Analysts Forecast Weak Trading Sentiment This Week - Kakiforex.com - Financial Market Media No. 1 in the World Analysts Forecast Weak Trading Sentiment This Week Analysts Forecast Weak Trading Sentiment This Week
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May 24, 2021

Analysts Forecast Weak Trading Sentiment This Week

 Trading on Bursa Malaysia bounced back from last week's losses to open stronger in morning trading today after investors breathed a sigh of relief to learn most businesses and factories were allowed to operate under the tightened Movement Control Order 3.0 (PKP 3.0).


At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index strengthened 3.34 points or 0.21% to 1,565.51 from 1,562.17 at Friday's close last week.


Bernama reported that the key index opened 1.61 points higher at 1,563.78.


On the broader market, gainers outpaced losers by 353 to 120, while 251 counters were unchanged, 1,478 untraded and 19 others suspended.


Turnover was 328.47 million worth RM148.83 million.


Senior Minister (Security Cluster), Datuk Seri Ismail Sabri Yaakob last Saturday, announced additional restrictions to tighten the standard operating procedures (SOP) of PKP 3.0 through two strategies, namely work from home instructions and limiting business operating hours effective May 25 for the whole of Peninsular Malaysia. and Labuan.


He said this was aimed at reducing the movement of people and thus preventing the more serious spread of Covid-19.


With stricter SOPs being implemented in the wider country, Malacca Securities Sdn Bhd expects weak trading sentiment for this short trading week as the market will close on Wednesday in conjunction with the Wesak Day celebrations.



Meanwhile, according to Rakuten Trade Sdn Bhd, the FBM KLCI has lost around 30 points since early May, and there is no buying catalyst.


"Nevertheless, we expect the index to jump slightly and hover between the 1,560-1,570 level," he said in a separate note.


Among heavyweights, Maybank added five sen to RM8.29, Public Bank rose one sen to RM4.16, Tenaga was strong two sen at RM9.92 while Petronas Chemicals and IHH were flat at RM7.90 and RM5 respectively. .20.


For actives, Grand-Flo rose 3.5 sen to 64 sen, Privasia Technology rose one sen to 18.5 sen, LKL 1.5 sen higher at 41.5 sen, Focus Dynamics rose half-a-sen to seven sen, while Hiap Teck remained at 50.5 sen.


The top gainer, Pharmaniaga, jumped 37 sen to RM4.40 while the biggest loser, Widetech, declined 30 sen to RM2.70.


On the index board, the FBM Gold Index rose 40.79 points to 11,376.82 and the FBMT 100 Index added 34.53 points to 11,076.75.


The FBM Emas Syariah Index strengthened 53.30 points to 12,661.33, the FBM ACE rose 68.90 points to 7,693.77 and the FBM 70 expanded 87.92 points to 14,624.58.


By sector, the Plantation Index rose 53.15 points to 6,952.67, the Industrial Products and Services Index added 1.32 points to 188.62 and the Financial Services Index strengthened 38.71 points to 14,806.71.