Latest from BusinessToday
BusinessToday
6 hours ago
- Business
- BusinessToday
KLCI May Continue To Trend Higher With Resistance Level At 1,540
Asian markets mostly closed higher, buoyed by hopes that the US-brokered Israel-Iran ceasefire would hold, which also contributed to a decline in oil prices. Sentiment across the region was further boosted by a mildly dovish tone from US Federal Reserve Chairman Jerome Powell, echoing earlier remarks from Fed officials Waller and Bowman, which kept the possibility of a July rate cut in play, contingent on inflation trends and rising labour market risks. United States Market: In the US, the Dow Jones Industrial Average slipped 107 points, experiencing profit-taking after rallying 917 points over the past three consecutive sessions. Investors weighed the progress of the Middle East ceasefire against Powell's cautious congressional remarks. Powell indicated that tariff-driven inflation is manageable but reaffirmed that the Fed is not yet ready to cut rates despite political pressure. Economic data from the US showed new home sales falling to their lowest level since October 2024, impacted by high mortgage rates. Markets are now looking ahead to the release of durable goods data on June 26 and the core Personal Consumption Expenditures (PCE) reading on June 27. After market hours, Micron Technology (MU) gained 0.9% on strong earnings and outlook. Malaysian Market Performance: mirroring positive trends in Wall Street and regional markets, Malaysia's FBM KLCI gained 5.5 points to close at 1,519.8. Market breadth remained positive, indicating more advancing stocks than declining ones. Trading volume stood at 3.15 billion shares, a 15% increase compared to the June month-to-date (MTD) average of 2.74 billion shares. The total trading value reached RM2.27 billion, up 7.6% from the June MTD average of RM2.11 billion, signaling underlying market strength. Local institutions resumed their net buying, adding RM110 million (June MTD: +RM1.78 billion; Year-to-Date (YTD): +RM10.56 billion). In contrast, foreign funds continued their net outflows, recording -RM51 million today after a brief RM5 million nibble a day ago (June MTD: -RM1.50 billion; YTD: -RM12.33 billion). Retail investors also registered net outflows of -RM59 million (June MTD: -RM279 million; YTD: +RM1.77 billion). The KLCI is trending higher, with HLIB noting that major resistance levels are identified at 1,523, 1,532, and 1,540. Related
BusinessToday
7 hours ago
- Business
- BusinessToday
KOSPI Retreats On Profit-Taking After Strong Rally
South Korea's benchmark KOSPI Index ended lower on June 27, slipping 0.77% to close at 3,055.94, as investors opted to take profits following a robust June rally that had pushed the index above 3,100 earlier in the week. This marks the second consecutive session of losses, driven largely by broad-based selling in battery, auto and tech sectors. Foreign investors were net sellers, offloading around 855.4 billion won worth of shares, while institutional and retail investors absorbed some of the pressure with net combined purchases of approximately 805 billion won. Despite the pullback, the KOSPI remains up around 15% for the month, bolstered by easing geopolitical tensions and increased institutional inflows that had earlier sent the index to its highest levels in over three years. Battery and automotive stocks led the decline, with LG Energy Solution falling nearly 3% and Hyundai Motor dropping 2.15%, as investors locked in gains. In tech, Samsung Electronics edged up 1%, but SK hynix lost 3.07%, reflecting mixed sentiment in the semiconductor space. Internet giant Naver dipped 1.3%, while SK Innovation slid 2.5% amid broader weakness in energy shares. The recent decline is widely viewed as a natural correction after June's sharp gains. Markets are also awaiting global signals, particularly from the US Federal Reserve, whose next policy steps could influence foreign capital flows into emerging markets like South Korea. At home, recent economic data, including a 0.6% rise in the Leading Economic Index for April, suggest a gradual improvement in macro conditions. Outlook: With the KOSPI still comfortably above the key psychological level of 3,000, analysts believe the index may consolidate in the near term as traders assess global economic cues and domestic earnings updates. Volatility may persist ahead of key data releases and geopolitical developments, but underlying investor appetite remains firm. Related
BusinessToday
8 hours ago
- Business
- BusinessToday
Hang Seng Ends Slightly Lower As Investors Lock In Gains After Recent Rally
The Hong Kong stock market edged lower on June 27, snapping a multi-day winning streak, as investors opted to take profits following a strong mid-week rally that pushed the Hang Seng Index to its highest level in over three months. The Hang Seng Index slipped 0.2% to close at 24,284, easing from June 25's peak of 24,475, its strongest finish since March. Despite the slight pullback, the index remains up for the week, buoyed by optimism surrounding regional economic resilience and continued demand in technology and financial sectors. Profit-taking emerged across several key sectors, with healthcare and biotech names such as Wuxi Biologics and Innovent Biologics among the notable laggards. Meanwhile, investor caution resurfaced amid renewed scrutiny of global interest rate trends and geopolitical developments. On the upside, Hong Kong's robust IPO pipeline continued to generate interest. According to exchange data, 31 IPOs have raised over HK$88 billion so far in 2025, already outpacing the full-year tally for 2024, underscoring renewed capital market confidence. Market sentiment remains cautiously constructive, supported by expectations that China will roll out further policy support and by speculation that the US Federal Reserve could ease rates later this year, and both factors that have helped lift investor risk appetite in Asia. Looking ahead, market participants will closely monitor upcoming economic data from China and the US, which could shape short-term direction as the Hang Seng consolidates near key resistance levels. Related
