Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.

KLCI seen hovering between 1,600 and 1,610 on Friday

Apex Securities Bhd expects the local bourse to continue to trend sideways following the FBM KLCI’s retreat after hitting the 1,600 resistance level amid weakened sentiment across global stock markets and investors awaiting fresh catalysts.

Apex Securities expects local bourse to continue to trend sideways 

The FBM KLCI’s uptrend has been relentless since mid-April as accumulation on blue chips by both local institutions and foreign funds continues, according to Rakuten Trade.

Banks, construction to be in focus as FBM KLCI could test 1,600 soon, says Rakuten Trade 

Inter-Pacific Securities Sdn Bhd said the FBM KLCI’s technical indicators remain overbought, and this could extend the downside pressure on these constituents.

In its daily bulletin on Thursday, the research house said the KLCI ended its upward streak on Wednesday as profit-taking activities set in to send the key index lower.

KLCI’s technical indicators remain overbought, says Inter-Pacific

Hong Leong Investment Bank (HLIB) Research said in the near term, the FBM KLCI is expected to remain choppy (support: 1,500-1,520), as investors weigh the ongoing February reporting season, a delay the US Federal Reserve’s rate-cut trajectory, and the sustainability of the Shanghai Composite Index’s recent rebound.

KLCI expected to remain choppy in near term, says HLIB Research

Asian stocks were set to follow a selloff on Wall Street, with bond yields rising as traders comb through remarks from a slew of Federal Reserve officials and await Jerome Powell’s speech for clues on the interest-rate outlook.

Equity futures for Japan, Hong Kong and Australia pointed to declines after the S&P 500 almost wiped out its weekly advance, while losses in the Nasdaq 100 topped 2%. Treasury two-year yields, which are more sensitive to imminent policy moves, climbed above 5%. The greenback advanced against all of its G-10 peers on Thursday (Aug 24), with the Australian and New Zealand dollars falling the most in more than three weeks.

Asian stocks to follow US drop before Powell speech

KUALA LUMPUR (April 1): Interest for beaten down counters is set to boost Bursa Malaysia’s performance with the main index expected to trade within the 1,420-1,440 level next week, said Rakuten Trade Sdn Bhd.

Bursa Malaysia's main index set to trade within 1,420-1,440 level next week

Bursa Malaysia is expected to trend higher next week amid easing inflationary pressure in the US and expectations for smaller interest rate hikes, said an analyst.

Bursa expected to trend higher next week

Bursa Malaysia is likely to trade sideways with a slightly upward bias within the 1,475-1,495 range next week. 

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors will remain cautious due to increasing global market volatility.

Bursa to trade sideways with upward bias in coming week — Rakuten Trade

KUALA LUMPUR (Jan 3): Hong Leong IB Research expects 2023 to be a less stormy year for Bursa Malaysia (but certainly not a smooth journey), following a cumulative two-year loss of 8.2%.

In a traders’ brief on Tuesday (Jan 3), the research house said that currently, CY2023’s valuation is...

2023 to be less stormy year for Bursa Malaysia, says HLIB Research

Bursa Malaysia looks set to kick off the new year within the current level, with the FBM KLCI fluctuating in the 1,490 and 1,510 range.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects global funds to return to the Asia-Pacific region in 2023, and expects Malaysia to benefit from the spillover effect.

KLCI to begin 2023 within 1,490-1,510 range, may end year at 1,800 mark — Rakuten Trade

KUALA LUMPUR (Nov 22): Hong Leong Investment Bank Research (HLIB) said that as a hung parliament election outcome is unprecedented for Malaysia and the possibility of higher political risk premium and regulatory risks (due to the unexpected strong showing by PAS), the FBM KLCI may witness further...

FBM KLCI may witness further volatility ahead, says HLIB

KUALA LUMPUR (Nov 21): Inter-Pacific Research Sdn Bhd said that with no clear winner in the recently concluded elections, market conditions are likely to be volatile at the start of the week as the political impasse will leave investor sentiments wary

In its daily bulletin on Monday (No...

