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KUALA LUMPUR (Nov 21): Bursa Malaysia is expected to trade cautiously next week, with investors closely watching the market move following the resurgence of Covid-19 cases globally, a distributor said.
Adam Mohamed Rahim, an economist at Bank Islam Malaysia Bhd, said that investor sentiment will likely be influenced by the reinstatement of closures in several countries to slow the spread of Covid-19.
“Any other positive news regarding the vaccine will be an impetus for the market to remain at levels around 1,590-1,605 points. As of now, the resistance is at 1,610 points, while the support is at 1,590 points, ”he told Bernama.
The local index closed 0.64% higher on Friday to top 1,593.8 points, with glove counters like Top Glove dominating the winners with a 5.0% advance as buying interest surged from the recent Stock price pullback amid positive news about the Covid-19 vaccine.
Other components, which had commendable profits, were Petronas Gas, which was 2.7% higher as its net profit for the third quarter ended September 30 increased 36.9% to RM 591.01 million from RM 431.59 million a year ago due to a higher contribution from all segments, particularly the regasification and gas processing segments due to lower operating costs and higher unrealized foreign exchange gain, ”he said.
Sectorally, he said that Bursa Malaysia’s construction index gained the most, with an increase of 1.69%, while the Bursa Malaysia REIT index led the laggards with a fall of 0.36 points.
“The FBM KLCI closed 4.06 points firmer to end the week at 1,593.75 compared to 1,589.69 last Friday.
On the scoreboard, the FBM Emas index rose 53.89 points to 11,463.88, the FBMT 100 index soared 42.84 points to 11,246.88, but the FBM Emas Shariah index fell 105.26 points to 13,221.77.
The FBM 70 advanced 119.79 points to 14,734.77 and the FBM ACE index fell 71.22 points to 11,153.53.
Regarding the sector, the financial services index jumped 455.31 points to 14,023.32, the plantations index pocketed 40.28 points to 7,344.48 and the industrial products and services index added 3.98 points to 160.18 .
The Technology Index decreased 0.54 points to 63.70, while the Health Index decreased 31.51 points to 3,959.64.
Weekly turnover decreased to 65.45 billion units worth RM 29.40 billion from 67.71 billion units worth RM 29.51 billion last week.
The main market volume increased to 32.66 billion shares worth RM 21.85 billion from 31.07 billion shares worth RM 21.53 billion.
Warrant turnover increased to 5.58 billion units worth RM799.64 million from 4.46 billion units worth RM807.03 million in the previous week.
ACE’s market volume fell to 28.82 billion shares worth RM6.75 billion from 32.17 billion shares worth RM7.17 billion previously.
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