August 23, 2021

Positive Catalysts Drive the Stock Market to Show Stunning Action

 Bursa Malaysia trading continued its upward pace on Friday to open higher today following positive sentiment that continued to drive buying interest.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index jumped 5.27 points or 0.35% to 1,523.30 from 1,518.03 at the close of the market on Friday.

Bernama reported that the key index traded 1.96 points higher at 1,519.99.

On the broader market, gainers outnumbered losers by 294 to 133, while 270 counters were unchanged, 1,511 untraded and seven others suspended.

Turnover stood at 350.29 million units worth RM127.17 million.

Malacca Securities stated that stability in the political arena is expected following the appointment of the new Prime Minister, Datuk Seri Ismail Sabri Yaakob towards positive sentiment.

However, investors need to be wary of the risks that will occur due to the increase in daily cases of Covid-19 in Malaysia.

Meanwhile, investors continue to await news on Malaysia's inflation rate for July which will be announced on Wednesday.

"Investors are expected to focus on stocks in the technology sector following the Nasdaq surge last Friday," he added.

In addition, observations will be continued on rehabilitation sectors such as construction, real estate, transportation and logistics as well as consumer -related.

For heavyweights, Maybank, CIMB and Sime Darby rose five sen each to RM8.17, RM4.69 and RM3.97. Public Bank added two sen to RM3.94 and IOI Corp rose four sen to RM3.80

Meanwhile, Top Glove and MR DIY dropped one sen each to RM3.79 and RM3.88.

For active stocks, Advance Synergy fell 3.5 sen to 15.5 sen, MMAG Holdings rose two sen to 15 sen, Malayan United fell one sen to 8.5 sen and Avillion rose one sen to 19 sen.

On the index board, the FBMT 100 Index rose 45.35 points to 10,865.99, the FBM 70 rose 91.52 points to 14,690.37 and the FBM ACE ‘rocketed’ 79.24 points to 7,225.60.

The FBM Emas Index jumped 47.74 points to 11,115.70 and the FBM Emas Shariah Index rose 48.58 points to 12,266.09.

By sector, the Plantation Index rose 44.98 points to 6,461.36, the Industrial Products and Services Index rose 0.60 points to 188.86 and the Financial Services Index rose 66.98 points to 14,909.85,