KUALA LUMPUR (Nov 10): It is a cheerful day for Asian equity markets. In tandem with the positive sentiment boosted by rising hope that a Covid-19 vaccine will be available sooner than later, the FBM KLCI surged 3.33% or 50.75 points to an over two-month high of 1,575.07 today — the biggest single-day gain since March 20 when the benchmark rocketed 6.85%.
The benchmark index started the trading day lower, it was down by 7.78 points or 0.51% at 1,516.54 shortly after the opening bell amidst the selldown on the two heavyweights, namely Top Glove Corp Bhd and Hartalega Holdings Bhd.
However, it regained the lost ground soon after, when investors started to snap up banking stocks, which carry the most weightage on the KLCI, as well as casino operator Genting Malaysia Bhd and its parent Genting Bhd.
On the broader market, share prices were mixed. There were 675 gainers versus 510 losers, while 502 counters were unchanged.
Across Bursa Malaysia, the brisk trading saw the total volume surged to 12.31 billion units worth RM8.45 billion, from 11.71 billion units worth RM4.62 billion recorded yesterday.
The daily trading volume of 12.31 billion is the highest since Aug 27, when 13.7 billion shares changed hands, while the turnover of RM8.45 billion is the highest since Aug 7, when RM9.7 billion was recorded.
Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that the uptrend in the market today was mainly related to positive developments on the Covid-19 vaccine.
He said industries that were previously badly affected by Covid-19 have seen their fortunes reversed today, including aviation and bank counters — which are often seen as a proxy for the economy — as investors hope for possible economic recovery play when viable vaccines are imminent.
Among KLCI-linked banking stocks, Public Bank Bhd led the gain, surging RM1.90 or 12.42% to RM17.20. It was followed by RHB Bank Bhd, which shot up 47 sen or 10.73% to RM4.85, and CIMB Group Holdings Bhd, which jumped 32 sen or 10.46% to RM3.38.
Hong Leong Bank Bhd rose RM1.48 or 10.07% to RM16.18, Malayan Banking Bhd climbed 54 sen or 7.58% to RM7.66, and Hong Leong Financial Group Bhd gained 56 sen or 3.85% to RM15.10.
Genting closed up 61 sen or 20.4% at RM3.60 while Genting Malaysia soared 26 sen or 12.3% to RM2.38.
Malaysia Airports Holdings Bhd was also among top gainers today. The airport operator climbed 89 sen or 20.55% to RM5.22.
Meanwhile, aviation counters AirAsia X Bhd (AAX) and AirAsia Group Bhd were on the top active list. AAX went up 2.5 sen to 6.5 sen while AirAsia soared 14.5 sen or 27% to 68 sen.
AT Systematization Bhd topped the most actively traded list again. However, its trading volume shrank to 1.67 billion shares compared with 2.66 billion yesterday. Its share price closed lower at 19 sen, down 2.5 sen, as glove-related counters were under selling pressure today.
The latest news that Pfizer might be able to start vaccine production next year has prompted investors to take profit on glove stocks. Hartalega shed 13.8% or RM2.52 to RM15.70.
Kossan Rubber Industries Bhd slid 92 sen or 12.3% to RM6.58, Supermax Corp Bhd dropped 80 sen or 8.31% to RM8.83 while Top Glove fell 68 sen or 8.02% to RM7.80.
Source: The Edge
No comments:
Post a Comment