FBM KLCI Index Lost 0.20% on Thursday

The FBM KLCI index lost 3.45 points or 0.20% on Thursday. The Finance Index fell 0.21% to 17180.78 points, the Properties Index dropped 0.58% to 864.42 points and the Plantation Index down 0.86% to 7317.43 points. The market traded within a range of 16.25 points between an intra-day high of 1686.59 and a low of 1670.34 during the session.

Actively traded stocks include HIBISCS, INARI, PRESBHD, FRONTKN, SAPNRG, MYEG, HSI-C3W, IRIS, HSI-H4V and BORNOIL. Trading volume decreased to 2243.74 mil shares worth RM2336.34 mil as compared to Wednesday’s 2251.33 mil shares worth RM1871.49 mil.

Leading Movers were MISC (+22 sen to RM6.10), AXIATA (+11 sen to RM3.44), DIGI (+10 sen to RM4.17), KLCC (+12 sen to RM7.66) and PETGAS (+22 sen to RM18.20). Lagging Movers were DIALOG (-15 sen to RM3.21), SIME (-9 sen to RM2.11), GENTING (-18 sen to RM7.22), CIMB (-12 sen to RM5.58) and HARTA (-13 sen to RM6.17).

Market breadth was negative with 173 gainers as compared to 768 losers. The KLCI managed to narrow losses and closed lower at 1686.59 points amid overnight retreat in US market. The performance of our local bourse was in tandem with most of our regional peers following overnight sell-off in US market.

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FBM KLCI Index Gained 3.75 Points

The FBM KLCI index gained 3.75 points or 0.22% on Wednesday. The Finance Index fell 0.08% to 17575.66 points, the Properties Index up 0.27% to 890.26 points and the Plantation Index rose 0.34% to 7426 points. The market traded within a range of 5.51 points between an intra-day high of 1742.80 and a low of 1737.29 during the session.

Actively traded stocks include MRCB, TIGER, BORNOIL, HIBISCS, BARAKAH, NGGB-WA, PWORTH, HIBISCS-WC, VS-WA and NGGB. Trading volume increased to 2025.48 mil shares worth RM2080.06 mil as compared to Tuesday’s 1526.79 mil shares worth RM1615.81 mil.

Leading Movers were GENM (+13 sen to RM4.51), DIGI (+6 sen to RM4.46), IOICORP (+5 sen to RM4.58), PMETAL (+5 sen to RM4.83) and SIMEPLT (+3 sen to RM5.23). Lagging Movers were HLBANK (-26 sen to RM20.68), HLFG (-22 sen to RM18.78), TM (-2 sen to RM2.56), RHBBANK (-4 sen to RM5.29) and MISC (-3 sen to RM5.65). Market breadth was positive with 538 gainers as compared to 275 losers.

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COMEX MARKET IN MALAYSIA| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

• Gold eased Friday on light profit-taking, a day after achieving its biggest one-day rally in two years. But support remained solid above the $1,200 level from safe-haven demand triggered by the recent weakness on Wall Street and spike in Treasury yields. “My 35 years on the floor have seen all this before,” George Gero, analyst at the RBC Wealth Management in New York, said, referring to gold’s ability to stay above the $1,200 level despite a series of rate hikes planned by the U.S. Federal Reserve.
• The winter heating season officially began this month, with U.S. supplies of natural gas roughly 17% below the five-year average for this time of year—sending prices for the commodity to their highest levels since January. That could presage elevated, volatile prices as temperatures begin to fall. Domestic natural-gas supplies in storage stood at 2.956 trillion cubic feet for the week ended Oct. 5, according to the U.S. Energy Information Administration.
• Oil prices rebounded Friday from the previous day's rout, but still logged their biggest weekly loss since the second quarter after data showed U.S. drillers ramping up output, even as a second global energy agency said the market was adequately supplied. A weekly reading on the U.S. oil rig count rose by eight, the first such climb in four weeks, which signaled the U.S. shale crude industry was intensifying drilling with prices near four-year highs.

ECONOMY NEWS

• Italian officials must stop questioning the euro and need to "calm down" in their budget debate as they have already caused damage to firms and households, European Central Bank ECB President Mario Draghi said on Saturday. Italy's government has been locked in a war of words with European officials over Rome's plans to triple the deficit next year, backtracking on a previous pledge to narrow the budget gap in one of the bloc's most indebted countries.
• The International Monetary Fund said on Saturday its members pledged to refrain from competitive currency devaluations and step up dialogue on trade, as escalating trade frictions and higher borrowing costs threatened to knock global growth. The agreement came as U.S. Treasury Secretary Steve Mnuchin reiterated his concern over the yuan's weakening against the dollar - a drop that Washington suspects may be aimed at giving Chinese exports a trade advantage and offsetting U.S. tariffs.
• Japan wants to highlight global imbalances as key topics of debate, and take steps to fix them, when it chairs next year's gatherings of the Group of 20 major economies, government officials said this week. Tokyo hopes other countries would join Japan to counter U.S. President Donald Trump's focus on narrowing U.S. trade deficits through purely bilateral trade deals, the officials say, rather than the big international agreements now in place.

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INTERNATIONAL CURRENCY BUZZ

Forex - Lira Gains as Signs of Economic Cooling Boost Investor Sentiment
Forex - Sterling Jumps on News of Irish Border Deal
Forex - Euroclear to offer dollar settlement in central bank money for the first time

EUR/USD

Post-trade services provider Euroclear said on Monday its UK and Ireland arm had linked to the U.S. Federal Reserve settlement service, enabling it to settle dollar transactions via a central bank payment model for the first time. The group said it was the first non-U.S. financial services infrastructure to connect to the Fed's National Settlement Service. While Euroclear UK and Ireland (EUI) already offers a settlement in "central bank money" for sterling and euro transactions, hooking up with the Fed allows it to expand the service to dollars. The central bank or sovereign money refers to money issued by a central bank. EUI's existing dollar settlement was based on commercial bank money, which is generated when banks issue loans or conduct transactions in excess of their actual currency holdings. Euroclear said customers would now get dollar cash proceeds from a sale of securities from the moment each transaction settled.

GBP/USD

Sterling surged on Monday amid news that the UK plans to compromise on the Irish border issue to move forward with a Brexit deal. GBP/USD jumped 0.28% to 1.3066 as of 9:05 AM ET (13:05 GMT), not far from an earlier high of 1.3078. UK Prime Minister Theresa May plans to make a new Brexit deal with the European Union, Bloomberg reported. A senior British government official told Bloomberg that the country sees a way to reach an agreement on the border issue. The compromise would only apply as a last resort if a deal is not reached and would be conditional on the UK having full access to the EU customs union. The EU has already proposed allowing Northern Ireland to trade with Ireland without full checks, which May has rejected on the grounds that it would break up the UK. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.05% to 94.75 as trade tensions eased and investors moved to riskier assets.

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