Bursa stays uninspired on final day of results season
KUALA LUMPUR: The sluggish sentiment on Malaysia's stock market continued on Friday, with the earnings announcements of the past week doing little to halt the corrective pressure.
While the FBM KLCI gained 2.24 points to 1,521.22 at the start of the day's trading, the weak momentum indicates the index could yet close in the red, ending the week on a five-day losing streak.
There was some buying interest on Wall Street overnight, bolstered by forecast-beating earnings from the likes of Nvidia, although the ongoing confusion over the legal validity of US President Donald Trump's trade tariffs weighed on sentiment.
The US rally has done little to spur the interest of Malaysian investors given the absence of fresh domestic leads, especially as the corporate earnings season comes to an end this week with little fanfare.
According to Rakuten Trade, the recent sell-down on the local market could be attributed to the flight of funds back to the Hong Kong market, which has been on a tear on hopes of easing trade tension.
"For today, we expect bargain hunting activities to emerge if
and when the index ease closer to the 1,500 mark thus anticipate it to trend between the 1,510-1,525 range," said the broker in a note.
Companies that announced their earnings in after-trading hours yesterday include KPJ down 18 sen to RM2.78, MPI falling 16 sen to RM19.70 and Genting dropping 11 sen to RM3.02.
Egg and poultry producer Leong Hup rose 0.5 sen to 61.5 sen while sector rival QL Resources dropped two sen to RM4.52.
On the actives list, Velesto was unchanged at 18.5 sen, Nationgate jumped six sen to RM1.50 and Eco-shop rose five sen to RM1.24. Trading ideas: SunCon, Vestland, PeterLabs, TWL, UEM Edgenta, IJM, Genting, Carlsberg, KPJ, QL, Farm Fresh, IHH, LHI
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
27 minutes ago
- Free Malaysia Today
Trump says he will double steel, aluminium tariffs to 50%
Donald Trump touted a planned partnership between US Steel and Japan's Nippon Steel today. (AP pic) WASHINGTON : US President Donald Trump said today that he will double steel and aluminium import tariffs to 50% from next week, the latest salvo in his trade wars aimed at protecting domestic industries. 'We're going to bring it from 25% to 50%, the tariffs on steel into the US,' he said while addressing workers at a US Steel plant in Pennsylvania. 'Nobody's going to get around that,' he added in the speech before blue-collar workers in the battleground state that helped deliver his election victory last year. Shortly after, Trump wrote in a Truth Social post that the elevated rate would also apply to aluminium, with the new tariffs 'effective Wednesday, June 4th'. Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have rocked the world trade order and roiled financial markets. He has also issued sector-specific levies that affect goods such as automobiles. Today, he defended his trade policies, arguing that tariffs helped protect US industry. He added that the steel facility he was speaking in would not exist if he had not also imposed duties on metals imports during his first administration. 'Devil in the details' Today, Trump touted a planned partnership between US Steel and Japan's Nippon Steel, but offered few new details on a deal that earlier faced bipartisan opposition. He stressed that despite a recently announced planned partnership between the American steelmaker and Nippon Steel, 'US Steel will continue to be controlled by the US'. He added that there would be no layoffs or outsourcing of jobs by the company. Last week, Trump said that US Steel would remain in America with its headquarters to stay in Pittsburgh, adding that the arrangement with Nippon would create at least 70,000 jobs and add US$14 billion to the US economy. Today, he said that as part of its commitment, Nippon would invest US$2.2 billion to boost steel production in the Mon Valley Works-Irvin plant where he was speaking. Another US$7 billion would go towards modernising steel mills, expanding ore mining and building facilities in places including Indiana and Minnesota. A proposed US$14.9 billion sale of US Steel to Nippon Steel had previously drawn political opposition from both sides of the aisle. Former president Joe Biden blocked the deal on national security grounds shortly before leaving office. There remain lingering concerns over the new partnership. The United Steelworkers union (USW) which represents thousands of hourly workers at US Steel facilities said after Trump's speech that it had not participated in discussions involving Nippon Steel and the Trump administration, 'nor were we consulted'. 'We cannot speculate about the meaning of the 'planned partnership,'' said USW International president David McCall in a statement. 'Whatever the deal structure, our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work,' McCall said. 'The devil is always in the details,' he added. Trump had opposed Nippon Steel's takeover plan while on the election campaign trail. But since returning to the presidency, he signalled that he would be open to some form of investment after all.
