Market Review for KLCI
The FTSE Bursa Malaysia Kuala Lumpur Composite index lost 4.10 points or 0.25% on Tuesday. The Finance Index fell
0.45% to 14189.02 points, the Properties Index up 0.24% to 1158.54 points and the Plantation Index down 0.15% to
6994.46 points. The market traded within a range of 13.17 points.
The KLCI closed down at 1635.37 points more than one-week low as Southeast Asian stock markets mostly fell. Market
sentiment remained bearish after ringgit continues to slide and as crude oil prices dropped.
Market forecast for KLCI
The FBM KLCI index is expected to trade with bearish sentiments and can take support at 1604 as the investors sentiment
can continue to remain negative on the back of the Chines economic slowdown.
KLCI COUNTER SPECIFIC NEWS
- 1Malaysia Development Bhd has expressed disappointment with Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz who apparently singled out the strategic development company for the ringgit's weakness.
- Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.
- Iris Corp Bhd expects to see better performance for its financial year ending March 31, 2016 , mainly driven by its trusted identification division, housing project in Papua New Guinea and waste to energy incinerator plant in Phuket, Thailand.
- 1Malaysia Development Bhd has expressed disappointment with Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz who apparently singled out the strategic development company for the ringgit's weakness.
- Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.
- JAKS Resources Bhd has secured US$1.402 billion (RM5.82 billion) in financing to partly fund the construction of a coal-fired thermal power plant project (IPP project) in Hai Duong province, Vietnam.
- Eco World Development Group Bhd has proposed to buy 2,198.4 acres of leasehold land in Ijok, Kuala Selangor for RM1.181bil.
GLOBAL FACTORS AND WORLD INDICES
* Hong Kong and Shanghai stocks tumbled Wednesday after a gauge of Chinese manufacturing activity for September hit a six-and-a-half-year low, adding to worries about the world's number two economy. Hang Seng Index sank 2.26 per cent, or 493.67 points, to close at 21,302.91.
* Australian shares tumbled to their lowest close in more than two years on Wednesday as concerns about the economic outlook for top trading partner China sent commodity prices lower, hitting sentiment across the board.
* A plunge in a gauge of Chinese factory activity stoked fresh fears about the world's number two economy and the global outlook Wednesday, sending Asian markets tumbling after a heavy sell-off in New York and Europe.
* Taiwan stocks fell on Wednesday after a survey showed factory activity in China - one of the island's biggest trading partners - contracted for the seventh straight month.
* French private-sector activity rebounded in September from its summer torpor, as manufacturing output swung back to growth after two consecutive months f decline, according to a widely watched survey of businesses released on Wednesday.
* Greek banks' capital shortfall may reach the upper end of a 10-25 billion euro (S$16-40 billion) range set out in the country's third bailout.
* Malaysia's consumer price index in August edged up to 3.1 per cent from a year earlier due to sustained price increases in household expenses despite lower fuel
costs, data showed on Wednesday.
* Malaysia's ringgit slid along with stocks and bonds as a measure of factory output in China added to signs Asia's largest economy slowing, spurring demand for the relative safety of the dollar.
* Gold struggled on Wednesday to recover from its losses over the previous two sessions, as the dollar hit its highest in nearly three weeks on expectations the Federal Reserve would hike US interest rates this year.
* Oil prices dipped on Wednesday, reversing early gains, as weak economic data from China weighed on commodities and added to the woes of an oversupplied market that has seen prices more than halve since June 2014.
The FTSE Bursa Malaysia Kuala Lumpur Composite index lost 4.10 points or 0.25% on Tuesday. The Finance Index fell
0.45% to 14189.02 points, the Properties Index up 0.24% to 1158.54 points and the Plantation Index down 0.15% to
6994.46 points. The market traded within a range of 13.17 points.
The KLCI closed down at 1635.37 points more than one-week low as Southeast Asian stock markets mostly fell. Market
sentiment remained bearish after ringgit continues to slide and as crude oil prices dropped.
Market forecast for KLCI
The FBM KLCI index is expected to trade with bearish sentiments and can take support at 1604 as the investors sentiment
can continue to remain negative on the back of the Chines economic slowdown.
KLCI COUNTER SPECIFIC NEWS
- 1Malaysia Development Bhd has expressed disappointment with Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz who apparently singled out the strategic development company for the ringgit's weakness.
- Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.
- Iris Corp Bhd expects to see better performance for its financial year ending March 31, 2016 , mainly driven by its trusted identification division, housing project in Papua New Guinea and waste to energy incinerator plant in Phuket, Thailand.
- 1Malaysia Development Bhd has expressed disappointment with Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz who apparently singled out the strategic development company for the ringgit's weakness.
- Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.
- JAKS Resources Bhd has secured US$1.402 billion (RM5.82 billion) in financing to partly fund the construction of a coal-fired thermal power plant project (IPP project) in Hai Duong province, Vietnam.
- Eco World Development Group Bhd has proposed to buy 2,198.4 acres of leasehold land in Ijok, Kuala Selangor for RM1.181bil.
GLOBAL FACTORS AND WORLD INDICES
* Hong Kong and Shanghai stocks tumbled Wednesday after a gauge of Chinese manufacturing activity for September hit a six-and-a-half-year low, adding to worries about the world's number two economy. Hang Seng Index sank 2.26 per cent, or 493.67 points, to close at 21,302.91.
* Australian shares tumbled to their lowest close in more than two years on Wednesday as concerns about the economic outlook for top trading partner China sent commodity prices lower, hitting sentiment across the board.
* A plunge in a gauge of Chinese factory activity stoked fresh fears about the world's number two economy and the global outlook Wednesday, sending Asian markets tumbling after a heavy sell-off in New York and Europe.
* Taiwan stocks fell on Wednesday after a survey showed factory activity in China - one of the island's biggest trading partners - contracted for the seventh straight month.
* French private-sector activity rebounded in September from its summer torpor, as manufacturing output swung back to growth after two consecutive months f decline, according to a widely watched survey of businesses released on Wednesday.
* Greek banks' capital shortfall may reach the upper end of a 10-25 billion euro (S$16-40 billion) range set out in the country's third bailout.
* Malaysia's consumer price index in August edged up to 3.1 per cent from a year earlier due to sustained price increases in household expenses despite lower fuel
costs, data showed on Wednesday.
* Malaysia's ringgit slid along with stocks and bonds as a measure of factory output in China added to signs Asia's largest economy slowing, spurring demand for the relative safety of the dollar.
* Gold struggled on Wednesday to recover from its losses over the previous two sessions, as the dollar hit its highest in nearly three weeks on expectations the Federal Reserve would hike US interest rates this year.
* Oil prices dipped on Wednesday, reversing early gains, as weak economic data from China weighed on commodities and added to the woes of an oversupplied market that has seen prices more than halve since June 2014.
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