Tuesday, November 17, 2020

Investors Positive Against Global Economic Recommendations & Covid-19 Vaccine Development

 The Malaysian Stock Exchange recorded an increase after opening low today, suggesting that investors remain positive about the bright global economic outlook, even though developments regarding the Covid-19 vaccine provide more support to the market.

At 9.15 am, the level marker index, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.02 eyes to 1,599.68 after opening 0.04 eyes lower at 1,599.62.

Profit counters overcame counter losses of 434 versus 373 while 327 counters did not change, 1,030 counters were not alerted and 18 others were hanged.

Bernama reports, the amount of merchandise was 2.78 billion, valued at RM858.26 million.

According to Malacca Securities Sdn Bhd, low-priced stocks may continue their upward momentum today, driven by cash-driven markets.

"We expect that the KLCI FBM will continue to increase to exceed the psychological level of 1,600 following the positive progress recorded by Moderna's development of the Covid-19 vaccine.

"At the same time, those gains will be underpinned by Wall Street's solid overnight momentum, coupled with the notion that the economy continues to experience a recovery that is more appropriate than expected," the firm said in an inquiry note today.

Among high-paying stocks, Maybank was up 8.0 cents at RM8.22, Public Bank nosedived 24 cents at RM18.72, TNB gained 4.0 cents at RM11.24, Petronas Chemicals added 2.0 cents to RM6.72, while Top Glove fell 53 cents to RM6.67.

Among active stocks, Trive Property was up half a cent at 2.0 cents, MTouche added 1.5 cents to 12 cents, Pegasus was unchanged at 3.0 cents, while AT Systematization shrank 1.5 cents at 24.5 cents.

On the index board, the FBM Gold Index fell 0.94 points to 11,473.67, the Sharia FBM Gold Index lost 113.60 points to 13,072.05, the FBMT 100 Index increased by 0.58 points to 11,263.92, FBM 70 added 2.35 points to 14,659.84, and the ACE FBM fell 89.56 points to 11,480.53.

By sector, the Industrial Products and Services Index increased by 0.63 points to 157.83, the Agriculture Index increased by 8.74 points to 7,286.14 and the Financial Services Index jumped 228.99 points to 14,372.87.