[ad_1]
KUALA LUMPUR (Dec 3): FBM KLCI rose 29.54 points or 1.85% to 1,628.26 today, while trading volume in Bursa Malaysia surpassed 12 billion shares, as fund managers bought Shares of Malaysian companies seen as beneficiaries of an anticipated economic recovery following a double dose of good news about the UK approval for the Pfizer-BioNTech Covid-19 vaccine and the sharp drop in new cases of Covid-19 in Malaysia.
In Bursa, at 5 pm, 12.37 billion securities were traded for RM6.17 billion. The winners led those who declined by 907 to 401 respectively.
Areca Capital Sdn Bhd CEO Danny Wong Teck Meng told theedgemarkets.com that news of the vaccine catapulted the KLCI to its intraday high as fund managers took positions in shares of companies deemed to be beneficiaries of a recovery. expected economy after the economy driven by Covid-19. weakness due to global restricted movement policies to slow the spread of the outbreak.
“On the outlook, due to the low base effect, Bursa’s corporate earnings for next year should look good. For bank stocks, banks have gone through some sinking exercises and I think that when the situation improves next year, banks can reverse the loan provision.
“For the tourism sector and other populations affected by the pandemic, judging by the prospects [for next year] they too can come back, ”Wong said.
The UK was reported on Wednesday to become the first country in the world to approve the Pfizer-BioNTech Covid-19 vaccine for use and said it will be launched early next week. “A vaccine is seen as the best chance for the world to return to something close to normal, amid a global pandemic that has killed nearly 1.5 million people and disrupted the world economy.” Reuters reported.
In Malaysia, Tan Sri Health Director General Dr. Noor Hisham Abdullah said in a statement yesterday (Dec. 2) that the country had registered 851 new Covid-19 cases yesterday, a sharp drop from the 1,472 newly infected individuals reported a day before December 1. .
Today, the latest update from Dr. Noor Hisham via Twitter showed that the country recorded 1,075 new cases and 11 deaths related to Covid-19.
Meanwhile, Bursa’s trading volume increased today to 12.37 billion values, from 9.22 billion units yesterday. The number of winners today rose to 907 from 640 yesterday.
A look at Bursa indicates a widespread increase in exchange rates, led by the 4.17% gain of the energy index.
The energy index, which tracks the shares of oil and gas companies, closed higher after crude oil prices stabilized more than 1% overnight Wednesday.
Reuters reported that oil prices rose on Wednesday as Britain’s approval of a Covid-19 vaccine boosted hopes for a recovery in demand and growing expectations that oil-producing countries will maintain production limits next year.
Today, that sentiment boded well for Bursa-listed oil and gas companies, as their share prices surged while trading volume emerged among the most active stocks.
The list included Sapura Energy Bhd and Bumi Armada Bhd.
Sapura Energy’s share price closed 0.5 sen or 4.35% higher at 12 sen, while Bumi Armada added 3.5 sen or 10.94% at 35.5 sen. Sapura Energy saw some 505 million shares traded, while Bumi Armada recorded a volume of around 229 million units.
[ad_2]
