InstaForex

November 9, 2021

Exchanges Open Higher But Fail To Maintain Momentum

 At 9.55am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 2.67 points at 1,532.74 from Monday's close of 1,535.41 but retreated after that as moderate profit taking activity began to emerge in selected weighted stocks after Monday's gains.


The index opened 0.14 points higher at 1,535.55.


The broader market saw losses outpacing gains with 241 versus 185 while 330 counters were unchanged, 1,521 untraded and 18 suspended.


Total turnover at 453.28 million units worth RM234.47 million.


The note issued by Malacca Securities Sdn Bhd expects market players to trade cautiously ahead of the Melaka state election. Trading activity in the local market looked less encouraging but foreign funds have been buying local equities over the past 2 trading days.



He added that with the permission of Malaysia-Singapore quarantine-free travel for fully vaccinated citizens this month, it marks bright prospects for the aviation, tourism and consumer sectors. In addition, technology stocks may also be in focus following the issuance of ViTrox Corp Bhd bonuses and the announcement of the transfer of JF Technology Bhd's Main Market.


Heavyweights saw Malayan Banking Bhd (Maybank) and Petronas Chemicals (PetChem) gain 1 sen each at RM8.02 and RM8.31 while IHH Healthcare rose 6 sen at RM6.57 while Public Bank Bhd declined 1 sen at RM4.03 and Tenaga Nasional Bhd (TNB) declined 2 sen to RM9.65.


Active stocks saw Ecomate Holdings Bhd decline 1.5 sen at 47 sen, KNM Group Bhd declined 0.5 sen at 21 sen, Eduspec Holding Bhd was flat at 2 sen and Tafi Industries Bhd rose 28 sen at RM3.01.


On the index board, the FBM Emas index declined 20.45 points to 11,344.68, the FBMT 100 index declined 19.76 points to 10,977.83, the FBM Emas Shariah index declined 26.21 points to 12,372.24, the FBM ACE declined 23.50 points to 7,030.33 and the FBM 70 declined 29.31 points to 15,015.65.


The Industrial Products and Services index declined 0.35 points at 202.05, the plantation index declined 3.97 points at 6,725.19 and the financial services index declined 17.20 points at 15,154.09.