November 2, 2021

Bursa Malaysia Jumps To Open Higher

 At 9.00am this morning, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 6.70 points to 1,537.71 from the previous day at 1,530.92 after taking an overnight Wall Street market signal that hovered at a record high based on confidence in corporate earnings.

It opened 1.29 points higher at 1,545.87.

In the broader market, gains outpaced losses by 229 to 149 while 249 counters were unchanged, 1,648 others untraded and 15 suspended.

Total turnover at 222.85 units worth RM 232.89 million.

A note issued by Malacca Securities Sdn Bhd stated that due to the weak situation in the local market, sentiment is expected to remain negative in the near term without any significant positive indicators in the market.

He added that seeing the Wall Street market in an uptrend, buying returns may overflow the deck of tech stocks in the local market.

For the commodity market, the price of crude palm oil (CPO) remained hovering at RM5,000 while the price of crude oil was slightly higher.

Looking at this trend, technology stocks are expected to be the focus given its continued returns.

He continued, they expect investors to look for recovery -themed stocks under the tourism and consumer sectors, while TA Win has secured a RM2.5 billion contract from South Korea's POSCO further stimulating trading interest in the metals sector.

Among the heavy industries, Maybank and Petronas Chemicals gained 5 sen each to RM8.04 and RM8.40 respectively, Pulic Bank added 2 sen to RM4.06, Tenaga rose 6 sen to RM9.66 and IHH HEALTHCARE remained at RM6.48 .

On the index board, the FBM gold index increased 47.58 points to 11,377.57, the FBMT 100 index increased 43.42 points to 11,002.92, FBM 70 increased 39.16 points to 15,008.95, the FBM Emas Shariah index gained 43.58 points to 12,409.65 and the FBM ACE rose 87.61 points to 7,055.49.

In the active sector, the products and services industry index rose 0.98 points to 203.12 and the plantation index rose 14.94 points to 6,728.35.