Free Malaysia Today
27 minutes ago
- Free Malaysia Today
From TACO to FAFO, investors love parodies of Trump acronyms
US President Donald Trump was inaugurated in January after winning the November elections. (AP pic) NEW YORK : Four months into US President Donald Trump's second term, market observers have taken a cue from his fondness for condensing slogans into catchy acronyms like MAGA, DOGE and MAHA, and devised a few of their own that have been spreading across trading desks. Even those acronyms that do not directly reflect a specific trading strategy, still capture factors that traders say are important in Trump-era markets, such as volatility and uncertainty, that investors need to consider when making decisions. Some of the new labels are associated with investment strategies that aimed to capitalise on Trump's economic and trade policies, and international relations goals. Others riff off economic implications or his abrupt U-turns as markets and trade partners react to his proposals. The 'Trump trade' that played on the Make America Great Again theme in the wake of his November election victory and January inauguration, and contributed to record highs on Wall Street in February, is hardly discussed now that stocks, the dollar and treasury bonds have succumbed to worries about his tariff polices. 'Post the election, we heard a lot about YOLO (You Only Live Once), which seemed to promote taking outsize risks in a concentrated investment theme,' Art Hogan, strategist at B Riley Wealth, said. YOLO, is an acronym used to describe the tendency that was part of that Trump trade to chase high momentum strategies such as cryptocurrency. 'While the term YOLO was popular for a period of time, it goes against all traditional advice,' Hogan said. Here are a few more acronyms that have gotten play in the investment world in recent weeks: TACO (Trump Always Chickens Out) This one, coined by a Financial Times columnist, has been used as a way to describe Trump's to-ing and fro-ing on tariffs in the wake of his April 2 'Liberation Day' speech. When asked about TACO in a recent press conference, the president lashed out, calling the question 'nasty'. 'Where we end up might not be too far from what he promised on the campaign trail. So, does he always chicken out? I wouldn't go as far as to say that,' said Christian DiClementi, fixed income portfolio manager at AllianceBernstein. 'I think that he wants to rebalance the economy without pushing it off a cliff. And we're watching that being executed in real time. I think some of the ideas are thought out and some of them change on the fly.' MEGA (Make Europe Great Again) MEGA, first coined last year to address European competitiveness, resurfaced this spring as a way to describe the flurry of investor interest in and flows into European markets. MEGA hats, spoofing their MAGA counterparts, are easily purchased online It's been revived by investors and traders in light of the outperformance European stocks in the immediate aftermath of Trump's 'Liberation Day' tariffs bombshell. MAGA (Make America Go Away) While the original Trump trade was also known as the MAGA trade, this variation cribbed the president's motto, first appearing in response to vice-president JD Vance's brief and unfruitful visit to Greenland, the autonomous territory of Denmark, which Trump has expressed interest in annexing. At least one Canadian investor says that quip is making the rounds of trading desks in Toronto and Montreal and sparking 'wishful thinking' about simply boycotting US investments. FAFO (F*** Around and Find Out) Although the acronym also came into being well before Trump's inauguration, it is being heard with increasing frequency in trading desk conversations. It is used to capture the financial market's volatility and chaos that Trump's policymaking process has created. Mark Spindel, chief investment officer of Potomac River Capital LLC, described the market as being caught in a 'pinball machine as a result of that policymaking process'. When reached for comment, White House spokesman Kush Desai said in an email 'these asinine acronyms convey how unserious analysts have consistently beclowned themselves by mocking president Trump and his agenda that've already delivered multiple expectation-beating jobs and inflation reports, trillions in investment commitments, a historic UK trade agreement, and rising consumer confidence.'
Barnama
40 minutes ago
- Barnama
Malaysia's Agri-food Sector Secures International Deals Worth RM17 Million
WORLD By Kenny Teng Khoon Hock BANGKOK, May 31 (Bernama) -- Malaysian exhibitors have successfully inked two Memorandums of Understanding (MoUs) worth RM17 million at THAIFEX-Anuga Asia 2025, Asia's leading food and beverage trade show. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said the agreements, signed with partners from Thailand and the United States, reflect the growing international confidence in the quality and competitiveness of Malaysian products. "These agreements with partners from Thailand and the United States are not just business transactions - they are a testament to the world's growing confidence in Malaysian products. 'Our entrepreneurs have proven that, with the right support, they can compete and excel on the global stage," he said after officiating the Malaysian Pavilion here on Friday. Mohamad on a four-day working visit to Thailand said the Agriculture and Food Security Ministry has been actively supporting local entrepreneurs through strategic initiatives, ensuring they meet global standards while maintaining the unique quality and authenticity of Malaysian products. "Our vision is clear: we want Malaysian products to become household names worldwide. With the dedication of our farmers, food producers, and government agencies, I am confident that we will see even greater achievements in the years to come," he added. Mohamad also invited international buyers to explore Malaysia's diverse range of high-quality food products showcased at the pavilion. He said the strong performance at THAIFEX-Anuga Asia 2025 underscores Malaysia's growing influence in the global food and beverage arena.
