after a two-day rally.
Both local institutions and retailer investors remained as net sellers.
Local institutions sold RM277 million of equities between July 8 and July 11 compared to RM162.2 million between July 1 and July 4, while retail investors disposed of RM65.2 million, up from RM58.4 million previously.
Meanwhile, the ringgit, which started on a negative note, ended the week stronger as investors reacted positively to BNM’s OPR decision.
In addition, the local unit also continued to get a boost from the rise in global oil prices amid the weak dollar as investors prepared for a possible US interest rate cut.
Going forward, the market will be closely monitoring China’s second-quarter economic data to be released along with other key economic indicators on Monday, with the ringgit expected to remain within the 4.11-4.13 range and Bursa Malaysia’s FBM KLCI to test the 1,680 level next week. — Bernama
Related ArticlesFed optimism sends Wall Street to fresh highsUS trade uncertainties sparked business 'shock', says Fed's PowellRinggit ends higher against US dollar
Stock
2019-07-13 16:25 | Report Abuse
Next week klci will rock and roll.
Ekovest will dance agogo...
Stock
2019-07-13 16:24 | Report Abuse
UALA LUMPUR (July 11): The FBM KLCI rebounded to close in positive territory today on bargain hunting at the eleventh hour.
The benchmark index recovered from its intraday low of 1,674.70 in the afternoon session, before settling at 1,679.26 for a gain of 0.29 points or 0.02% from yesterday.
Inter-Pacific Securities Head of Research Pong Teng Siew said the US Federal Reserve's suggestive rate cuts may have provided a positive backdrop for investors looking to get back in the market.
"It is the last minute bargain hunting that helped push the index up," Pong told theedgemarkets.com.
Top gainers among index-linked stocks included Dialog Group Bhd and Maxis Bhd, which rose 2.66% and 1.77% respectively.
Pong pointed out that the overall market breadth was positive with more gainers than losers at 501 versus 329. Total volume was also higher at 3.18 billion shares worth RM2.21 billion.
Most actively traded stocks were energy-related, including KNM Group Bhd, Sapura Energy Bhd and Bumi Armada Bhd, which together accounted for nearly one-fifth of the total market turnover.
The gains on the local market was in line with other Asian markets, which cheered the dovish views of US Federal Reserve Chairman Jerome Powell, who reinforced prospects for a US interest rate cut later this month.
Hong Kong's Hang Seng Index and the Shanghai Stock Exchange Composite Index gained 0.81% and 0.08% respectively at end of the trading day.
In Tokyo, the Nikkei 225 closed 0.51% higher while South Korea's Kospi finished 1.06% higher.
In his first day of testimony before Congress on Wednesday, Powell confirmed that the US economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war, Reuters reporte
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2019-07-13 11:44 | Report Abuse
Choose the counter the operators like to goreng.
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2019-07-13 10:57 | Report Abuse
The cat knows how to catch mouse is a good cat, it doesn't matter what colour of the cat.
2 cents comment won't help you to become millionaire.
The most you know about share market, the most you will lose money.
Share market is unpredictable.
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2019-07-13 08:41 | Report Abuse
Dow Jones Industrial Average
.DJI (INDEXDJX)
FollowFollowing
27,332.03
243.95 (0.90%)
12 Jul, 5:07 pm GMT-4 -Disclaimer
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2019-07-12 22:12 | Report Abuse
Dow Jones Industrial Average
.DJI (INDEXDJX)
FollowFollowing
27,239.51
151.43 (0.56%)
12 Jul, 10:09 am GMT-4 -Disclaimer
Dow Jones index hit the highest record
Stock
2019-07-12 18:51 | Report Abuse
DUKE Highway Jalan Ipoh entry, exit ramps now open
Click to enlarge
The DUKE Highway’s Jalan Ipoh loop exit and entry ramps are now open to public. According to concession holder Kesturi’s MD, Tan Sri Lim Keng Cheng, the company worked with the Malaysian Highway Authority, DBKL, Ekovest and UOA Group on this project.
The new entry and exit ramps will benefit the surrounding residential areas, with motorists now having direct access to the Duta-Ulu Kelang Expressway. They are located near the DUKE’s Batu toll plaza, where a future development by the UOA Group is also located. Check out the illustrations above to see how traffic flow is like with the new ramps
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2019-07-12 12:33 | Report Abuse
0.72 is waiting for someone to buy cheap.
The operator run liao.
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2019-07-10 14:59 | Report Abuse
See you all soon.
Wake me up before ekovest up up
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2019-07-10 14:08 | Report Abuse
What is the point waiting for down trend?
