Breaking News : Likes our Facebook page and join us as members, you will receive email updates and instant updates in Telegram group.
“The FBMKLCI is anticipated to continue its current rebound till end of year with window dressing activities expected to support the index and selected blue chips,” it said in a report.
It was a roller coaster ride for the stock market this year. The market was bullish in the first half of the year and even climbed to historical highs. However, the market turned bearish in the second half of the year as weaker ringgit and falling crude oil prices weighed down corporate earnings especially in the oil and gas, plantation and banking sectors. Just a week ago, the FBM KLCI fell to its lowest level in 20 months. Not only all the gains made in the first half of this year were wiped out, gains made in year 2013 were also almost wiped out. The FBM KLCI continued its bullish momentum last week and filled in the gap that we have expected and closed at its two-week high.
The market, including global markets, continues to rise for window-dressing towards the end of the year. Prices of commodities did not see much movement in the past one week and the Malaysian ringgit held firm against the US dollar. The FBM KLCI increased 2.8 per cent in a week to 1,764.44 points. However, trading volume was low as most market players may be out for year-end holidays. The average daily trading volume in the past one week fell to 1.3 billion shares from two billion two weeks ago. The average daily value declined to RM1.4 billion from RM2.2 billion two weeks ago. Foreign institutions were the main buyers in the past one week amid the low market participation. The net buying from foreign institutions last week (Monday to Thursday) was RM87.9 million while net selling from local institution and local retail was RM34.3 million and RM53.6 million respectively.
Banking shares led gainers on the FTSE Bursa Malaysia KLCI index, with Hong Leong Financial Group up 2.1 percent and Public Bank trading 1.8 percent higher. In the FBM KLCI, gainers trounced decliners four to one. Top three weekly gainers for in the index were Kuala Lumpur Kepong Bhd (9.1 per cent in a week), IOI Corporation Bhd (6.7 per cent) and RHB Capital Bhd (5.5 per cent) while decliners in the index were led by Hong Leong Bank Bhd (two per cent), Felda Global Ventures Holdings Bhd (0.9 per cent), and Astro Malaysia Holdings (0.7 per cent).
Thai SET index was down 0.5 per cent by midday. Shares of the country's biggest energy firm PTT extended previous day's fall, down 0.6 per cent at 326 baht as a drop in oil prices dented its earnings outlook. Fourteen out of 22 analysts tracking PTT rated the stock “buy” or “strong buy,” seven put “hold” and one analyst has “sell,” Thomson Reuters data showed. Thanachart Securities said in a report last week it cut PTT target price to 318 baht (RM33.80) from 345. The Bank of Thailand has cut its GDP forecasts, from 1.5 per cent for 2014 and 4.8 per cent for next year. Its new projections will be released today.
Weaker-than-expected manufacturing output in November weighed on sentiment in Singapore, with the key Straits Times Index trading slightly lower at 3,344.12. Shares of Keppel Corp and Singapore Exchange were among losers in active trading by market turnover. Vietnam's benchmark VN Index rose one per cent, with Hanoi-based lender Vietcombank outperforming the market after its shareholders approved a merger guideline at its extraordinary meeting. The Indonesia and Philippine markets were shut today, with trading to resume on Monday.
No comments:
Post a Comment