Impasse could see a knee jerk reaction to politically sensitive stocks, says Inter-Pacific 

KUALA LUMPUR (Nov 17): Inter-Pacific Research Sdn Bhd sees the near-term outlook for the FBM KLCI remaining soft as market players continue to shy away from the market as they await the outcome of the 15th general election.

In its daily bulletin on Thursday (Nov 17), the research house ...

Inter-Pacific sees near-term outlook for FBM KLCI remaining soft 

Intel's shares rose more than 3% in early trading on Friday, as a report of the struggling chipmaker exploring options that could include a merger or a split induced some investor enthusiasm after one of the stock's worst slumps in decades.

Intel rises as report of chipmaker exploring options cheers glum investors

Ukraine urged Mongolia on Friday to arrest Russian President Vladimir Putin on an International Criminal Court warrant when he visits on Sept 3, but the Kremlin said it was not worried about the trip.

Ukraine urges Mongolia to arrest Putin on international warrant

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday

CIMB, MAHB, MRCB, IGB, Mah Sing, Tan Chong, EA Technique, MSM, Icon Offshore, Pansar, Axis REIT, TSH Resources, SkyWorld, Pharmaniaga

BANGKOK (Aug 30): Thailand's anti-graft body on Friday said it was investigating 44 members of the disbanded Move Forward party, following a complaint seeking their lifetime bans from politics for backing legislation aimed at amending a law against royal insults.

It comes less than a mo...

Thailand's anti-graft body opens new probe into embattled political opposition

Ekovest Bhd (KL:EKOVEST) narrowed its net loss to RM64.87 million for its fourth quarter ended June 30, 2024 (4QFY2024) from RM95.66 million a year earlier, helped by a turnaround in the performance of its associate.

Ekovest narrows 4Q net loss to RM64.9m

Syarikat Takaful Malaysia Keluarga Bhd's (KL:TAKAFUL) net profit for the second quarter ended June 30, 2024 (2QFY2024) came in at RM93.10 million, marginally higher than the RM91.88 million it made in 2QFY2023, as revenue rose.

Takaful Malaysia posts marginally higher 2Q profit as revenue climbs

Democrat Kamala Harris leads Republican Donald Trump 45% to 41% in a Reuters/Ipsos poll published on Thursday that showed the vice president sparking new enthusiasm among voters and shaking up the race ahead of the Nov 5 election.

Harris widens lead over Trump, Reuters/Ipsos poll finds

Property developer SkyWorld Development Bhd (KL:SKYWLD) has proposed to jointly develop a property in Vietnam's  Binh Duong Province, its  second venture in that country.

SkyWorld expands presence in Vietnam with second property venture

Malayan United Industries Bhd (MUI) (KL:MUIIND) posted a more than sixfold increase in net loss for its fourth financial quarter ended June 30, 2024 (4QFY2024), as the hotel division suffered losses resulting from higher finance costs incurred by its UK operations.

Higher finance costs for UK hotel operations pulls MUI deeper into the red

Wall Street's main indexes rose on Friday and were set for monthly gains after a key inflation report reiterated moderating price pressures, cementing bets for an interest-rate cut at the US Federal Reserve's upcoming meeting in September.

Wall Street up as rate-cut hopes hold firm after inflation data

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

(Aug 30): CIMB Group Holdings Bhd (KL:CIMB), Malaysia’s second-largest bank by assets, said on Friday its net profit rose 11% in the second quarter from a year earlier due to higher net interest income and non-interest income.

Net profit for the three months ended June 30, 2024 (2QFY202...

CIMB Group 2Q net profit rises 11%, proposes special dividend

Public listed companies (PLCs) will no longer be allowed to hold virtual-only general meetings beginning March 1, 2025, Bursa Malaysia and the Securities Commission said on Friday.

Malaysian listed companies no longer allowed to hold virtual-only general meetings next year — regulators

KUALA LUMPUR (Aug 30): Malaysia remains a leading market for data centre growth in Asean, with a “new, vastly improved” renewable energy scheme, due in September, expected to address solar power supply bottleneck, Macquarie Equity Research said.

Macquarie: Malaysia remains key Asean data centre growth market; Tenaga, YTL Power among top picks

Public Mutual, a wholly-owned subsidiary of Public Bank, has declared annual distributions of more than RM57 million for four funds for the financial year ended Aug 31, 2024.

