Weak signals indicate continued consolidation
The research firm said in its market commentary lingering concerns over trade uncertainty between the US and global trade partners are also expected to dampen sentiment over the near term, although Bank Negara's recent overnight policy rate cut could provide support to interest-sensitive sectors such as property and construction.
At Monday's open, the FBM KLCI dropped 0.51 points to 1,511.83, as investors stayed by the sidelines.
Declining shares included RHB down six sen to RM6.35, Axiata falling three sen to RM2.53 and PETRONAS Chemicals sliding three sen to RM3.27.
The benchmark, meanwhile, was supported by PETRONAS Gas up 16 sen to RM17.86, Scientex gaining five sen to RM3.32 and QL Resources adding five sen to RM4.57.
Most active stocks were Zetrix AI up one sen to RM1.01, Top Glove gaining two sen to 70.5 sen and XL unchanged at 55.5 sen.
On sectoral outlook, Malacca Securities said the prospects of further monetary easing by Bank Negara should cushion the downside risk on the local front, especially in property stocks, given the lower mortgage rates.
"We also view this as an opportune time to build positions in REITs, which still offer premium dividend yields to Malaysian bonds.
"Meanwhile, we favour utility companies like MNHLDG and UUE as both companies may be a decent proxy for Tenaga's CapEx rollout on power grid upgrades, RE as well as NETR policies," it said in a note.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
Indonesian oil tycoon sought in graft probe reportedly in Malaysia
PETALING JAYA: Indonesian authorities believe oil tycoon Riza Chalid, a suspect in a major fuel import corruption case, is currently in Malaysia, as efforts intensify to track down his whereabouts. Accoring to a Tempo magazine's report, Indonesia's immigration directorate general, under the Law and Human Rights Ministry, said it is working closely with its Malaysian counterparts to confirm Riza's location. Acting immigration director-general Yuldi Yusman confirmed that Riza had left Indonesia and had yet to return. "His whereabouts are suspected to be in Malaysia at the moment," he was quoted as saying. According to immigration records, Riza has been in Malaysia since Feb 6, following his departure from Soekarno-Hatta International Airport. Riza was recently named as a suspect in a corruption investigation involving fuel imports by subsidiaries of Pertamina, Indonesia's state-owned oil and gas company. The scandal has reportedly caused losses amounting to trillions of rupiah. Authorities said there was sufficient evidence to implicate the businessman, with the probe so far leading to the arrest of seven individuals, among them Riza's son, Kerry Adrianto. Earlier, Abdul Qohar, Director of Investigation at the Indonesian Attorney-General's Office, had suggested that Riza might be in Singapore. However, Yuldi confirmed on Monday that Riza is no longer believed to be there. Riza remains on Indonesia's wanted list as authorities pursue cross-border cooperation to bring him to justice.
The Star
2 hours ago
- The Star
Tiger prawn processor Camaroe gets nod from Bursa Malaysia to list
KUALA LUMPUR: Aquaculture group Camaroe Bhd has got the green light from Bursa Malaysia Securities to list on the ACE Market of the stock exchange. The group, which specialises in the farming and processing of black tiger prawns, said it its initial public offering (IPO) will involve the issuance of 99 million new shares, as well as an offer for sale of 49.5 million existing shares to selected investors. "With our strong foundation in prawn farming and our expanding processing capabilities, this IPO will allow us to increase production capacity, enhance operational efficiency through new machinery and technology, and strengthen our product quality through the establishment of a biotechnology department," said Camaroe managing director Teoh Han Boon in a statement. Accordingly, the IPO will allocate 24.75 million shares of 5% of the enlarged issued share capital to the Malaysian public. Half of these shares will be made available to public investors while the other half will be issued to Bumiputera public investors. A further 12.38 million shares of 2.5% of the enlarged issued share capital will go to eligible directors, key senior management and employees through pink form allocations. Meanwhile, 61.87 million shares or 12.5% of the enlarged issued share capital will be reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry Proceeds from the IPO will support the construction of a New Bukit Raja Processing Facility, the purchase of machinery and equipment, and the installation of solar panels to enhance sustainability. Additionally, Camaroe plans to establish a biotechnology department to strengthen its research capabilities and improve farming efficiencies. "Camaroe's well-established aquaculture infrastructure, coupled with its vertically integrated model and growing presence in export markets, places it in a favourable position to benefit from rising global demand for premium seafood. "The group's proven capabilities in producing quality black tiger prawns, as attested by its ability to meet locally and internationally recognised quality standards which make it a compelling listing candidate on the ACE Market,' said M&A Securities Sdn Bhd managing director Datuk Bill Tan. M&A Securities is the principal adviser, sponsor, underwriter, and placement agent for the IPO.
