Klse Stock News- Bursa Malaysia Stocks Open Lower on Friday, Axiata & Public Bank Weigh Market in Early Trade

Kuala Lumpur: Bursa Malaysia stock prices opened lower on Friday with the FTSE Bursa Composite Index down 3.78 points to 1,794.86 at 9.05am. The trading volume was 99.04 million lots worth RM33.21 million. There were 107 gainers versus 71 decliners and 161 counters unchanged.

Bursa Malaysia slipped in early trade despite a positive Wall Street performance overnight as equities were floated on strong economic data.

 

Stock Watch

The top KLSE active stock including Orion rising 0.5 sen to nine sen, AWC adding 1.5 sen to 92 sen and Hiap Teck, losing 0.5 sen to 40.5 sen.

The top KLSE gainer stocks are some heavyweights that paced higher were PPB adding 10 sen to RM16.88 and Maybank rising 10 sen to RM9.64.

The top KLSE loser stocks are, Axiata that slid five sen to RM4.68 as it grew less likely to accept an offer for its stake in M1. Public Bank lost 10 sen to RM24.90 while Sime Darby shed four sen to RM2.60.

 

Global Market

At Asia’s open, Japan’s Nikkei rose a strong 1.1%, within reach of 2018 high achieved in January. Nasdaq index opens up today with 8,042.0 and previous close at 51.6 and HANG SENG index open with 0.35% to reach 27,813.58.

 

Currency Market

The RINGGIT opens lower against the US dollar early Friday. At 9 am (0100 GMT), the local currency stood at 4.1430/1460 against 4.1380/1420 recorded at 6 pm Thursday.

The RINGGIT traded higher up against other major currencies on from the previous day

-It rose against the Singapore dollar to 3.0283/0316 from 3.0315/0349 on Thursday and strengthened with the Yen to 3.6505/6542 from 3.6697/6743.

-The local currency also upgrades against the Euro to 4.8229/8276 from yesterday’s 4.8427/8495 and appreciated the British pound to 5.4182/4230 from 5.4315/4380.

 

Commodity Market

The oil prices continued to push higher on expectations of hard supply when US sanctions on Iran come into play. US crude was seven sen higher at US$72.19 a barrel while Brent crude was flat to US$81.72 per barrel.

Forex Forecast: GBPUSD Forecast Sept 24-Sept to 28-Sept 2018

GBP/USD Fundamental and Technical Forecast

GBP/USD had another unpredictable as best level figures contended with Brexit features and sent the match every which way. What’s straightaway? The last GDP release standouts. Here are the key occasions and an updated technical analysis for GBP/USD.

Brexit idealism around the Salzburg Summit was smashed when the EU dismissed the Chequers proposition by and large. The reaction of UK PM Theresa May was cruel too, sending the pound down after it had moved to two-month highs prior. UK swelling bounced to 2.7%, far above desires and sent the pound higher. The US went ahead with forcing exchange duties on China yet advertises took it with a walk pushing the greenback lower.

Fundamental Forecast GBP/USD


1. FPC Statement: Monday, 6:8:30. The Bank of England is additionally in charge of money related dependability notwithstanding setting fiscal arrangement, and the two things are connected. Money related dependability relies upon financial conditions. The quarterly report gives bits of knowledge into the current monetary circumstance and may move the pound.

2. CBI Industrial Order Expectations: Monday, 10:00. The Confederation of British Industry demonstrated weakening conditions in the area back in August, with the marker dropping to 7 focuses following two months of positive astonishments. A drop to 5 focuses is on the cards.

3. High Street Lending: Wednesday, 8:30. The measure speaks to around 66% of UK contracts and is discharged before the official home loan number by the BOE. A disillusioning slide beneath 40K was found in July. We may now observe a bob from that 39.6K level. 39.7K is estimated now.

4. CBI Realized Sales: Wednesday, 10:00. The business makes sense of from CBI came superior to Order Expectations and hit a high of 29 focuses in August. We could see a slide now: 18 focuses are anticipated.

5. GFK Consumer Confidence: Thursday, 23:01. The 2,000-in number overview beat desires in August with an ascent to – 7 focuses, yet the negative number still reflects cynicism among shoppers. A tick down to – 8 focuses is on the cards.

6. Final GDP: Friday, 8:30. The UK economy developed by 0.2% in Q2 as indicated by the underlying discharge that came nearby the primary month to month report for June. While we definitely know the month to month number for July, this last arrival of Q2 GDP is relied upon to give a more extensive point of view toward the economy. The quarterly figures don’t typically change yet updates to the week by week numbers are more typical.