Public Mutual declares distributions of over RM57m for four funds 

Offshore support vessel company Icon Offshore Bhd (KL:ICON) on Friday announced a slew of acquisitions totalling RM437.5 million, to be paid in shares, that would more than double its fleet size.

Icon Offshore announces RM437.5m acquisitions to more than double fleet size

UEM Group Bhd, the infrastructure arm of Khazanah Nasional Bhd, is acquiring up to 51% in Nur Power Sdn Bhd, the power producer in Kulim Hi-Tech Park in Kedah.

UEM to acquire up to 51% in power producer Nur Power

Sugar producer MSM Malaysia Holdings Bhd (KL:MSM) announced on Friday that it has secured a deal to export grain sugar to China and targets to deliver 45,000 tonnes by the end of this year.

MSM wins deal to export grain sugar to China, aims to deliver 45,000 tonnes this year

Sabah-based plantation company TSH Resources Bhd (KL:TSH) announced changes to its board and management on Friday, including the redesignation of its co-founder Datuk Kelvin Tan.

TSH Resources announces Kelvin Tan as executive chairman, managing director to step down

Tan Chong Motor Holdings Bhd (KL:TCHONG) extended its streak of losses to the seventh straight quarter as sales fell amid intense competition in the automotive industry at home and abroad.

Tan Chong wallows in red for seventh quarter amid tough car market

Pansar Bhd (KL:PANSAR) has clinched an RM804.7 million contract for the Kuching Urban Transportation System (KUTS) Blue-Line Package 2 in Sarawak.

Pansar clinches RM805m contract for Kuching Urban Transportation System

Mass Rapid Transit Corp Sdn Bhd (MRT Corp) said on Friday that it will be undertaking a three-month public inspection exercise to gather feedback from members of the public on the planned MRT3 project, also known as the Circle Line.

Public feedback sought for MRT3 project

Major state-owned banks were buying dollars in China's onshore foreign exchange market on Friday to slow down a rising yuan, four people with knowledge of the matter said.

China state banks buying dollars amid rapid yuan gains — Reuters

Singapore is planning to introduce a new law that would enable police in the city-state to order banks to restrict the accounts of individuals who are suspected to be targets of scams.

Singapore proposes new law that lets police stop bank transfers

Users of the West Coast Highway (WCE) who go through the Section 1 Toll Plaza (Banting Interchange) here do not need to pay tolls for a month starting at 12.01am on Saturday, Aug 31.

Merdeka: Section 1 of WCE toll-free for a month from Aug 31

SUBANG (Aug 30): Capital A Bhd (KL:CAPITALA) is expected to see a better July-September quarter on the strengthening of the ringgit and other Asean currencies, said chief executive officer (CEO) Tan Sri Tony Fernandes after its April-June quarter disappointed, despite rebound in passenger count.

Capital A says Asean currencies rebound to lift earnings after 2Q disappoints

Prime Minister Datuk Seri Anwar Ibrahim has described the mishandling of the Batu Puteh issue as a form of betrayal to the nation.

He said despite the government's acceptance of the International Court of Justice (ICJ) ruling, no nation would willingly cede territory without a fight, often going to great lengths to defend even a small area.

Anwar labels mishandling of Batu Puteh case a 'betrayal' to nation

Alibaba Group Holding Ltd has secured the endorsement of China’s antitrust watchdog more than three years after a landmark probe into its online behaviour, suggesting Beijing is keen to signal its support for the country’s giant internet sector.

Alibaba wins Beijing’s approval in end to years-long scrutiny

Malaysian Resources Corp Bhd’s (KL:MRCB) net profit for the second quarter surged more than fourfold to RM51.18 million from RM10.87 million a year earlier, as contribution from its construction segment doubled.

MRCB’s 2Q net profit jumps over fourfold to RM51m

KUALA LUMPUR (Aug 30): Malaysia Airports Holdings Bhd’s (KL:AIRPORT) net profit for the second quarter doubled to RM205.80 million from RM102.53 million a year earlier, thanks to higher contributions from associate and joint venture companies.

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