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KUALA LUMPUR (Nov 17): The KLCI FBM closed 4.47 points or 0.28% at 1,604.13 ahead of Bursa Malaysia’s afternoon break today, as news of the effectiveness of Moderna Inc’s experimental Covid-19 vaccine supported global share earnings.
In Bursa, at 12:30 p.m. M., 11.09 billion securities were traded for 4.52 billion ringgit.
Globally, Asian stocks were reported to have cautiously advanced to record positive territory today, with crude oil surging shortly after US benchmarks perked up on news of the latest promising coronavirus vaccine. .
Investor sentiment was reportedly given a boost after Moderna said its experimental Covid-19 vaccine was 94.5% effective in preventing infections based on interim late-state data.
The Cambridge, Massachusetts-based firm became the second drug maker, after Pfizer Inc, to announce promising trial data in the development of a vaccine to defeat the pandemic. Reuters reported.
Such sentiment bodes well for industries, including the aviation sector, which have been severely affected by restricted-movement policies pushed by Covid-19 to curb the outbreak.
The rise in the share price of Malaysia Airports Holdings Bhd (MAHB) and AirAsia Group Bhd outperformed the broader market as anticipation grows about the global reopening of the economy with pharmaceutical companies closing in on the launch of Covid vaccines. -19.
MAHB closed 27 sen or 4.84% at RM5.85 while AirAsia Group rose 5.5 sen or 7.33% at 80.5 sen.
“[On the broader market] Stocks should extend their gains today given the spillover of booming global markets amid optimism for vaccines and economic recovery, but profit taking is expected to tame short-term gains and increase volatility as stocks rise. Overbought conditions become excessive, “analysts at TA Securities Holdings Bhd wrote in a note today.
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