Examine the Stock Market Situation at the Beginning of the Week - Kakiforex.com - Financial Market Media No. 1 in the World Examine the Stock Market Situation at the Beginning of the Week Examine the Stock Market Situation at the Beginning of the Week

May 10, 2021

Examine the Stock Market Situation at the Beginning of the Week

 Bursa Malaysia started this short week's trading slightly higher amid mixed market sentiment ahead of the announcement of the country's gross domestic product (GDP) performance for the first quarter of 2021 and the Hari Raya Aidilfitri public holiday.


At 9.04am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index gained 0.23 points to 1,587.68 from 1,587.45 when it closed on Friday evening last week.


Bernama reported that the key index opened 0.03 points higher at 1,587.48.


Bank Negara Malaysia (BNM) is scheduled to announce its GDP performance for the first quarter of 2021 tomorrow.


On the broader market, gainers outpaced losers 267 to 163 while 304 counters were unchanged, 1,436 untraded and seven others suspended.


Turnover was 289.98 million worth RM156.98 million.


According to Malacca Securities Sdn Bhd, sentiment in the market is likely to remain cautious throughout this short trading week while focusing on the projected first quarter of 2021 GDP growth rate which is still weak due to the environment affected by Covid-19.


"Nevertheless, traders will focus more on rising commodities such as crude palm oil (CPO), which jumped more than 5.0% last week as well as Brent oil prices which are rising slightly at the moment," he said in a research note.



The research firm also expects the key index to move in a small range with support levels between 1,555 and 1,565, while barriers at 1,600 and 1,620.


As for the focus sectors, Malacca Securities said the plantation sector; oil and gas may attract traders amid rising CPO and Brent oil prices.


Moreover, under the movement control order (PKP 3.0), strong demand for packaging and media -related stocks is expected.


"The technology sector may also see some technical rebounds after the Nasdaq posted gains in overnight trading," he said.


Among heavyweights, Maybank, Public Bank and Petronas Chemicals declined one sen each to RM8.23, RM4.09 and RM8.29.


Tenaga and IHH Healthcare added one sen each to RM9.91 and RM5.67, while rubber glove stocks namely Hartalega, Top Glove and Supermax rose as Covid-19 cases in the country continued to soar.


For active counters, Tanco was flat at 11 sen, Focus Dynamics and LKL rose half-a-sen each to 10 sen and 37 sen respectively while KTG added one sen to 23.5 sen.


On the index board, the FBM Emas Index rose 8.53 points to 11,666.15, the FBMT 100 Index added 4.69 points to 11,319.07, the FBM Emas Syariah Index rose 29.6 points to 13,107.43, the FBM ACE rose 70.45 points to 8,396.98, and the FBM 70 gained 18.07 points to 15,277.56.


By sector, the Financial Services Index fell 20.85 points to 14,782.77, the Plantation Index was 44.72 points stronger at 7,142.21 and the Industrial Products and Services Index rose 0.27 points to 200.81.