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Re: Spot KLCI Index
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Re: Spot KLCI Index
« Reply #269 on: June 28, 2016, 07:31:35 AM »



Foreign selling on Bursa shrinks markedly to RM134m
Posted on 28 June 2016 - 05:38am
Print
PETALING JAYA: MIDF Research said in the run-up to the Brexit vote, foreign selling on Bursa Malaysia was marginal last week, following nine consecutive weeks of selling by foreigners.

In his weekly fund flow report yesterday, research head Zulkifli Hamzah said the net amount offloaded by foreign investors declined substantially to only RM134.3 million last week from RM1.01 billion the week prior.

He said it was the lowest outflow in nine weeks.

Estimates are based on transactions in the open market which excluded off-market deals.

Noting that Bursa was closed on June 22 for a public holiday, Zulkifli said foreigners were net sellers on two out of four trading days last week.

He said the week opened on a weak note, as there was spillover selling from the preceding Friday.

“However, foreigners turned net buyers on Tuesday (June 21) mopping up RM97.3 million. It was the highest daily purchase since April 21 this year. Foreigners continued to buy on Thursday (June 23), after the break,” he said.

Nonetheless, Zulkifli said the buying momentum halted on Friday amid the Brexit shock with a heavy attrition of RM216.8 million.

He noted that as of last Friday, year-to-date cumulative net foreign fund flow into shares listed on Bursa has dipped into the negative territory for the first time since Feb 26 this year.

Last week’s foreign withdrawal reduced the cumulative flow to an estimated RM33.7 million.

Zulkifli said foreigners had offloaded RM19.5 billion and RM6.9 billion in 2015 and 2014 respectively.

He said foreign participation rate remained moderate last week, edging up to RM853.2 million, up 5% from prior week.

“Excluding off the outlier data point three weeks ago due to foreigners’ mid-year portfolio rebalancing, their participation rate has remained subdued a

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Re: Spot KLCI Index
« Reply #270 on: June 28, 2016, 07:32:40 AM »



Brexit marks return of sentiment-driven trading and jittery markets
Posted on 28 June 2016 - 05:38am
Lee Weng Khuen
sunbiz@thesundaily.com
Print
PETALING JAYA: The ringgit and the local stock market saw marginal losses yesterday after the shock of result of last Thursday’s UK referendum was digested over the weekend, bucking the trend of a rebound in most regional markets.

Analysts and economists, meanwhile, cautioned that Brexit marks the start of sentiment-driven bets and jittery markets making a big comeback.

The US dollar maintained its strength yesterday, with the ringgit sliding 1.8% to an intra-day low of RM4.1660 before bouncing back to RM4.0960 at the close.

On the stocks front, the FBM KLCI fell as much as 15.8 points or 0.97% to 1,618.25 points but managed to pare losses to close at 1,629.52, down 4.53 points, or 0.28%.

MIDF Research said the equity market could be seeing further near-term foreign outflows as financial market participants may turn on their risk-off mode and resort to the “flight to safety” strategy.

As the Brexit fallout is expected to weigh more on financial markets and less on the real economy, the research house expects the forward trajectory of the FBM KLCI to remain intact but foresees heightened near-term “noise” in the market.

“On this score, we are putting our FBM KLCI year-end target of 1,750 points under review,” it said.

AmResearch head of research Anthony Dass expects the downside risk on the FBM KLCI to remain, but said it is likely limited to foreign equity shareholdings, which stood at 23.0%.

“Hence, staying on the sidelines and taking advantage of the irrationality via buying the dip in FBM KLCI every time a negative noise emerges from the UK, the EU, the US and China would be a preferred strategy,” he said.

Dass believes that the risk-off environment will have a short-term appreciation pressure over US$/RM and is likely to be transitory. “We see a level of 4.20 against US dollar as strong resistance based on net positive portfolio flows and declining risk premium,” he said.

Hong Leong Investment Bank Research economist Sia Ket Ee said while global markets swiftly priced in Brexit impact in the run up and post result announcement, he still expects continued short-term volatility given uncertain long- term risks.

“On a positive note, major central banks are committed to inject additional liquidity. Latest guidance from the Bank of England was to pump £250 billion into markets to ensure sufficient liquidity. The European Central Bank also stands ready to provide additional liquidity, if needed,” he noted. Sia maintained his year-end target of 1,690 points .

AllianceDBS Research chief economist Manokaran Mottain is of the view that the ringgit is unlikely to weaken to 4.40 against the US dollar despite the greenback’s strength.

“That is the different scenario – if US$/RM is to be 4.40, then you can see the pound sterling at 4.00 versus the ringgit,” he said.

Nonetheless, Standard Chartered Research expects high-beta currencies such as the ringgit and Indonesia’s rupiah to lead losses in Southeast Asia and South Asia, given the broader risk-off environment.

“For US$/RM, further upside is possible if risk-aversion persists. The central bank’s relatively low FX (foreign exchange) reserves, its “hands-off” approach to intervention and poor liquidity could exacerbate the move higher in US$/MR. In addition, US$/RM has one of the highest betas in the region to moves in £/US$,” it said

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Re: Spot KLCI Index
« Reply #271 on: June 28, 2016, 08:51:27 AM »



Market Preview
Brexit headache to persist at Bursa, KLCI to trend lower
By Surin Murugiah / theedgemarkets.com   | June 28, 2016 : 6:16 AM MYT   
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KUALA LUMPUR (June 28): Stocks on Bursa Malaysia are likely to remain under pressure again today in line with the overnight selloff at most global markets, still shaken in the aftermath of Britain’s vote to leave the European Union last Thursday.