The Star
2 hours ago
- The Star
Bursa Malaysia extends downtrend to close lower
KUALA LUMPUR: Bursa Malaysia closed lower on Wednesday on continuous profit-taking in selected heavyweights led by the financial services and utilities sectors. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 13.90 points or 0.91 per cent to 1,511.50 from Tuesday's close of 1,525.40 The benchmark index opened 1.63 points lower at 1,523.77 and moved between 1,510.14 and 1,526.29 throughout the session. The market breadth was negative, with 727 decliners outpacing 335 gainers and 432 counters unchanged, while 951 were untraded and eight suspended. Turnover improved to 3.18 billion shares worth RM2.44 billion, compared with 3.07 billion shares worth RM2.36 billion on Tuesday UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said telecommunications counters led gains among FBM KLCI constituents, while consumer discretionary names bore the brunt of the sell-off. However, across the broader market, all indices closed in negative territory, reflecting the cautious mood despite recent domestic interest rate cuts, he added. "Adding to the subdued tone, Indonesia's successful negotiation of a 19 per cent tariff rate with the United States (US) further dampened sentiment as Malaysia awaits clarity on its tariff status, currently set at 25%. "This development highlights Malaysia's diminishing competitive edge in regional trade, particularly against Vietnam and Indonesia,' he told Bernama. Mohd Sedek also said market jitters intensified over US President Donald Trump's proposed tariffs on the European Union (EU) and Mexico, stoking concerns that such measures could rekindle inflationary pressures following the stronger consumer price index (CPI) readings. "US headline CPI accelerated to 2.7 per cent year-on-year in June, up from 2.4 per cent in May, prompting investors to reassess expectations for Federal Reserve rate cuts. "A steady flow of negative tariff headlines, coupled with waning hopes for near-term monetary easing in the US, continued to weigh on risk sentiment,' he added. Among the heavyweight counters, Maybank fell 12 sen to RM9.53, Public Bank slipped three sen to RM4.23, Tenaga Nasional shed 22 sen to RM13.68, CIMB lost 13 sen to RM6.50 and IHH Healthcare dropped six sen to RM6.52. In active trade, NexG gained one sen to 48.5 sen, Zetrix AI added two sen to 95 sen, TWL inched up half-a-sen to three sen, while Green Ocean Corporation went down 1.5 sen to 11 sen and Tanco was one sen lower to 89.5 sen. On the index board, the FBM Emas Index declined 105.05 points to 11,371.03, the FBMT 100 Index sank 104.96 points to 11,132.65, and the FBM Emas Shariah Index fell 79.23 points to 11,403.95. The FBM 70 Index dropped 167.01 points to 16,521.39, while the FBM ACE Index went down 5.54 points to 4,582.08. By sector, the Financial Services Index dipped 258.89 points to 17,243.76, the Industrial Products and Services Index shaved 0.76 of a point to 152.63, and the Plantation Index eased 11.63 points to 7,406.79. The Energy Index inched down 3.25 points to 735.67. The Main Market volume retreated to 1.38 billion units worth RM2.11 billion from 1.44 billion units valued at RM2.07 billion on Tuesday. Warrant turnover rose to 1.49 billion units valued at RM213.66 million from 1.28 billion units worth RM172.45 million previously. The ACE Market volume decreased to 304.96 million units valued at RM112.71 million, versus 347.59 million units worth RM122.67 million yesterday. Consumer products and services counters accounted for 206.34 million shares traded on the Main Market; industrial products and services (201.02 million), construction (73.57 million), technology (293.92 million), SPAC (nil), financial services (88.88 million), property (206.53 million), plantation (12.92 million), REITs (21.71 million), closed-end fund (12,600), energy (78.45 million), healthcare (112.27 million), telecommunications and media (33.65 million), transportation and logistics (18.68 million), utilities (30.12 million), and business trusts (51,100). - Bernama
