Australian Market Modestly Lower
Wednesday, January 25, 2023       08:55 WIB

( RTTN ews) - The Australian stock market is trading modestly lower on Wednesday after being marginally in the green earlier, snapping a five-session winning streak, with the benchmark S&P/ASX 200 staying below the 7,500 level, following the mostly negative cues from global markets overnight, with weakness across most sectors after domestic inflation figures came in higher than expected.
The benchmark S&P/ASX 200 Index is losing 30.70 points or 0.41 percent to 7,459.70, after hitting a low of 7454.50 and a high of 7,507.30 earlier. The broader All Ordinaries Index is down 30.80 points or 0.40 percent to 7,679.70. Australian stocks ended modestly highes on Tuesday.
Among major miners, BHP Group, Fortescue Metals and Rio Tinto are losing almost 1 percent each, while Mineral Resources is declining more than 4 percent. OZ Minerals is edging up 0.1 percent.
Oil stocks are mostly lower. Beach energy and Woodside Energy are edging down 0.3 percent each, while Santos is losing almost 1 percent. Origin Energy is gaining almost 1 percent.
In the tech space, Afterpay owner Block is losing more than 2 percent, WiseTech Global is down almost 1 percent and Xero is declining almost 2 percent, while Appen is edging up 0.4 percent and Zip is gaining more than 1 percent.
Among the big four banks, National Australia Bank and ANZ Banking are edging down 0.2 percent each, while Commonwealth Bank and Westpac are flat.
Among gold miners, Newcrest Mining is losing 1.5 percent and Gold Road Resources is losing almost 2 percent, while Evolution Mining and Resolute Mining are declining almost 3 percent each. Northern Star Resources is flat.
In economic news, consumer prices in Australia were up 7.8 percent on year in the fourth quarter of 2022, the Australian Bureau of Statistics said on Wednesday - exceeding estimates for 7.5 percent and accelerating from 7.3 percent in the three months prior. On a seasonally adjusted quarterly basis, inflation climbed 1.9 percent - again beating forecasts for 1.6 percent and up from 1.8 percent in Q3.
The Reserve Bank of Australia's trimmed mean was up 1.7 percent on quarter and 6.9 percent on year after rising 1.8 percent on quarter and 6.1 percent on year in the previous three months. The RBA's weighted median advanced 1.6 percent on quarter and 5.8 percent on year, up from 1.4 percent on quarter and 5.0 percent on year in the third quarter.
In the currency market, the Aussie dollar is trading at $0.709 on Wednesday.
KUALA LUMPUR: The domestic market is expected to remain subdued for the remainder of the week as the corporate news flow gradually restarts after a Lunar New Year break.
Bursa Malaysia was off to a mildly positive start on Wednesday after its extended holiday with the benchmark FBM KLCI opening up 1.3 points at 1,501.3.
The market was overall positive with 201 gainers compared with 62 decliners.
Kenanga Research forecast the market could benefit from Wall Street's strong performance over the last three trading sessions as Bursa Malaysia played catch-up to developments.
"Kicking off the week, sentiment may get a lift in response to Wall Street performance since last Friday, which saw the DJIA (+2.1%), S&P500 (+3.0%) and Nasdaq (+4.4%) rising during the period," it said in its weekly technical review.
However, it added that the Malaysian bourse is expected to carry on the consolidation pattern during this quiet week before resuming its downward bias.
It said the FBM KLCI could hover around the 1,500 psychological level for the time being following the negative technical signals arising frmo the benchmark index's ongoing adjustment from the upper Bollinger Band and the stochastic indicators unwinding from an overbought zone.
"With the calendar of events looking empty for this holiday-shortened week, investors may want to keep their eyes overseas for possible market leads.
"Thus, the FBM KLCI could range-bound between our immediate support and resistance thresholds of 1,475 and 1,510 with its downside risk still outweighing upside potential going forward," it said.
Historically, the research firm said the Year of the Rabbit has been a mixed bag of stock market returns.
"During the past three cycles when the bunny made its appearance, the FBM KLCI either slipped marginally (down by 2.9% in 1987 and 0.6% in 2011) or leaped strongly (as was the case in 1999 with a handsome gain of 67.8%)," it said.
Among individual counters, there was some positive movement in technology counters.
MPI rose 86 sen to RM34.30, Hextar Technologies gained 54 sen to RM24.24 and Frontken gained nine sen to RM3.39.
Brewer Heineken Malaysia remained buoyant, rising 32 sen to RM27.24, while Carlsberg rose 16 sen to RM23.30.
Top actives were NationGate rising two sen to RM1.20, Cypark rising nine sen to 78 sen and Jade Marvel adding one sen to 31.5 sen.

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