FBM KLCI ends in red on late-day sell-off
KUALA LUMPUR: Last-minute selling interest pushed the FBM KLCI lower on Tuesday, after vacillating between gains and losses throughout the day.
At closing, the benchmark index was 2.46 points or 0.16% weaker at 1,516.95, after touching an intraday high of 1,522.43 and a low of 1,516.23.
Market breadth was nearly even with 437 gainers and 441 decliners, while 533 counters stayed unchanged. Trading volume stood at 2.72 billion shares worth RM2.1bil.
Among the KLCI-component stocks, there were 10 closed higher while 14 counters fell.
Nestle slid 74 sen to RM75, Ayer lost 40 sen to RM7.20, Allianz fell 28 sen to RM19.12 and Dutch Lady declined 20 sen to RM29.50.
Among the gainers, Malaysian Pacific Industries added 30 sen to RM21.20, F&N rose 28 sen to RM27.80, Carlsberg gained 26 sen to RM19.72 and Heineken climbed 20 sen to RM27.
Newly listed Paradigm-REIT closed flat on its debut at RM1, with 44.59 million shares traded.
On the forex market, the ringgit slipped 0.1% against the US dollar to 4.2360, but edged up 0.02% against the Singapore dollar to 3.2923.
Elsewhere in the region, MSCI's Asia ex-Japan stock index rose 0.54%.
Japan's Nikkei 225 rose 0.32% to 38,211.51, while South Korea's Kospi closed up 0.56% at 2,871.85.
Hong Kong's Hang Seng Index slipped 0.08% to 24,162.87, while China's CSI300 fell 0.51% to 3,865.46 and the Shanghai Composite Index eased 0.44% to 3,384.82.
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Free Malaysia Today
an hour ago
- Free Malaysia Today
Rice prices Japan's hot political issue, on and off the farm
To help ease the pain for consumers and restaurants, the government started tapping emergency stockpiles. (AP pic) SANJO : All is calm at Satoshi Yamazaki's rice farm, with its freshly planted rows of vivid-green seedlings, but a row over the cost of the staple in Japan is threatening to deal the government a blow at the ballot box. Shortages of the grain caused by a supply chain snarl-up have seen prices almost double in a year, fuelling frustration over inflation, and voters could let their anger be known in upper house elections due next month. To help ease the pain for consumers and restaurants, the government started tapping emergency stockpiles in March, having only previously done so during disasters. Yamazaki, who grows about 10% of his rice organically using ducks to eat pests, said he understands high prices are 'troubling' for ordinary people. However, he stressed that thin profits are a concern for many of those who produce it. 'There's a gap between shop prices and what farmers sell rice for to traders and the like,' he told AFP in the northern Niigata region. 'Not all the money paid at shops becomes our income,' said Yamazaki, a 42-year-old father of seven. A mosaic of factors lies behind the shortages, including an intensely hot and dry summer two years ago that damaged harvests nationwide. Since then some traders have been hoarding rice in a bid to boost their profits down the line, experts say. The issue was made worse by panic-buying last year prompted by a government warning about a potential 'megaquake' that did not strike. 'Old' rice Meanwhile, the rising price of imported food has boosted the popularity of domestic rice, while record numbers of tourists are also blamed for a spike in consumption. Farm minister Shinjiro Koizumi has pledged to cut prices quicker by selling stockpiled rice directly to retailers – attracting long queues to some shops. It appears to be working: the average retail price has edged down for a second week to ¥4,223 (US$29) for 5kg, down from a high of ¥4,285 in May. That hasn't stopped opposition politicians – with an eye on the elections – and online critics branding the reserve rice 'old', with some likening it to animal feed. However, analysts also blame Japan's decades-old policy of cutting rice-farming land. The policy was introduced to support prices that were being hit by falling demand brought about by changes in the Japanese diet. Under the 1971 policy, farmers were told to reduce the amount of space used to grow the grain in favour of other crops. That saw the amount of land used for rice paddies – not including for livestock feed – plunge below 1.4 million hectares in 2024, from a peak of 3.3 million hectares in 1960. While the policy was officially abolished in 2018, it has continued in a form of incentives pushing farmers towards other commodities like soybeans. Adding to the crisis is Japan's ageing population. Many rice farmers are old and their children have no interest in taking over. Around 80% of rice farmers are part-time with less than two hectares of fields but they account for only 20% of production, said agronomy expert Kazunuki Oizumi, professor emeritus of Miyagi University. 'Their main revenue comes from other jobs or pensions,' he added. Agriculture 'destroyed' Toru Wakui, chairman of a large-scale farm in the northern Akita region who has for decades fought against the acreage reduction, said Japan should 'seek an increase in rice production and exports to foreign markets'. 'If you only think about the domestic market while increasing output, of course prices will fall,' he told AFP. 'We need to look for markets abroad,' he added. 'The 55 years of acreage reduction destroyed Japan's agriculture,' said Wakui, 76, who urged Koizumi in a letter last month to 'declare an expansion in rice production'. He also said Japan should consider a scheme to help young people start agriculture businesses without the burden of initial investment in fields and machinery, by involving other sectors including banks and trading companies. Public support for Prime Minister Shigeru Ishiba's government has tumbled to its lowest level since he took office in October, which local media say was partly caused by the surge in inflation and soaring rice costs. He has told parliament that increasing production is 'an option' to temper prices, but said food security and the livelihood of producers was also important. For the farmer Yamazaki, 'wanting cheap rice with high quality' is a pipe dream. 'We farmers are a little baffled by the limelight that suddenly shifted to us,' he said. 'But I think it's a good opportunity for the public to think about how rice is produced,' he added.
