Latest news with #SedekJantan
Free Malaysia Today
13 hours ago
- Business
- Free Malaysia Today
Ringgit opens higher amid US tariff policy concerns
KUALA LUMPUR : The ringgit rebounded to open higher against the US dollar on Monday, as markets assessed the outlook for US President Donald Trump's tariff policy, an analyst said. At 8.03am, the local note rose to 4.2165/4.2490 against the greenback from Friday's close of 4.2530/4.2605. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said the ringgit was supported by a weaker dollar, driven by renewed US-China trade tensions and concerns over possible new tariffs and taxes from Washington. He said the US Dollar Index (DXY) fell 0.11% to 98.60 points from 99.00 at Friday's close, supporting other currencies as well. 'The comments from Beijing and Washington signal frustration over unmet trade commitments. 'Meanwhile, uncertainty surrounding Trump's proposed Section 899 'revenge tax' in the House-passed reconciliation bill and dovish expectations for the US Federal Reserve continue to weigh on the greenback,' he added. At the opening, the ringgit traded mixed against a basket of major currencies and Asean peers. It appreciated against the British pound to 5.7134/5.7574 from Friday's close of 5.7284/5.7385, but weakened versus the Japanese yen to 2.9567/2.9799 from 2.9531/2.9585, and slipped against the euro to 4.8270/4.8643 from 4.8169/4.8254. Against Asean currencies, the ringgit inched up against the Philippine peso to 7.57/7.63 from 7.62/7.64, but slipped versus the Singapore dollar to 3.2808/3.3066 from Friday's close of 3.2938/3.3002 and eased against the Indonesian rupiah to 259.4/261.5 from 260.4/261.1.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Ringgit closes lower on market uncertainty
KUALA LUMPUR : The ringgit closed lower against the US dollar today amid renewed market uncertainty after a US federal appeals court granted the White House's request to temporarily pause a lower-court ruling that struck down President Donald Trump's tariffs on imports into the country. Earlier, the US court of international trade had ruled that the tariffs announced by Trump were illegal. However, the Trump administration challenged the trade court ruling, which has briefly restored the tariffs while the appeal process runs its course. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said while the legal process unfolds, businesses and markets are left navigating a more complex and uncertain global trade landscape. 'Investors increasingly recognise that markets are now entering a more prolonged period of uncertainty. 'Sentiment has turned more defensive as capital allocators reassess both external developments and domestic dynamics,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said moving forward, market participants will closely monitor the legal trajectory of US tariff policies, which may influence broader market sentiment. At 6pm, the local note decreased to 4.2530/4.2605 versus the greenback from yesterday's close of 4.2390/4.2475. At the close, the ringgit traded lower against a basket of major currencies. It weakened versus the Japanese yen to 2.9531/2.9585 from yesterday's close of 2.9188/2.9249, slipped vis-à-vis the euro to 4.8169/4.8254 from 4.7803/4.7899 and depreciated against the British pound to 5.7284/5.7385 from 5.7091/5.7205 previously. The local note also fell against its Asean peers. It slipped versus the Singapore dollar to 3.2938/3.3002 from 3.2853/3.2921 yesterday and dropped against the Indonesian rupiah to 260.4/261.1 from 259.9/260.5 previously. The ringgit also inched down against the Thai baht to 12.9507/12.9790 from 12.9321/12.9647 and slid vis-à-vis the Philippine peso to 7.62/7.64 from 7.60/7.62.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Bursa bucks regional trend to close lower amid lack of fresh local leads
KUALA LUMPUR : Bursa Malaysia bucked the regional trend to settle lower today, as selling pressure in selected banking heavyweights dampened sentiment in the absence of fresh domestic catalysts, coupled with an unexciting batch of corporate earnings releases, said an analyst. Apex Securities Bhd head of research Kenneth Leong expects that the key index may attempt to find stability above the 1,500 level on the back of potential bargain hunting, going forward. 'Still, we believe that any potential gains could be capped by the resumption of foreign funds outflow. 'Looking ahead, investors will be keeping a close watch on the second reading of the US first-quarter 2025 gross domestic product data to be released later tonight,' he told Bernama. Domestically, Leong said the key focus remains on the ongoing corporate earnings releases. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said the release of the latest US Federal Reserve (Fed) minutes proved pivotal. 'The Fed's reaffirmation of its cautious stance – highlighting persistent inflationary pressures and resilient US macroeconomic data – has effectively tempered market expectations for a near-term rate cut. 'This recalibration in rate outlook translated into upward pressure on global yields, a dynamic to which Malaysia's banking-heavy benchmark index remains acutely sensitive,' he told Bernama. Sedek said the uplift in regional equities was underpinned by a US federal court's decision to block president Donald Trump's proposed 'Liberation Day' tariffs, which materially improved global risk appetite. However, domestic sentiment remained subdued, weighed down by profit-taking in heavyweight banking counters. