18 Jun 2018
AmBreakfast Note - 18 Jun 2018 Market Overview During the half day trading session on Thursday, the FBM KLCI gapped down during the... read more AmBreakfast Note - 18 Jun 2018 Market Overview During the half day trading session on Thursday, the FBM KLCI gapped down during the opening bell on foreigners selling but managed to narrow losses, finishing just 1.79 pts lower. The decline was in tandem with its regional peers which ended in the red following the rate hike announcement by FOMC in the previous day. Currently, the immediate support is found at 1,750, while resistance is anticipated at 1,795. Although market breadth was neutral to mild negative, the FBM Small Cap managed to tick 0.76% higher. Asian market finished mixed across the board, gains were led by the Nikkei +0.5% after BOJ kept interest rate unchanged at minus 0.1 percent. However it was offset by declines in the Shenzhen index and Shanghai Composite which was down -1.76% and -0.73% respectively. Overall, the MSCI Asia Pacific index dipped -0.23%. European's Stoxx 600 index ended the week sharply lower, falling -1.0% as banking stocks faces pressure from the US-China trade clash. US equities fell marginally on Friday, however on a weekly basis, the S&P 500 and Nasdaq recorded gains of 0.02% and 1.3% respectively, while Dow posted a weekly decline of 0.9%. This is not too shabby given that last week the FOMC lifted its benchmark interest rate for the second time this year and even signalled two more increases by the end of the year. News Highlights: * Datasonic Group Bhd will have to relook at its initial expectation of surpassing RM100 million mark of net profit in its financial year ending March 31, 2019 after the change of government * Nexgram Holdings Bhd has disposed of its entire equity interest in six subsidiaries, in an effort to streamline its business activities with the intention to focus on property development * JMR Conglomeration Bhd's largest shareholder, JMR Consolidated Holdings Sdn Bhd, has disposed of 14.5 million shares or an 11.44% stake in the group to Mayapada Capital Sdn Bhd * My EG Services Bhd bought back 11 million shares for RM7.91 million between June 4 and 5 * Gas Malaysia Bhd announced today the revision of natural gas base tariff for the non-power sector in Peninsular Malaysia to Source: AmBank Research, Bloomberg, media reports Disclaimer: This message is for information purposes only and is not intended to be distributed to any third party. It does not construe as an offer/a solicitation/a recommendation to buy/sell any stocks. Please consult your own independent adviser(s) before investing in any stocks and no responsibility or liability can be accepted for any loss or damage that may arise from the reliance of this message. The information herein constitutes our findings as of this date and is subject to change without notice. show less
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