The Star
an hour ago
- The Star
Bursa Malaysia inches up as caution reins in bulls
KUALA LUMPUR: Bursa Malaysia ended the morning session slightly higher, lifted by gains in oil and gas stocks, although overall market sentiment remained cautious amid external uncertainties. At the lunch break, the FBM KLCI rose 2.62 points or 0.17% to 1,526.46, rebounding from an intra-morning low of 1,523.22. Losers outpaced gainers 446 to 278, while 477 counters were unchanged. Turnover stood at 1.6 billion shares worth RM883.6 million. Oil and gas and related stocks were among the top gainers on Bursa Malaysia, buoyed by stronger oil prices amid escalating US-Iran tensions. Hengyuan Refining Co added 11 sen to RM1.71 while Petron Malaysia Refining & Marketing gained 10 sen to RM3.68. Dayang climbed five sen to RM1.90, Hibiscus rose five sen to RM1.55, Dialog added three sen to RM1.53 and Bumi Armada gained 0.5 sen to 48 sen. Other gainers on Bursa Malaysia included PETRONAS Gas, up 16 sen to RM17.86, Chin Tek, up 13 sen to RM8.85, Hong Leong Financial Group, up 12 sen to RM16.70, and Maybank, up nine sen to RM9.79. Among the losers, Hong Leong Industries slid 34 sen to RM13.28, F&N fell 22 sen to RM28.22, Heineken lost 14 sen to RM27.18, and Malaysian Pacific Industries declined 12 sen to RM21.20. Malacca Securities expects the FBM KLCI to trade on a softer tone, mirroring the negative performance on Wall Street. However, the research house remains positive on the construction sector, particularly on SunCon, following its recent RM1.16bil project win, which has boosted its outstanding order book to approximately RM7.9bil — representing a cover ratio of over two times its forecasted FY24 revenue. 'Traders may also focus on the O&G sector amid rising crude oil prices due to escalating geopolitical tension between US-Iran. 'Aside from healthy dividend payouts, we favour Sunway REIT for its active asset acquisition activities and defensive characteristics in weathering economic uncertainties,' Malacca Securities said. Meanwhile, TA Securities expects blue-chip stocks to extend their gains, supported by optimism over easing US-China trade tensions. However, it noted that further upside may be limited by lingering concerns over President Trump's unpredictable trade policies and the absence of clear progress on a US-Malaysia trade agreement. 'Immediate index support stays at 1,490, while stronger supports can be found at 1,465 and 1,444.
New Straits Times
an hour ago
- New Straits Times
KLCI up 0.17pct at midday amid weaker market
KUALA LUMPUR: Bursa Malaysia traded mixed at midday, as losses across the broader market were offset by gains in several index heavyweights, nudging the benchmark higher. At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.62 points to 1,526.46, up 0.17 per cent from Wednesday's close of 1,523.84. The gains were led by Maybank, YTL Power, and CelcomDigi. Maybank rose nine sen to RM9.79, while YTL Power and CelcomDigi added eight sen each to RM3.73 and RM3.80, respectively. Collectively, the three counters contributed 3.80 points to the index. The benchmark opened 3.87 points higher at 1,527.71 and fluctuated between 1,523.22 and 1,528.72 during the morning session. Market breadth remained negative. Decliners outpaced gainers 446 to 278, while 477 counters were unchanged, 1,194 untraded, and 17 suspended. Hong Leong Investment Bank Bhd noted that the local bourse ended higher on Wednesday as it tracked gains on Wall Street and regional markets, supported by improved breadth and stronger trading activity. "The KLCI may continue to consolidate with a slight upward bias, buoyed by the conclusion of the second round of US-China trade talks in London. "However, broader market sentiment remains cautious amid lingering uncertainty over the pending US-Malaysia tariff agreement and the traditionally soft seasonality for June. Investor confidence remains under pressure amid a fragile global trade environment," it said in a research note today. Among other gainers in the heavyweight group, IHH Healthcare rose four sen to RM6.90, Petronas Gas climbed 16 sen to RM17.86, Maxis added four sen to RM3.63 and Petronas Chemicals was three sen higher at RM3.35. In active trade, Jiankun inched up half-a-sen to three sen, while MYEG, Tanco and Velesto were flat at 97 sen, 97.5 sen and 18.5 sen, respectively. On the index board, the FBM Emas Index rose 7.98 points to 11,445.72, the FBMT 100 Index gained 10.40 points to 11,213.94, and the FBM Emas Shariah Index added 8.03 points to 11,400.70. The FBM 70 Index slipped 19.92 points to 16,505.30, while the FBM ACE Index dropped 36.0 points to 4,508.05. By sector, the Energy Index advanced 6.54 points to 730.31 and the Financial Services Index rose 2.31 points to 17,781.46. The Industrial Products and Services Index eased 0.03 points to 152.28, while the Plantation Index declined 9.32 points to 7,204.50.
