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aws试用账号(www.2km.me)_Liquidity back to pre-Covid level

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Areca Capital CEO Danny Wong: Areca Capital’s Wong said the upcoming corporate earnings announcement was the only major catalyst for the Malaysian stock market at the moment. “There are not many positive catalysts from the external side. The bond tapering by the United States’ Federal Reserve may be faster-than-expected and we do not have much good news from China and Hong Kong,” he said.

PETALING JAYA: Liquidity in the Malaysian stock market has plunged to a fraction of what it used to be at the height of the market rally back in 2020.

To be precise, the volume of securities traded on Bursa Malaysia is normalising to pre-Covid-19 levels as investor aggressiveness continues to wane.

With no major catalysts in sight until the next results season in February, investors seem to have a more “contained” expectation of what the market is able to offer.

In addition, the heavy net selling by local institutional funds and foreign investors for the most part of 2021, amounting to RM8.99bil and RM3.15bil, respectively, has battered sentiment.

The monthly volume traded in December 2021 shrunk to 65.19 billion units, as compared to the record-high 275.49 billion units in August 2020. This represents a decline of over 76%.

Similarly, the monthly value traded in December 2021 fell to RM44.8bil, down by over 67% from the all-time-high of RM136.92bil in August 2020.

As inflation rears its ugly head again and the government is unlikely to announce any major stimulus, market sentiment remains soft amid the developments surrounding the Omicron variant of Covid-19.

The first trading week of 2022 has been unexciting for the local stock market, with the FBM KLCI declining three out of four trading days. Yesterday, the index closed at 1,533.36 points, down by 14.59 points or 0.94%.

Kenanga Investment Bank Bhd head of research Koh Huat Soon and Areca Capital CEO Danny Wong felt that the drop in the main index was mainly due to the adjustments by the funds, post year-end window-dressing activities.

“Not counting Dec 31, considering the window-dressing, the current level of the FBM KLCI is not far off from the Dec 30 closing of 1,543.61 points.

“In terms of risk-reward at the current level, I see more upside for the market than downside. The market is also attractively priced, at 15.3 times of the FBM KLCI’s earnings per share. This is close to the 10-year mean,” Koh told StarBiz.

Koh said the upcoming results season for the fourth quarter of 2021 would be a catalyst for market sentiment, although he thinks that there is “no high expectation” among investors.

“I believe the market is more eager for the earnings guidance from the companies’ management for the year 2022. This will tell us what to expect,” he said.

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