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 4.50 points, or 0.29%, to 1,518.98 from yesterday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60 and fluctuated between 1,518.38 and 1,526.94 throughout the day. In the broader market, decliners beat gainers 478 to 466, while 460 counters were unchanged, 982 untraded and 110 suspended. Turnover expanded to 3.30 billion units worth RM2.22 billion compared with yesterday's 2.50 billion units worth RM2.03 billion. Among heavyweights, Maybank gained 3 sen to RM9.87 and CIMB increased 1 sen to RM6.88. Public Bank and Tenaga Nasional fell 2 sen each to RM4.31 and RM14.08 respectively, while IHH Healthcare was flat at RM6.91. As for active stocks, Permaju inched down 0.5 sen to 1 sen and NationGate dropped 14 sen to RM1.44, while Velesto and NexG added 1 sen each to 18.5 sen and 37.5 sen respectively. MyEG was flat at 89 sen. On the index board, the FBM Emas Index slid 14.84 points to 11,382.33, the FBM ACE Index rose 42.82 points to 4,592.16, but the FBMT 100 Index fell 19.34 points to 11,142.02. The FBM Emas Shariah Index lost 9.68 points to 11,365.83 while the FBM 70 Index perked up 25.65 points to 16,332.31. By sector, the financial services index slipped 64.33 points to 17,893.57, the industrial products and services index edged up 0.32 of-a-point to 153.02, the energy index put on 1.67 points to 708.18, while the plantation index added 1.40 points to 7,293.95. The Main Market volume improved to 1.56 billion units valued at RM1.93 billion against yesterday's 1.34 billion units valued at RM1.80 billion. Warrants turnover swelled to 1.37 billion units worth RM164.04 million from 815.91 million units worth RM113.60 million previously. The ACE Market volume advanced to 364.60 million shares worth RM120.88 million from 346.43 million shares worth RM119.44 million yesterday. Consumer products and services counters accounted for 354.51 million shares traded on the Main Market, industrial products and services (317.02 million), construction (98.30 million), technology (235.43 million), SPAC (nil), financial services (70.33 million), property (170.33 million), plantation (14.93 million), REITs (88.90 million), closed/fund (2,700), energy (150.03 million), healthcare (36.24 million), telecommunications and media (56.54 million), transportation and logistics (15.65 million), utilities (34.86 million), and business trusts (23,400).
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Bursa extends losses amid risk-off sentiment
KUALA LUMPUR : The FTSE Bursa Malaysia KLCI (FBM KLCI) has extended its decline for a fourth consecutive session today, underscoring a deepening risk-off sentiment across Malaysia's equity market, said an analyst. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan noted that foreign investors remained net sellers on both Monday and Tuesday, amplifying the sell-off as external macroeconomic and geopolitical headwinds continue to dominate investor positioning. 'Market sentiment remains fragile as global investors weigh persistent political and fiscal uncertainty in the US,' he told Bernama. Despite resilient domestic fundamentals, evidenced by strong export figures released, the local market performance remains largely dictated by exogenous variables. 'Until greater clarity emerges on the US fiscal path and monetary policy trajectory, market volatility is likely to persist, warranting a cautious but opportunistic approach,' he added. At 5pm, the FBM KLCI fell 4.07 points, or 0.26%, to 1,544.80 from yesterday's close of 1,548.87. The benchmark index opened 4.07 points higher at 1,552.94 and fluctuated between 1,542.47 and 1,553.84 throughout the trading session. In the broader market, losers thumped gainers 649 to 342, while 464 counters were unchanged, 963 untraded, and seven suspended. Turnover increased to 3.27 billion units worth RM2.16 billion against 2.61 billion units worth RM1.98 billion yesterday. Among heavyweights, IHH Healthcare added one sen to RM6.96, CelcomDigi rose two sen to RM3.90, Hong Leong Bank advanced 10 sen to RM20, Press Metal Aluminium climbed nine sen to RM5.05, MISC was flat at RM7.66, while Maybank, Tenaga Nasional and CIMB all fell four sen to RM10, RM14.10 and RM7, respectively. For active stocks, Harvest Miracle and MyEG perked up 0.5 sen each to 18.5 sen and 90 sen, respectively. Tanco increased one sen to 96.5 sen, Sarawak Cable shed five sen to three sen, Inari Amertron slipped 15 sen to RM1.87, and NationGate went down four sen to RM1.57. On the index board, the FBM Emas Index shed 41.23 points to 11,525.68, the FBMT 100 Index slid 34.20 points to 11,282.77, the FBM Emas Shariah Index went down 17.23 points to 11,445.65, the FBM 70 Index lost 67.47 points to 16,345.90, and the FBM ACE Index shaved off 27.49 points to 4,626.05. Across sectors, the financial services index tumbled 100.05 points to 18,215.87, the industrial products and services index eased 1.41 points to 155.05, the energy index slipped 1.81 points to 712.96, while the plantation index rose by 48.85 points to 7,329.78. The Main Market volume expanded to 1.33 billion units valued at RM1.87 billion from yesterday's 1.17 billion units valued at RM1.75 billion. Warrants turnover advanced to 1.62 billion units worth RM191.45 million from 1.07 billion units worth RM128.67 million yesterday. The ACE Market volume declined to 327.86 million units worth RM96.64 million from 363.69 million units worth RM102.09 million previously. Consumer products and services counters accounted for 208.40 million shares traded on the Main Market, industrial products and services (281.74 million), construction (110.26 million), technology (190.91 million), SPAC (nil), financial services (69.37 million), property (146.26 million), plantation (17.55 million), REITs (9.50 million), closed/fund (nil), energy (139.13 million), healthcare (37.16 million), telecommunications and media (35.97 million), transportation and logistics (26.06million), utilities (5383 million), and business trusts (300).
