FBM KLCI charges ahead, up 15 points

 

KUALA LUMPUR: Gains from index-linked counters propelled the FBM KLCI to close higher alongside with the positive sentiment across the regional market on Wednesday.

At 5pm, the 30-stock index rose 15.58 points or 0.95% to 1,647.50 after opening 0.63 of-a-point lower at 1,631.55 this morning.

The market traded within a range of 25.06 points between an intra-day high of 1,652.59 and a low of 1,627.53 during the session.

Market breadth turned positive as gainers overpowered the losers on a ratio of 841-to-355 stocks. Traded volumes stood at 6.3 billion shares valued at RM3.41bil.

KLCI-component stocks were overwhelmingly in the positive, with 22 gainers, four decliners and four counters unchanged.

Dealers said sentiment was supported also by firmer key regional markets and local bourse was playing catching up after the recent bout of weakness.

Among the gainers, Heng Yuan rose 69 sen to RM5.69, KPower added 61 sen to RM6.55, Carlsberg gained 56 sen and Greatech advanced 52 sen to RM9.20.

KESM was the top loser on Bursa Malaysia, shedding 98 sen to RM12.30. F&N fell 94 sen to RM31.54, Petronas Gas declined 18 sen to RM17.30 and Supermax lost 13 sen to RM6.92.

Meanwhile, the ringgit was quoted at 4.0630, down 0.05% against the US dollar. The local currency was up 0.18% against the euro at 4.9528. It also declined 0.02% against the pound sterling at 5.4541 and down 0.18% against the Singapore dollar at 3.0475.

Brent crude futures fell 17 cents, or 0.34%, to US$49.91 a barrel while US West Texas Intermediate (WTI) crude futures slid 18 cents, or 0.38%, to US$46.84 a barrel.

Asia benchmark finished mostly higher today with Japan’s Nikkei 225 Index rose 0.33% to 26,524.79.

South Korea’s benchmark Kospi rose 26.14 points, or 0.96%, to 2,759.82, the sharpest daily gain since Dec 9, Reuters reported.

China’s Shanghai Composite index was up 0.76% at 3,382.32, while the blue-chip CSI300 index was up 0.85%.

Reuters reported that China's central bank will scale back support for the economy in 2021 and cool credit growth, but fears of derailing a recovery from a pandemic-induced slump and debt defaults are likely to prevent it from tightening any time soon, policy sources said.

How to use Technical Analysis to read Market Trends

We use technical analysis to detect trends in security prices. The theory to this is that stock prices are a matter of supply and demand. We use charts to interpret stock history. By evaluating price and volume, we may predict future movement of stocks based on past trends.

Identifying Trends: Our Market Experts use technical analysis to boost your returns.This method involves the study of price and volume data to predict the future trends of stocks.

Look for patterns: The next step is to review what major support and resistance levels stand in the way of the trend. Price patterns are predictable because they repeat over time.

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FBM KLCI fell 1.87% to 1,215.8 Today - 19/03/2020

The Bursa Malaysia Finance Index fell 2.56% or 291.05 points to an 11-year low of 11,058.43.

The benchmark index has shed some 23.5% from 1,588.76 on Dec 31, 2019.The decline in banking stocks was led by Affin Bank Bhd, which fell as much as 10.42% to RM1.29, followed by RHB Bank Bhd, which declined as much as 7.03% to RM4.23, Alliance Bank Bhd, down as much as 4.97% to RM1.53, and Hong Leong Financial Group Bhd, which shrank as much as 4.92% to RM11.60.

 CIMB Group Holdings Bhd dipped as much as 3.28% to RM3.24, AMMB Holdings Bhd was down as much as 2.62% to RM2.97, and Public Bank Bhd fell as much as 2.3% to RM12.72. Hong Leong Bank Bhd was down as much as 1.77% to RM12.20, Malayan Banking Bhd fell as much as 1.52% to RM7.15, while BIMB Holdings Bhd shed as much as 0.68% to RM2.90. 

Market Movements are Biased Towards Near-term Earnings Expectations

Markets are functioning well. The trading stops are working as designed. After nearly a 30% drop, investors will begin to consider buying. But, with a global recession at hand, the fundamentals on which value decisions are based will deteriorate. It’s a guess as to how far.

So what’s the right price to pay for something that is facing deteriorating sales and earnings?  The answer is at a price low enough to cushion against worst case outcomes.

As an investor, pick your companies carefully as you re-enter the market. Don’t look to “call a bottom” for the market. Instead dispassionately research the prospects of a company in the current range of macro- economic outcomes. Determine your discipline as to how much uncertainty (risk) you are willing to tolerate in your forecast.

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