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Showing posts from October, 2016

FBM KLCI Technical Outlook

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Stocks on Bursa Malaysia snapped a three-day losing streak to end higher last Friday on bargain hunting in selected heavyweights, which saw late fund buying of Tanaga Nasional and Malayan Banking. Bargain hunting by institutional funds supported the local market but further gains were limited by fears of a better-than-expected US third-quarter gross domestic product data which will be out later of the day. Asian stock markets were mixed as they were still affected by a flurry of major corporate earnings reports across the region and the declining oil prices. The ringgit weakened further against the US dollar at 4.1970/1020 from the 4.1810/1900 recorded on Thursday, tracking the performance of emerging Asian currencies. At close, the FBM KLCI settled at 1,670.27, up 1.24 points or 0.07%, from Thursday’s close of 1,669.03, after opening 0.58 of a point higher at 1,669.61 and moved between 1,666.97 and 1,671.72 throughout the day. On a weekly basis, the benchmark index gained 0.29 of a p…

Bursa Malaysia - All Eyes On Budget 2017

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Market review Last Friday, the MSCI Asia Pacific Index (MXAP) inched up 0.24-pt to 138.16 (wow -1.73%) after recorded a 5th straight decline following a higher-than-expected China CPI, signaled surprising economic strength in the world's second largest economy. However, sentiment remained cautious ahead of the Janet Yellen's speech at the Boston Fed Conference on how close the Fed is towards a second rate hike in December. Tracking profit taking on crude oil, China’s sluggish trade data and Singapore’s weakest GDP growth (since 2009), there were sparking fears of potential negative implications for Malaysia’s 2H16 economic outlook. KLCI lost 6.1 pts to 1659 and recorded a weekly decline of 6.4 pts. Sparked by better-than-expected banks earnings and retail sales, the Dow rallied as much as 160 pts in the early session. However, profit taking reduced the gains to only 39 pts as investors brace for the key upcoming results this week, which include Intel, Microsoft, GE, Johnson &…