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Bursa closes lower for 6th day amid selling pressure
KUALA LUMPUR : The FTSE Bursa Malaysia KLCI (FBM KLCI) has extended its decline for a sixth consecutive session, falling by 1.15% to reach an intraday low amid continued selling pressure. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said today's decline was not isolated to the domestic market but mirrored regional bourses, signalling broader risk aversion. 'The sell-off was triggered by renewed investor anxiety over a proposed US tax-cut bill, which is feared could significantly exacerbate the federal deficit,' he said. Concerns over the fiscal implications of the bill have intensified this week, prompting a further synchronised sell-off in US equities and bonds overnight. 'This wave of global risk-off sentiment subsequently spilled over into Asian markets,' he told Bernama, adding that despite the FBM KLCI registering a string of daily declines, early signs of stabilisation were emerging. Sedek noted that selective rebounds in key index constituents suggest bargain hunting is beginning to take hold as valuations become increasingly compelling. Regionally, Japan's Nikkei 225 fell 0.84% to 36,985.87, Hong Kong's Hang Seng Index tumbled 1.19% to 23,544.31 and Singapore's Straits Times Index slipped 0.17% to 3,875.82. Mirroring the regional downtrend, the FBM KLCI dipped 17.78 points to 1,527.02 at 5pm from yesterday's close of 1,544.80. The benchmark index opened 3.34 points lower at 1,541.46 and stayed down for the rest of the trading session. In the broader market, losers thumped gainers 660 to 298, while 496 counters were unchanged, 964 untraded and seven suspended. Turnover fell to 2.78 billion units worth RM2.15 billion against Wednesday's 3.27 billion units worth RM2.16 billion. Among heavyweights, CelcomDigi and Petronas Gas rose 2 sen each to RM3.92 and RM17.68 respectively, MISC was flat at RM7.66, Maybank dipped 18 sen to RM9.82, Public Bank lost 13 sen to RM4.30, Tenaga Nasional went down 10 sen to RM14 and CIMB depreciated 15 sen to RM6.85. For active stocks, Velesto gained 0.5 sen to 17 sen, NationGate advanced 2 sen to RM1.59, JAKS and TA Win were flat at 10.5 sen and 2 sen respectively, while Tanco decreased 1.5 sen to 95 sen, Sarawak Cable was 1 sen down to 2 sen and MyEG was 0.5 sen lower at 89.5 sen. On the index board, the FBM Emas Index lost 106.02 points to 11,419.66, the FBMT 100 Index slid 107.02 points to 11,175.75, the FBM Emas Shariah Index went down 62.63 points to 11,383.02, the FBM 70 Index trimmed 64.03 points to 16,281.87, and the FBM ACE Index shaved off 13.50 points to 4,612.55. Across sectors, the financial services index reduced 282.62 points to 17,933.25, the industrial products and services index eased 1.30 points to 153.75, the energy index shed 6.26 points to 706.70, while the plantation index dropped 23.97 points to 7,305.81. The Main Market volume was lower at 1.23 billion units valued at RM1.90 billion against yesterday's 1.33 billion units valued at RM1.87 billion. Warrants turnover eased to 1.29 billion units worth RM169.74 million from 1.62 billion units worth RM191.45 million yesterday. The ACE Market volume declined to 260.76 million worth RM83.47 million from 327.86 million units worth RM96.64 million yesterday. Consumer products and services counters accounted for 178.67 million shares traded on the Main Market, industrial products and services (211.67 million), construction (97.37 million), technology (152.46 million), SPAC (nil), financial services (97.30 million), property (138.16 million), plantation (12.55 million), REITs (11.14 million), closed/fund (30,100), energy (134.32 million), healthcare (53.46 million), telecommunications and media (45.02 million), transportation and logistics (46.07 million), utilities (50.61 million), and business trusts (19,000).
