InstaForex

October 11, 2021

Exchanges Open Higher, AirAsia Shares Fly Across the State

 The opening of Bursa Malaysia trading earlier in the week looked strong as investors welcomed the announcement of cross -state travel allowed, starting today.


In early trade, the benchmark FTSE Bursa Malaysia KlCI (FBM KLCI) index strengthened by 7.81 points to 1,571.71 from 1,563.9 when it closed at the end of last week.


Among the stocks that were the focus of investors today were AirAsia Group and AirAsiaX which were supported by optimism over the recovery of the tourism sector after the cross -state and national openings were announced.


AirAsia Group recorded an increase of around 10 sen to RM1.29, while AirAsia X added one sen to 9.5 sen.



Meanwhile, Malacca Securities Sdn Bhd said cross -state and overseas clearances this week had boosted economic prospects and thus attracted local stocks.


He added that this optimism will also help the recovery in airline, tourism and transportation -related stocks.


Rising commodity prices and positive Asian markets are also said to drive upside in the local bourse, according to the research firm.


Among heavyweights, Press Metal gained 10 sen to RM6.19, while Petrol Chemicals jumped 13 sen to RM8.81. Maybank rose 4 sen to RM8.09 and Public Bank rose 2 sen to RM4.10.