BusinessToday
17 hours ago
- BusinessToday
Star Voyager's Expanded Hong Kong Schedule Opens Doors to Asia's Coastal Gems
StarCruises has announced that Star Voyager will extend its homeport season in Hong Kong through to November 14, 2025, following strong demand from regional and international travellers. The extended deployment adds 24 new voyages to the original 21 already scheduled, bringing the total to 45 sailings. Departing weekly from the centrally located Hong Kong Ocean Terminal, the cruises will connect guests to popular destinations across East and Southeast Asia, offering flexible options ranging from two to five nights. To celebrate the extended season, StarCruises is offering exclusive savings. Guests booking the new itineraries departing between August 31 and November 14 can enjoy a 10% discount. Additionally, those who book between June 23 and July 25 for selected July and August departures will receive HKD 100 onboard credit per cabin, per night. This limited-time offer is a great incentive for travellers eager to set sail. In response to growing interest in autumn travel, StarCruises has bolstered its most popular roundtrip routes from Hong Kong. These include 11 additional 2-night weekend 'Sea-cation' cruises, new weekday departures, and increased sailings to Kaohsiung, Penghu, Naha, and Miyakojima. Notably, a new 5-night itinerary on September 14 will swap Ishigaki for Naha while maintaining stops in Keelung and Penghu. Adding to the appeal, Star Voyager will debut new 5-night cruises to exotic destinations like Vietnam, the Philippines, and Sanya, often called 'the Hawaii of China.' These include voyages to Nha Trang and Da Nang in Vietnam, Ha Long Bay and Da Nang, as well as Boracay and Coron in the Philippines. These itineraries promise a blend of vibrant culture, natural beauty, and unforgettable experiences. Each destination has been thoughtfully selected to showcase the richness of Asia's landscapes and heritage. In Vietnam, guests can unwind on Nha Trang's white-sand beaches or explore Da Nang's Marble Mountains. Ha Long Bay offers an iconic sailing experience through limestone islands and emerald waters, while Sanya delivers tropical relaxation with a distinctly Chinese flair. Meanwhile, Boracay's powdery shores and Coron's crystal-clear lakes make the Philippines a standout addition for adventure-seekers and beach lovers alike. Michael Goh, President of StarDream Cruises, expressed delight at the strong initial response, saying the extended sailings and diverse itineraries reflect the true spirit of Asian cruising. He highlighted that the additional departures will provide more opportunities for both local and international travellers, appealing to a broad range of cruising enthusiasts. For those interested in booking, Star Voyager's extended Hong Kong sailings from August 31 to November 14 will be available online from July 7. Prospective guests can contact local travel partners or visit to reserve their voyage. Related
BusinessToday
a day ago
- Business
- BusinessToday
Ringgit Could Bounce Back Next Week
The Malaysian Ringgit experienced a volatile week, initially weakening to nearly 4.30 per US Dollar following US strikes on Iran over the weekend, before recovering much of its ground as geopolitical tensions eased. The currency is now expected to trade within a range of 4.22-4.26/USD in the week ahead, with market attention shifting firmly back to US macroeconomic indicators. While the Ringgit had been trading broadly stable in line with expectations, Monday saw markets unsettled by the geopolitical developments, pushing the currency close to the 4.30/USD mark. However, this initial risk-off sentiment dissipated swiftly. The US Dollar Index (DXY) traded on a softer footing this week, ranging between 97.7 and 98.4, even amidst the initial geopolitical stir. Notably, investors turned towards Euro-denominated assets rather than the greenback, as the spike in oil prices proved short-lived. Risk appetite recovered significantly after President Donald Trump announced a ceasefire between Iran and Israel, helping to reverse much of the Ringgit's earlier weakness. A subsequent pullback in both oil prices and the DXY further reinforced this recovery, driven by increasingly dovish signals from the Federal Reserve. Markets are now closely monitoring upcoming US economic data. The US core Personal Consumption Expenditures (PCE) reading, due tomorrow, is a key focus, with consensus expecting a 0.1% month-on-month increase. Attention will then shift to next week's crucial labor market data, where Non-Farm Payrolls (NFP) are anticipated to ease towards the 100.0k mark and the unemployment rate could potentially rise to 4.3%. June's manufacturing data will also be scrutinized for early signs of any tariff-related strain on the economy. With geopolitical risks largely unwound, the focus is squarely returning to US macro data. Softer employment figures could reinforce expectations of a Federal Reserve rate cut as early as September, aligning with analysts' base case. Fiscal developments in the US may also take center stage, particularly President Trump's proposed 'big, beautiful bill,' which is expected to get a Senate vote by July 4th. Technically, Kenanga Research said the USDMYR pair remains anchored around its 5-day Exponential Moving Average (EMA) at 4.24. Its direction in the coming week will largely hinge on incoming US macroeconomic data, with key support identified at 4.20 and resistance at 4.27. Related
