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KUALA LUMPUR (Nov 10): Genting Bhd and AirAsia Group Bhd stock prices rose in morning trading in Bursa Malaysia today as news of positive data from the Pfizer-BioNTech Covid-19 vaccine trial boosted the global economic reopening bets.
At 9:05 a.m., the share price of hotel and casino operator Genting had risen 33 sen to RM3.32, while low-cost carrier AirAsia rose 14 sen to 67.5 sen.
“Stocks soared on Wall Street as traders poured into stocks in hopes of imminent vaccines to fight Covid-19.
“Companies like Genting Malaysia [Bhd] and AirAsia may see some positive reactions with plantation counters to continue to enjoy solid crude palm oil (CPO) prices creeping towards RM3,500 / MT [level]”Analysts at Rakuten Trade Sdn Bhd wrote today in a note.
Across US markets overnight, the S&P 500 and Dow were reported to have rallied sharply, but closed below their records yesterday as investors bet a full economic reopening was finally in sight after the first data. positive for a late-stage Covid-19 vaccine. judgment.
US crude oil was reported to have risen more than 8% and boosted energy stocks, while US Treasury bonds Safe Haven sold after US pharmaceutical company Pfizer and its partner German BioNTech said that a large-scale test of their vaccine showed it to be more than 90% effective in preventing Covid-19.
“The Dow Jones Industrial Average was up 834.57 points, or 2.95%, to 29,157.97 in its biggest one-day percentage increase since June 5. The S&P 500 was up 41.06 points, or 1.17% , to 3,550.5, and the Nasdaq Composite fell 181.45 points. or 1.53%, to 11,713.78.
“Businesses hardest hit by months of travel bans and lockdowns increased. The NYSE (New York Stock Exchange) airline index closed 19.4% higher, while aircraft maker Boeing Co rose 13, 7%. Cruise line operator Carnival Corp finished more than 39%., ” Reuters reported.
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