The FBM KLCI staged a relief rally today, breaking a three-day losing streak. The benchmark index climbed 9.65 points or 0.62% to close at 1,571.82, as investors look for oversold counters following the recent sell-down.
Bursa Malaysia ended the morning session in positive territory as investors revisited the local equity market after full lockdown fears ease. At 12.30pm, benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 11.24 points, or 0.72% to 1,573.41 from 1,562.17 at last Friday's close.
KUALA LUMPUR (May 20): Bursa Malaysia extended its weakness in early trade today on the back of weak sentiment due to the hike in new Covid-19 cases yesterday.
At 9.07am, the benchmark FBM KLCI had eased 1.66 points to 1,578.86 from yesterday’s close at 1,580.52.
The index opened 2.67 points easier at 1,577.85.
On the broader market, losers outpaced gainers 262 to 166, while 252 counters were unchanged, 1,525 untraded and 18 others suspended.
Total volume stood at 380.36 million worth RM228.29 million.
Rakuten Trade Sdn Bhd said the KLCI saw more weaknesses on record high Covid-19 cases and many fear of a more stringent lockdown.
“Anyhow, we expect the key index to trend within the 1,575-1,585 [range],” it said in a research note.
KUALA LUMPUR (April 15): While much has been said about the growth of glove stocks and tech counters on Bursa Malaysia, two companies in different sectors Press Metal Aluminium Holdings Bhd and Petronas Chemicals Group Bhd (PetChem) have emerged as dark horses in the list of largest companies.
Press Metal was the 28th largest company on the exchange on March 31, 2020 with a market capitalisation of RM13.29 billion, according to Bloomberg data. It rose to 22nd place on Sept 30, 2020 with a market value of RM20.77 billion, and has now climbed to eighth place with a value RM40.46 billion.
In short, between March 31, 2020 and today, the aluminium supplier has added some RM27.17 billion in market capitalisation.
Overseas funds are loving Malaysian glove stocks again after selloff theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.