The covid-19 vaccine in the local market inspired rally alive on Thursday after a brief pause on profit-taking yesterday. A return to technology-focused market leaders, which thrived during COVID shutdowns but sold off earlier in the week as investors pivoted to economically-sensitive cyclical stocks, but the Bursa Malaysia out front.
While on Tuesday the yield of benchmark U.S. 10-year Treasuries reached the highest level since March, on Wednesday the U.S. bond market was closed in observance of Veterans Day.
This week we saw a bit of rotation from growth back to value, That we're back to tech has to do with its oversold nature and there's a sense of safety in heavily capitalized technology companies. Consolidation is expected to take place over the near term on the FBM KLCI as investors continue to lock in recent gains, which we deem to be a healthy move at the current juncture.
Meanwhile, we also think that the lower liners will undergo a consolidation with any weakness to be supported by the improved trading liquidity with investors continuing their quest to hunt for higher yields. the top traded stock today, shed 2.5 sen to 24.5 sen following news that it had abandoned plans to acquire industrial glove maker Pearl Glove.
Crude oil prices edged higher, extending their rally and building on gains sparked by the notion of reviving demand and a steeper-than-expected decline in Malaysian inventories. Other top active counters were Medtronic up six sen to 14.5 sen and Lambo unchanged at four sen.
The dollar gained ground against a basket of currencies and the safe-haven yen weakened on hopes that a medical solution to the pandemic could jump-start economic growth. Among the financial heavyweights, Maybank pushed higher by eight sen to RM7.77, Public Bank gained six sen to RM17.74, Hong Leong Bank rose 10 sen to RM16.70 and four sen to RM3.34.
Gold prices slid, hurt by a stronger dollar, and increased risk appetite which drew investors away from the safe-haven metal. Among the financial heavyweights, Maybank pushed higher by eight sen to RM7.77, Public Bank gained six sen to RM17.74, Hong Leong Bank rose 10 sen to RM16.70 and four sen to RM3.34.
Regional markets meanwhile stayed mostly flat as investors digested some of the previous gains. Both Japan's and China's key indices were unchanged while Hong Kong's Hang Seng dipped 0.4%.
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