Covid-19 Cases Continue To Rise, Investors Are Not Happy To Sit Down - Kakiforex.com - Financial Market Media No. 1 in the World Covid-19 Cases Continue To Rise, Investors Are Not Happy To Sit Down Covid-19 Cases Continue To Rise, Investors Are Not Happy To Sit Down
InstaForex

May 27, 2021

Covid-19 Cases Continue To Rise, Investors Are Not Happy To Sit Down

 Bursa Malaysia opened higher today after taking cues from Wall Street's overnight gains driven by stable market sentiment in a global context following concerns over the US Federal Reserve's (Fed) interest rate outlook easing.


At 9.05am, the market -leading FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.16 points or 0.20% to 1,580.98 from 1,577.82 when it closed on Tuesday.


Bernama reported that the index opened 1.54 points stronger at 1,579.36.


For the broader market, gainers outnumbered losers by 258 to 173 while 243 counters were unchanged, 1,517 counters untraded and 39 others suspended.


Turnover stood at 350.73 million units worth RM165.82 million.


The market closed yesterday following the general release for Wesak Day.


According to Malacca Securities Sdn Bhd, given stable market sentiment amid concerns over the prospect of easing US interest rates, investors may refocus on companies that are recording growth.



However, the brokerage firm warned that market sentiment was expected to weaken as Covid-19 cases in Malaysia continued to rise, while vaccine implementation was slightly slow.


"Technically, the key index is likely to trade in a small range below the 1,600 level with support at 1,555 to 1,565 while resistance at 1,590 to 1,600," it explained in a research note today.


Among heavyweights, Public Bank rose six sen to RM4.23, IHH rose eight sen to RM5.27, Maybank and CIMB added four sen each to RM8.37 and RM4.25, respectively, while Petronas Gas added 20 sen to RM16.18.


Among active stocks, SC Estate rose 2.5 sen to 12.5 sen, Tanco rose half -a -sen to 14.5 sen, Sedania jumped 16 sen to RM1.36, Tomypak added 1.5 sen to 2.5 sen and Sanichi declined half -a -sen to seven sen.


The top gainer, Nestle jumped RM1.10 to RM136.40, while MPI emerged as the biggest loser when it declined 36 sen to RM37.32.


On the index board, the FBM Emas Index rose 42.40 points to 11,534.70 and the FBMT 100 Index added 36.14 points to 11,218.08.


The FBM Emas Syariah Index added 27.92 points to 12,815.18, FBM 70 jumped 101.37 points to 14,935.40 and FBM ACE increased 98.18 points to

7,947.91.


By sector, the Financial Services Index jumped 116.14 points to 15,010.13, the Plantation Index rose 5.53 points to 6,945.75 while the Industrial Products and Services Index added 0.24 points to 192.30.