November 23, 2021

This Stock Drives The KLCI To Open Higher Today

 At 9.10am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 4.18 points at 1,526.87 from Monday's close of 1,526.87.

It opened higher on buying interest in banking stocks.

The index opened 0.38 points at 1,527.25.

On the broader market, investors saw losers outpacing gainers by 187 to 166, while 263 counters were unchanged, 1,720 untraded and 18 suspended.

Total turnover at 179.7 million units worth RM102.8 million.

A note issued by Malacca Securities Sdn Bhd stated tracking the negative overnight performance of the Wall Street market it is expected that selling pressure will spill over into the local market especially in technology stocks.

He added that they found that foreign funds had been selling local equities over the past 2 trading days and may further weaken sentiment.

The price of crude palm oil (CPO) remained at a high of RM4,900 while the price of crude oil stood at US $ 78 at about RM326.69 per barrel.

In addition, investors can focus on payment-related counters and e-commerce during the reopening of business activities which may benefit banking stocks.

Banking stocks, Public Bank gained 2 sen at RM4.09 and CIMB Group Holdings Bhd gained 3 sen at RM5.19.

Heavyweights saw Malayan Banking Bhd (Maybank) up 1 sen at RM8.16, Petronas Chemicals Group Bhd (PetChem) up 2 sen at RM8.32 and Tenaga Nasional Bhd (TNB) up 4 sen at RM9.54 while IHH Healthcare remained flat. at RM6.62 and Press Metal Aluminum Holdings Bhd declined 2 sen at RM5.72.

Active stocks saw Iconic Worldwide Bhd and JAG Bhd up 38.5 sen and 39 sen respectively, Malaysian Bulk Carriers Bhd added 1.5 sen at 61.5 sen, YBS International Bhd added 3 sen at 61 sen and Kejuruteraan Asastera Bhd gained 0.5 sen at 34.5 sen while Tanco Holdings Bhd was flat at 27 sen and NWP Holdings Bhd declined 1.5 sen to 34 sen.

On the index board, the FBM Emas index rose 22.84 points to 11,268.10, the FBMT 100 index rose 23.54 points to 10,920.02, the FBM Emas Shariah index increased 17.44 points to 12,229.21 and the FBM ACE declined 4.72 points to 6,788.85 while the FBM 70 added 7.26 points to 14,758.50.

The Industrial Products and Services index declined 0.20 points at 200.31, the Plantation index rose 24.64 points at 6,710.07 and the Financial Services index declined 34.69 points at 15,316.68.