Market still top-ish

Daily FBM KLCI chart as at September 28, 2018.

Global markets indices and commodities performances as at September 28.

The market pulled back on weaker ringgit and the rise in interest rates by the Federal Reserve. Markets performances were mixed globally. Rebounds in commodities prices especially crude oil and crude palm oil help lifted some market confidence. The FBM KLCI declined one per cent in a week to close 1,793.15 points last Friday.

Trading volume continued to shrink last week as market was uncertain. The average daily trading volume has declined to two billion from 2.1 billion shares in the previous week and the average daily trading value fell to RM2.5 billion from RM2.6 billion. This indicates more higher-capped stocks were being traded.

Foreign institutions continued to be net buyers while local sellers, both retail and institutions, were net sellers. Net buy foreign institutions was RM212 million while net sells from local institutions and local retail were RM162 million and RM50 million respectively.

In the FBM KLCI, decliners beat gainers 13 to five. The top three gainers were Westports Holdings Bhd (2.5 per cent in a week to RM3.80), IOI Corporation Bhd (1.3 per cent to RM4.54) and MISC Bhd (one per cent to RM6.06).

The top three decliners were Press Metal Aluminium Holdings Bhd (3.4 per cent to RM4.86), CIMB Group Holdings Bank Bhd (3.1 per cent to RM6.01) and Hong Leong Financial Group Bhd (2.9 per cent to RM19.30).

Global markets performances were mixed. In Asia, the FBM KLCI and Hong Kong’s Hang Seg index closed lower while most of the others were in the green. In Europe, most markets ended lower.

The US Dow Jones Industrial Average also closed lower after hitting a historical high two weeks ago.

US dollar bucked the bearish trend and

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