KUALA LUMPUR: The domestic market continued in cautious mode despite the roll-out of the second phase of the Covid-19 vaccination programme, amid a jump in daily new infections.
At 9.03am, the FBM KLCI was down 3.4 points to 1,596.89, pulling back further below the 1,600-point level. We expect the local bourse to continue its sideways movement on the back of market concerns over inoculation rate coupled with the daily Covid-19 confirmed cases staying above the 2,000 level for the fifth consecutive day, said Malacca Securities Research.
However, investor focus could be on the technology sector following Microsoft s announcement of a partnership under the US$1bil Bersama Malaysia initiative.
KUALA LUMPUR: The profit-taking activities on the domestic market continued on Tuesday morning amid a negative performance on Wall Street overnight and ahead of the US corporate earnings season that begins this week.
At 9.05am, the FBM KLCI was down 0.25 points to 1,608.17, with suggested that investors were waiting for further direction before resuming a rally. Amid the lack of a fresh catalyst, the local bourse may stage a furtehr pullback but the weakness may be cushioned by a technical rebound. The unstable number of Covid-19 daily confirmed cases has resulted in the extension of CMCO and RMCO in several state, which may also impact the smoother economic recovery, said Malacca Securities Research.
Axiata, Digi pull FBM KLCI higher thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
At 9.09am, the benchmark index was up 2.29 points to 1,602.88. Given the higher oil prices resulting from the recovery of the global economy coupled with the smooth ongoing Covid-19 vaccination, there should be some optimism in the market. Meanwhile the crude palm oil price has rebounded again above the RM3,800 level, said Malacca Securities Research.
Some buying interest has returned to glove counters with Top Glove rising 14 sen to RM5.05 and Hartalega adding 20 sen to RM9.45 while Supermax climbing 22 sen to RM4.25.
Smaller sector rivals were also on the rise with Careplus adding 13 sen to RM1.53, Comfort Gloves adding 12 sen to RM2.17 and Rubberex gaining 10 sen to RM1.19.
KLCI rebounds from two days of losses thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.