November 17, 2021

US Market Impact Shines On Bursa Malaysia!

 At 9.05am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.59 points at 1,523.48 from Tuesday's close of 1,522.89.

It previously opened lower but bounced back up as investor sentiment boosted by Wall Street’s overnight gains.

The index opened 0.47 points at 1,522.42.

On the broader market, investors saw gainers outnumber losers by 160 to 133, while 231 counters were unchanged, 1,807 untraded and 48 suspended.

Total turnover at 120.44 million units worth RM70.26 million.

A note issued by Malacca Securities Sdn Bhd noted the US stock market bounced back as the Dow Jones rose 0.2% driven by strong retail sales data with a 16.3% year -on -year (yoy) increase in October to exceed economists ’expectations. which expects a 12% increase of only.

He added that following the rise in the Wall Street market, it is expected to affect the rise of local stocks, especially technology stocks after the Nasdaq closed higher. In addition, the focus of market players will be on companies with strong fundamentals such as the plantation sector and the blue chip sector in line with the earnings season.

Heavyweights saw Malayan Banking Bhd (Maybank) and Petronas Chemicals Group Bhd (PetChem) gain 2 sen each at RM8.11 and RM8.33, respectively, while Public Bank Bhd, IHH Healthcare Bhd and Tenaga Nasional Bhd (TNB) respectively. added 1 sen to RM4.03, RM6.56 and RM9.60 respectively.

Active stocks saw NWP Holdings Bhd increase 1 sen to 39 sen while JAG Bhd, Tanco Holdings Bhd and Ta Win Holdings remained at 39.5 sen, 27.5 and 14 sen respectively.

On the index board, the FBM Emas index rose 7.75 points to 11,271.22, the FBMT 100 index increased 5.44 points to 10,908.22, the FBM Emas Shariah index rose 0.71 points to 12,267.20 while the FBM ACE rose 32.77 points to 6,891 and the FBM 70 gained 12.19 points to 14,907.50.

The Industrial Products and Services index declined 0.14 points at 199.91, the Plantation index rose 12.46 points at 6,533.82 and the Financial Services index increased 22.38 points at 15,176.37.