Wednesday, November 18, 2020

One Counter is Predicted to Experience Selling Pressure

 Malaysian bourses opened high on the day, but lost in a few minutes of trading, driven by profit-taking activity in high-priced stocks following recent increases.

At 9.15 in the morning, the FTSE Bursa Malaysia KLCI market index index (FBM KLCI) slumped 10.69 points to 1,599.46 after opening a high of 0.93 points to 1,611.08.

Bernama reported that loss counters overcame profit counters as much as 341 versus 243, while 381 counters did not change, 1,179 were not alerted and 18 others were hanged.

The total trade volume of 1.56 billion was worth RM498.19 million.

Rakuten Trade Sdn Bhd expects moves in the opposite direction of previous trends in overseas markets today, tracking Wall Street's overnight decline following the merchant's decision to save on profits after a good US President's election trip and positive vaccine news.

"In the local rankings, we expect the sap glove counter to experience continuous selling pressure. In fact, the market index index is expected to face a difficult environment today.

"We believe KLCI's FBM, which has increased by more than 10 percent since the beginning of this month, is considered difficult to maintain its current face with 1,600 as an immediate support level," he said in today's inquiry note.

In high fair share circles, Maybank lost 14 cents to RM8.1622, Public Bank shed 8.0 cents to RM18.82, TNB lost 12 cents to RM11.30, Petronas Chemicals decreased 2.0 cents to RM6.63, while Top Glove lost 15 cents to RM6.85.

Instead of smart stocks, Pegasus was up half a cent at 3.5 cents, Kanger International was up 1.5 cents to 18.5 cents, Eduspec was unchanged at 3.0 cents while AT Systematization shrank 2.5 cents to 22 cents.

On the index board, the FBM Gold Index lost 70.17 points to 11,485.17, the Shariah FBM Gold Index lost 57.57 points to 13,156.39, the FBMT 100 Index lost 72.93 points to 11,273.89, the FBM 70 fell 85.57 points to 14,718.24 and the FBM ACE fell 58.86 points to 11,260.39.

By sector, the Industrial Products and Services Index shrank from 0.26 eyes to 157.48, the Agriculture Index lost 5.73 points to 7,317.33 and the Financial Services Index fell 166.90 points to 14,288.79.