Only uptrend will make money.
Hahaha
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2019-07-10 14:02 | Report Abuse
Loser will always talk ccock, because no money to buy.
Yesssssssss.
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2019-07-10 13:21 | Report Abuse
Stupid loser ...
Hahaha!!!!!!!!
Normally who give bad comments is the ex-stupid loser.
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2019-07-10 12:17 | Report Abuse
Ekovest will give you limit up, others counter won't.
That's why I'm still here, waiting to chase high from the bottom price.
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2019-07-10 12:09 | Report Abuse
No one care what type of counter is this...
As long can goreng to the higher tp, it's a good counter
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2019-07-10 11:52 | Report Abuse
Pity of ekovest fans...
Still no chance for me to chase high.
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2019-07-09 22:36 | Report Abuse
Kyy_superhuman, every one will blame on you if ekovest shooting above rm1
Stock: [EKOVEST]: EKOVEST BHD
2019-07-21 16:03 | Report Abuse
KLCI snaps losses to follow Asian markets higher on US interest rate cut hopes
MARKETS
Friday, 19 Jul 2019
5:55 PM MYT
by joseph chin
image: https://www.thestar.com.my/~/media/online/2018/10/15/05/26/market-bear-bull-oct18.ashx/?w=620&h=413&crop=1&hash=54798A579E23072A6DE19E9458EC282B839DB70C
KUALA LUMPUR: Bursa Malaysia and all key Asian markets closed higher on Friday as investors were confident of a US interest rate cut by end July.
At 5pm, the FBM KLCI was up 9.26 points or 0.56% to 1,658.19, snapping its recent losses. Turnover was 2.50 billion shares valued at RM1.61bil. There were 506 gainers, 311 losers and 433 counters unchanged.
Japan's Nikkei 225 rose 2%, Hong Kong's Hang Seng Index added 1.07%, Shanghai Composite Index gained 0.79%, South Korea's Kospi 1.35%, Taiwan's Taiex 0.68% while Singapore's STI advanced 0.48%.
Reuters reported global stocks rose as investors firmed up bets on a US interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.
European shares opened higher across the board, with the pan-European STOXX 600 index gaining 0.7% in early trade. Britain's FTSE 100 index gained 0.6% and Germany's DAX rose 0.75%.
At Bursa, Heitech Padu hit limit-up, surging 30 sen to RM1.26 with 23.88 million shares done. Mesiniaga added 14 sen to RM1.34 while Complete Logistics added 12.5 sen to 93.5 sen.
In oil markets, crude surged after the US said its navy had destroyed an Iranian drone in the Strait of Hormuz, a major choke-point for global crude flows, raising concerns about supply disruptions out of the region, Reuters reported. US light crude oil rose 70 cents to US$56 and Brent gained 99 cents to US$62.92.
The firmer oil prices saw Petronas Chemical recoup part of its recent losses to climb 19 sen to RM7.81 and push the KLCI up 2.65 points. Petronas Gas added 16 sen to RM16.96 and nudged the index up by 0.55 point while Petronas Dagangan inched up four sen to RM24.32. Dialog rose six sen to RM3.51.
Tenaga rebounded 22 sen to RM13.64 and gave the KLCI a 2.18 point boost, IHH and Sime Darby added two sen each to RM5.78 and RM2.25 while Genting inched up one sen to RM6.63.
As for banks, CIMB's nine sen gain to RM5.24 added 1.52 points to the KLCI. HL Bank rose four sen to RM18.60, AmBank three sen to RM4.33, Public Bank two sen to RM22.88 and Maybank eked out a sen gain to RM8.87 but RHB Bank lost six sen to RM5.66.
Crude palm oil fell RM13 to RM1,970 per tonne. Sime Plantation fell three sen to RM4.67, KLK 10 sen to RM23.90 and PPB Group two sen to RM18.64 while IOI Corp shed one sen to RM4.23.
Among telcos, Telekom rose 14 sen to RM4.50, Maxis added nine sen to RM5.70, Digi edged up two sen to RM4.96 but Axiata fell two sen to RM5.08.
The ringgit rose against the US dollar by 0.04% to 4.1120 but slipped 0.23% against the pound sterling to 5.1448, shed 0.06% against the euro to 4.6257 and eased 0.02% to the Singapore unit to 3.0259.
TAGS / KEYWORDS:Markets
Read more at https://www.thestar.com.my/business/business-news/2019/07/19/klci-snaps-losses-to-follow-asian-markets-higher-on-us-interest-rate-cut-hopes/#ljiJ7twEZs0y5Oie.99