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Friday, May 23, 2008
23-May-2008: 22-05-2008 (THU) KLCI falls on Wall Street, oil worries
KUALA LUMPUR: Stock prices on Bursa Malaysia fell on Thursday, led by steep overnight losses on Wall Street and surging crude oil prices.
Market breadth was negative and trading volume stayed low as investors remained cautious, although the KLCI managed to limit its losses.
Taking its cue from overnight steep losses on Wall Street, the KLCI fell as much as eight points at the open, and was in negative territory throughout the entire day. The benchmark index later recouped much of its losses to end just 3.6 points lower at 1,277.6 points.
The day's most actively traded stocks include Telekom, Liqua, AirAsia, YTL Power, Ramunia, Sime Darby and Bumiputra-Commerce. Top gainers include Petronas Dagangan, Berjaya Land, Chin Teck and Lafarge Cement. Losers include BAT, KL Kepong, Green Packet and PPB Oil Palms.
The KLCI's resilience - it was one of the best performing markets in the region on Thursday - belies the broader market's weakness. Declining stocks beat advancing ones by a roughly 2-to-1 ratio for much of the day, before improving slightly to a ratio of 7-to-5 at the close. Trading volume was low at just 488 million shares.
Investors are generally opting to err on the side of caution given the prevailing uncertainties on the domestic political and external economic fronts.
The external picture is starting to look worrisome again. While most believe that the worst of the credit crunch is over, the pain on Main Street USA is likely to get worse.
More worrying for now is the surge in crude oil prices to over US$134 (RM435.50) per barrel. Rising oil prices will place even greater pressure on global economic growth which is already slowing, and fuel inflationary pressures. Given that the Federal Reserve has already cut interest rates to just 2%, further ammunition to stimulate growth is also less readily available in the near term.
23-May-2008 : KLCI is holding up above 1271.0 ( 22-05-08 THU)
KLCI is holding up with big fall at US, most of the big funds is in the market and holding it. Normally ever year from end of May till early of July, the KLCI is move sideway and the vol is low. This may been due to school holidays in Singapore, most of the fund manager is in holidays after profit taking early of the year. For this year, I think the patten may been change due to vary low retail traders in KLCI and most of the funds had jump in into market after the election waiting a good time to come out. Without retail traders go in all the big funds can't come out.
Now the good news is, KLCI will go sideway and holding up. Big drop of KLCI may will not happen.
Thursday, May 22, 2008
22-May-2008 : IOICORP may go up to RM 8.40 early of June
Most of the plantation stock already go up high, IOICORP may is the next to go up.
22-May-2008 : It will be a test of resilience for KLCI again today
It will be a test of resilience for KLCI again today after less than initially expected yesterday. If so, then the benchmark index will likely crack under pressure to drop to around the 1,255 and 1,265 range ahead.
Fanning the negative mood is the overnight plunge on Wall Street, with its major stock indices declining between 1.6% and 1.8% on weak economic outlook and heightened inflationary pressures after the seemingly unstoppable crude oil prices jumped by another 2.2% to hit US$ 135.27 per barrel last night.
In terms of news flows, Malaysia’s international reserves level as at 15 May – whose fortnightly change has came in consistently positive since the start of the year to chalk up a cumulative increase of US$22.8b in four months despite our stock market decline – will be released this evening. Also due to be announced later today is Telekom Malaysia’s latest financial report card.
22-May-2008: 21May 2008 ( WED ) Market drifts sideways
KUALA LUMPUR: Investor sentiment on the Bursa Malaysia stayed on the negative footing Wednesday. We suspect the local bourse will continue to drift given prevailing uncertainties in financial markets globally.
Wall Street's big overnight loss gave investors more reasons to take money off the table. On the foremost of investors' minds was the threat of rising inflationary pressure on global economies. Crude oil futures on the New York Mercantile Exchange touched fresh intra-day high of US$129.60 (RM421.20) per barrel. There are no signs that prices will be able to sustain a retreat. In fact, most expect oil prices to stage further gains in the near future.
Key Asian markets also opened broadly lower although mild bargain hunting pared losses later in the day. Relevant bellwether indices in the region eventually closed on a mixed note.
The KL Composite Index started off in negative territory. The benchmark index managed to recoup lost ground to move briefly into the black as the day progressed, but slipped back into the red in the afternoon session. These gyrations are a reflection of the ambivalence that has persisted in recent days, and such sentiment appears likely to stay for now.
Market volume stood at about 531 million shares. The most heavily traded counter was the renounceable rights to YTL Power warrants. Wednesday was the first day the rights were traded. Shareholders of YTL Power are being offered the warrants on a one for three basis at a price of 10 sen per warrant. The rights will be traded for a week.
Market breadth remained in the red throughout the day. At the close, losing stocks outnumbered gaining ones by roughly three to two. The KLCI closed six points lower at 1,281.2 points. Among the bigger losers were IOI Corp and Bursa Malaysia. Shares for Green Packet fell for the second consecutive day to RM2.41. At the other end, Kulim was the day's top gainer.
Wednesday, May 21, 2008
21-May-2008 : High posibility KLCI will go sideway
They still didn't have a lot of "Retail Traders" jump in into KLSE yet, most of the stock is support by big funds. Whit no big retail traders in KLSE to replace big funds position, the big funds can't make money and it mean KLCI will only go sideway if any bad news come out. No point to make KLCI to drop when they know it will no panic selling by retail traders.
21-May-2008 : Profit taking drags KLCI lower at 20-05-2008 (TUE)
KUALA LUMPUR: The KL Composite Index opened in fairly neutral position Tuesday after the long weekend. It treaded water for most of the morning session before investor sentiment turned sharply weaker after the break. The intensified selling pressure mirrored sentiment in key Asian markets.
Wall Street's mixed close overnight initially offered little fresh leads for investors. But a renewed surge in crude oil prices again ignited inflation fears. That prompted some profit taking across stock markets in the region, which had chalked up a string of gains in the previous week.
The seemingly unstoppable rise in oil prices is creating inflationary pressures in the global economy, and is partly to blame for soaring food prices. Crude oil futures traded on the New York Mercantile Exchange rallied above the US$127 per barrel mark, driven by supply disruption concerns. There is also little indication that the Organisation of the Petroleum Exporting Countries (Opec) is inclined to raise production during its next meeting in September. The cartel's reluctance stems from its belief that rising oil prices is due more to speculative activities and weakness in the US dollar than an actual supply shortage.
The KLCI fell by as much as 16 points during the day before recovering some to finish 13 points lower at 1,287.4 points. Market breadth was well in the red. At the close, the number of losing stocks outpaced gaining ones by roughly seven to two.
BAT was the day's biggest loser. The stock ended RM1 lower at RM42.50. Other big losers include Tanjong plc, IOI Properties, AEON, Bumiputra Commerce, United Plantations, CIMA and Green Packet. However, the volume traded on these stocks was relatively low. At the other end, plantation stocks KL Kepong, Batu Kawan and PPB were among the big gainers for the day.
Market volume came up to nearly 652 million shares. Resorts World was the most heavily traded stock Tuesday. Other actives were IOI Corp, Gamuda, Maybank, Time Engineering, MRCB and Telekom Malaysia.
Tuesday, May 20, 2008
20-May-2008 : Magnitude 4.9 - SABAH, MALAYSIA (2008 May 18 06:26:41 UTC)
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