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KUALA LUMPUR (November 10): It’s a joyous day for Asian equity markets. Coupled with positive sentiment driven by growing hope that a Covid-19 vaccine will be available sooner rather than later, the FBM KLCI rose 3.33% or 50.75 points to a two-month high of 1,575.07 today, the biggest gain in a single. day since March 20 when the benchmark index soared 6.85%.
The benchmark index started the trading day lower, down 7.78 points or 0.51% to 1,516.54 shortly after the opening bell amid the bearish sale of the two heavyweights, namely Top Glove Corp Bhd and Hartalega Holdings Bhd.
However, it regained lost ground shortly after, when investors started grabbing bank stocks, which carry the largest weight in the KLCI, as well as casino operator Genting Malaysia Bhd and its parent Genting Bhd.
In the broader market, share prices were mixed. There were 675 winners against 510 losers, while 502 counters were unchanged.
Across Bursa Malaysia, rapid trade saw total volume rise 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 August 27, when 13.7 billion shares changed hands, while the turnover of 8.45 billion ringgit is the highest since August 7, when 9,700 were recorded. million ringgit.
Loui Low, head of research at Malacca Securities Sdn Bhd, said theedgemarkets.com that the uptrend in the current market was mainly related to positive developments in the Covid-19 vaccine.
He said that industries previously severely affected by Covid-19 have seen their fortunes reversed today, including aviation and banking counters, which are often seen as a proxy for the economy, as investors expect a potential economic recovery when viable vaccines are imminent.
Among banking stocks linked to KLCI, Public Bank Bhd led the gain, increasing RM1.90 or 12.42% to RM17.20. It was followed by RHB Bank Bhd, which jumped 47 sen or 10.73% to RM4.85, and CIMB Group Holdings Bhd, which rose 32 sen or 10.46% to RM3.38.
Hong Leong Bank Bhd rose RM1.48 or 10.07% to RM16.18, Malayan Banking Bhd rose 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% at RM2.38.
Malaysia Airports Holdings Bhd was also among today’s top winners. The airport operator rose 89 sen or 20.55% to RM5.22.
Meanwhile, AirAsia X Bhd (AAX) and AirAsia Group Bhd aviation counters were on the top active list. AAX rose 2.5 sen to 6.5 sen while AirAsia soared 14.5 sen or 27% to 68 sen.
AT Systematization Bhd returned to the top of the list of most active transactions. However, its trading volume was down to 1.67 billion shares compared to 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 could start vaccine production next year has led investors to profit from glove stocks. Hartalega lost 13.8% or RM2.52 to RM15.70.
Kossan Rubber Industries Bhd fell 92 sen or 12.3% to RM6.58, Supermax Corp Bhd fell 80 sen or 8.31% to RM8.83 while Top Glove fell 68 sen or 8.02% to RM7.80.
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