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Tag Archives: markets

FBM KLCI fails to extend bounce


KUALA LUMPUR: Despite ending a seven-day losing streak yesterday, investor sentiment on Bursa Malaysia remained weak on the back of lingering concern over China's real-estate crackdown as fears of a default by property giant China Evergrande.

At 9.05am, the FBM KLCI was down 9.45 points to 1,520.99, tracking the weak performance on Wall Street overnight.

The early-morning selling dampened hopes of continued bargain-hunting amid the government's gradual reopening of the economy, although there remains opportunity for prices to bounce higher later in the day.

"A mild extension of the rebound might take place in selected sectors as the government proposed three more destinations to be opened via domestic tourism bubble on the back of reducing active Covid-19 cases," said Malacca Securities Research in a note.

It said recovery theme sectors su

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China Evergrande inches close to default deadline, investors wait



NEW YORK/HONG KONG: China Evergrande Group, once China's top-selling property developer, inched closer to a key deadline where it risks a default on its bonds, but world markets were calmer as investors and analysts played down the threat of its troubles becoming the country's "Lehman moment."

While concerns about the spillover from a messy collapse roiled markets on Monday, U.S. stocks were flat on Tuesday. The U.S. dollar held relatively steady and the U.S.'s corporate bond market steadied.

"There's been a fair bit of concern about the possibility of contagion from the meltdown at Chinese property developer Evergrande," analysts at New York-based Bespoke wrote in a research note on Tuesday.

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Bursa Malaysia ends higher after volatile trading


KUALA LUMPUR: Shares on Bursa Malaysia rose in see-saw trade on Tuesday as investors picked up bargains, although market sentiment remained fragile.

The FBM KLCI closed up 2.55 points, or 0.17% to 1,530.44. It has risen to an intraday high of 1,533.11.

Broader market sentiment remained weak, with 538 losers outpacing 436 gainers and 469 counters which traded unchanged. Turnover was at 4.71 billion shares valued at RM2.86bil.

Dealers said market sentiment remained fragile on worries about the impact of debt troubles at China Evergrande loomed. They added that investors should use the latest bout of market weakness to accumulate battered stocks.

Investors are also nervous ahead of the Federal Reserve's policy meeting this week.

Reuters reported that Hong Kong’s Hang Seng index, which sank in the morning trade to its

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Universal Music Group shares surge on stock market debut



AMSTERDAM: Universal Music Group's shares surged at the start of trading on Tuesday, as owner Vivendi spun off the record label in the biggest European listing of the year.

The spin off hands 60% of Universal shares to Vivendi shareholders, while U.S. hedge fund billionaire William Ackman and China's Tencent due to retain large slice alongside Vivendi's 10%.

Universal Music Group (UMG) was trading at 25.61 euros by 0710 GMT, up by around 38% compared to its reference price of 18.50 euros, giving the world's biggest music label a market value of over 46 billion euros($54 billion).

UMG is betting that a boom in streaming led by Spotify that has fuelled royalty revenue and profit growth for several years still has a long way to run, in a music industry

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Asia markets fight for footing as investors fret over Evergrande crisis



SINGAPORE: Asian stocks struggled to shake off contagion fears on Tuesday and selling pressure persisted amid concern that troubles at indebted developer China Evergrande could ripple across the world economy, markets and financial system.

Hong Kong's Hang Seng hit a fresh 11-month low and was down 0.3% by midsession, with a early gains in banks and property stocks paring a little. Japan's Nikkei returned from a market holiday with a drop of almost 2%.

Currency, commodity and bond markets steadied, but overall demand for riskier assets remained low especially as the Federal Reserve is expected to step closer to tapering on Wednesday.

European futures rose 0.5% in the Asia session. FTSE futures advanced 0.7% and S&P 500 futures climbed 0.6% a day

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Cautious market sentiment drags Bursa lower


KUALA LUMPUR: Bursa Malaysia finished marginally lower at midday as cautious sentiment weighed on buying patterns amid the absence of market-moving factors.

At 12.30pm, the benchmark FBM KLCI finished at 1,527.76, down 0.13 of-a-point, after fluctuating between 1,533.11 and 1,521.44.

In the broader market, decliners outnumbered gainers 602 to 283 while 444 counters were unchanged. Turnover stood at 2.41 billion shares worth RM1.47bil.

Overnight, the Dow Jones Industrial Average fell 1.78%, to 33,970.47, the S&P 500 lost 1.70%, to 4,357.73 and the Nasdaq Composite dropped 2.19%, to 14,713.90.

TA Securities said the local market correction should extend on spillover losses from the US and regional markets, and pending more clarity on the earnings impact from potential interest-free loan moratoriums for banks and profit win

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SC launches its third Capital Market Masterplan



PETALING JAYA: The Securities Commission has launched its five-year Capital Market Masterplan dubbed as CMP3 to build a capital market that is relevant, efficient, and diversified to enable the Malaysian economy to emerge fitter and stronger.

The regulator said that the CM3 is the third master plan, which will serve as a strategic framework for the growth of Malaysia’s capital market.

“The CMP3 fits well into the nation’s aspirations as one of the key enablers that will pave the way for a wider population to participate in the nation’s growth by enabling more inclusive and accessible investment products and distribution channels.

“With the CMP3 as a strategic guide for our capital market over the next five years, I am confident that it wil

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Bursa Malaysia slides on regional weakness


KUALA LUMPUR: Bursa Malaysia fell in morning trade, tracking the sharp retreat on Wall Street overnight as a possible default by China Evergrande threatened to spill over into the global financial system.

The Chinese property giant has amassed debts of US$300bil and is facing deadlines for payments to banks and bondholders this week.

A potential default, according to analysts, will likely contribute to China's economic deceleration and derail global growth and inflation. Commodity prices are also expected to be negatively impacted.

Fears over a fallout are growing and affecting global investor sentiment. Bursa Malaysia, which had seen a return of foreign investors of late, recorded a second straight day of net foreign selling yesterday, to the tune of RM120.8mil.

At 9.05am, the FBM KLCI was down 6.34 points, putting the market on track to

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Wall Street ends sharply lower in broad sell-off



NEW YORK: Wall Street fell in a broad sell-off on Monday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drops since May, as fear of contagion from potential collapse of China's Evergrande drove investors out of equities in a flight for safety.

The Nasdaq also hit its lowest level in about a month, but indexes pared losses just before the close to end well off their lows of the session. The Nasdaq was down more than 3% during the day.

Microsoft Corp, Alphabet Inc, Amazon.com Inc, Apple Inc, Facebook Inc and Tesla Inc were among the biggest drags on the Nasdaq and the S&P 500.

All 11 major S&P 500 sectors were lower, with economically sensitive groups like energy, which fell 3%, down the most. Defensive sectors including utilities were down the least.

Investo

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European shares slide 2% as China Evergrande’s troubles cast shadow



BENGALURU (Reuters) - European shares tumbled over 2% to a near two-month low in early afternoon trading on Monday as growing solvency worries about property group China Evergrande spooked investors, in a dour start to a week packed with meetings of major central banks.

The pan-European STOXX 600 index was down 2.2% by 1212 GMT, with mining stocks plunging 5.2% on a slide in commodity prices.

Asian equities ended sharply lower following a torrid session for China Evergrande Group, the world's most indebted property developer.

"More significant from the perspective of world markets is the concerning situation with huge Chinese property developer Evergrande, which appears to be teetering on the precipice with concerns about contagion from the situatio

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