7. Current Account: Friday, 8:30. The UK has an endless exchange parity and current record shortages. In Q1, the shortage limited to 17.7 billion. We will now get the number for Q2 close by the GDP report. A critical shock may take the show from the GDP report. A more extensive shortage of 19.4 billion is on the cards.

Technical Forecast: GBP/USD Forecast Sept 24-Sept to 28-Sept 2018

 

gbpusd 24-sept to 28-sept

1. 1.3375 was a high point in July. It is trailed by 1.3315 that topped the match before that month.

2. 1.3215 was the high point for the match in mid-July and a lower high on the diagram. It is trailed by mid-September pinnacle of 1.3145.

3. 1.3045 was a high point in August and furthermore near the underlying 2018 low.

4. Underneath 1.3000 we find 1.2935, a high point in late August. 1.2865 isolated ranges in late August. Additionally down, 1.2790 served as support late August and also beforehand

5. 1.2750 held the match down when the combine was on the back foot. The current 2018 trough at 1.2660 is the following level.

6. 1.2590 was a swing low in September 2017. Indeed, even lower, 1.25 is a round number and furthermore filled in as help in mid-2017.

 

GBP/USD Seems to be Neutral Since 21 Aug 18, Spot at 1.2795

Advance in GBP is approaching overbought but still scope for further strength.

Forex Signals: We have held a similar view since last Tuesday (11 Sep, spot at 1.3025) wherein we expect the bounce back in GBP to reach out to 1.3170. GBP, at last, achieved this level as it contacted a medium-term high of 1.3173. As featured before yesterday (18 Sep, spot at 1.3150), while the development in GBP is moving toward overbought, there is no indication of shortcoming right now and there is the degree for encouraging quality towards the following real level of 1.3215.

This is a generally solid resistance and a break of this level would be a decent sign that GBP could keep on advancing in the coming days. On the drawback, the ‘key support’ is right now at 1.3045, higher from 1.3000 previously.

 

Weekly Forecast for USD/JPY 13-Aug to 17-Aug

USD/JPY dropped bit by bit as exchange pressures amongst China and the US activated place of refuge streams to the yen, something that has dependably been seen this late spring. Will it proceed down? US retail deals emerge and the match will probably take after bonds and stocks by and by.

USD/JPY Basic Movers

Turkish emergency, taxes, Japanese GDP, US swelling

The combine finished the week bring down on the place of refuge streams coming from the Turkish emergency. The fall of the Turkish Lira makes dangers European banks and this made the emergency worldwide. The yen reasserted itself as a place of refuge cash after the ongoing choice by the Bank of Japan and it was clear in this scene.

The state of mind was at that point to some degree tense as the US declared it would force additionally levies on China on August 23rd. These new obligations are on $16 billion worth of Chinese merchandise and shocked no one. Nor did China’s striking back. The following move is substantially greater: on $200 billion of products, expected on September sixth. There is still time for transactions.

The BOJ was tested by business sectors that needed to perceive how significant returns would go. The national bank needs less demanding loaning conditions yet additionally needs banks to make a benefit.

Japanese GDP turned out at 0.5% q/q in Q2, above desires and furthermore bolstered the yen. In the US, Core CPI turned out at 2.4% y/y, above desires.

With everything taken into account, worldwide news has a more extensive effect than financial information.

US retail deals, JGB’s, and exchange

Japanese 10-year yields will stay of intrigue indeed. A lower esteem implies a lower yen and an expansion will push the money higher.

Exchange issues are additionally in the features. While no huge improvement is normal, there are dependably amazes with regards to the US President.

Information astute, the US shopper is in the spotlight. Retail deals, distributed on Wednesday, are the essential occasion of the week. Increments are anticipated on all measures. The University of Michigan’s purchaser estimation on Friday is likewise of intrigue.

USD/JPY Technical Analysis

USDJPY Daily Chart

113.15 is the high point found in July. 112.20 was a swing high right off the bat in the month.

It is trailed by 111.40 which topped the match in mid-May. 110.60 upheld the match in late July and early August.

Additionally down, 110.25 offered help toward the beginning of July. 109.30 was a low point around late June. 108.70 was a venturing stone in transit up. 108.10 was a low point in late May and fills in as a helpline.

Lower, we find 107.50 topped the combine toward the beginning of April and is a solid line.