Global markets sold off for a second straight day on Monday, dragging the British pound to a 31-year low, while gold and safe-haven government debt rallied on Britain's shock vote last week to leave the European Union, according to Reuters.

Major U.S. stock indexes recorded their worst two-day drop in about 10 months. Banking stocks led losses amid uncertainty over London's future as the region's financial capital, it said.

AllianceDBS Research in its evening edition Monday said the FBM KLCI had on June 27 traded within last Friday’s range to form an inside day bar as market participants were uncertain of their game play.

It said that in the absence of stronger buying interest, the benchmark index was in the red throughout the trading sessions before settling near the day’s high at 1,629.52 (down 4.53 points or 0.28%).

“In the broader market, losers outnumbered gainers with 457 stocks ending lower and 295 stocks finishing higher. That gave a market breadth of 0.64 indicating the bears were in control,” it said.

AllianceDBS Research said the inside day bar indicated a breather in the game play with both buyers and sellers were unwilling to commit in their game play.

“However, the way this market carried itself after the opening bell suggested market participants were keen to sell their stocks.

“Apparently, market participants were still focusing on the bad news (i.e. Brexit) with fear seen taking hold of them after the high market volatility level on June 24.

“Unlike what happened on June 24, sellers were trading the market in a quiet way,” it said.

The research house said that given the down close, the market is likely to move between 1,611 and 1,635 in the coming few days.

It said a fall below 1,611 would put pressure on the market down to the subsequent support zone, 1595 – 1,600, adding that indicator wise, the MACD is above the 9-day moving average line.

“The analysis of overall market action on June 27 revealed that buying power was weaker than selling pressure.

“As such, the FBM KLCI would likely trade below the 1,618.25 level on June 28,” said AllianceDBS Research.

Based on corporate announcements and news flow yesterday, companies that may be in focus today could include the following: MMC Corporation Bhd, Genting Plantations Bhd, Ahmad Zaki Resources Bhd, SapuraKencana Petroleum Bhd, Seremban Engineering Bhd and Tomypak Holdings Bhd

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Re: Spot KLCI Index
« Reply #272 on: June 28, 2016, 08:56:09 AM »



Asia markets open lower; Nikkei down 1.3 pct, Kospi down 0.5 pct and ASX down 1.4 pct
Saheli Roy Choudhury   | @sahelirc
10 Mins Ago
CNBC.com
2
COMMENTSJoin the Discussion

Hitoshi Yamada | NurPhoto | Getty Images
Asia markets opened lower on Tuesday, extending the global market sell-off in the wake of the U.K. vote to leave the European Union (EU).

That followed gains in most major Asian bourses on Monday, with analysts suggesting effects of a Brexit vote would likely be short-term.

In Japan, the Nikkei 225 was off 1.32 percent, while across the Korean Strait, the Kospi dropped 0.48 percent.

Australia's ASX 200 was down 1.37 percent, with the financials sub-index, which accounts for nearly half of the broader index, dropping 1.44 percent. Major banking stocks in the country were under pressure, with shares of ANZ down 1.72 percent and NAB off 1.67 percent.

Analysts said the sell-off in Australian banks were likely due to the hammering received by U.K. and European banks, with analysts cutting ratings and target prices for many financial plays. The banking sector in Europe was off 7.7 percent.

"U.K. and European banks are getting destroyed, having the worst two-day move ever," said Chris Weston, chief market strategist at spreadbettor IG.

He added, "The U.K. referendum has not just left a stain on British politics (and society), but it has unmasked a number of macro concerns that were largely smoothed over in the wake of the coordinated central action in February."

Symbol   
Name   
Price       
Change   
%Change
NIKKEI   NIKKEI   15063.66       -245.55   -1.60%
HSI   HSI   20227.30   
---
UNCH   0%
ASX 200   S&P/ASX 200   5055.20       -82.03   -1.60%
SHANGHAI   Shanghai   2895.51       -0.19   -0.01%
KOSPI   KOSPI Index   1916.49       -10.36   -0.54%
CNBC 100   CNBC 100 ASIA IDX   6044.92       -71.25   -1.16%
Weston said these concerns included the solvency of the European banking sector, the impact of a stronger dollar and the prospect of further depreciation of the yuan.
The dollar traded at around 96.374 against a basket of currencies on Tuesday morning Asia time, compared with levels below 94.00 before the outcome of the Brexit vote.
The pound took another tumble on Monday, falling to a fresh 31-year low against the dollar and extending losses to nearly 12 percent from levels before the Brexit results were announced.
As of 8:20 a.m. HK/SIN on Tuesday, the Cable traded at $1.3227, after touching levels as low as $1.3145 overnight.

Ratings agency Standard & Poor's cut the U.K.'s credit rating on Monday, cutting it two notches, from AAA to AA, citing last week's referendum that approved a British exit from the European Union. Fitch moved its rating from AA+ to AA.
The Japanese yen maintained strength against the dollar, trading at 101.86 as of 8:20 a.m. HK/SIN; the yen strength put Japanese equities under pressure.

Major Japanese automakers sold off, with Toyota shares dropping 2.72 percent, Nissan off 1.47 percent and Honda off 2.18 percent. A stronger yen is a negative for them as it reduces their overseas profits when converted to local currency.

Stateside, the Dow Jones industrial average closed down 260.51 points, or 1.5 percent, at 17,140.24; the S&P 500 index closed down 36.87 points, or 1.81 percent, at 2,000.54 and the Nasdaq composite finished down 113.54 points, or 2.41 percent, at 4,594.44

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Re: Spot KLCI Index
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