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,Weekly FBM KLCI 10042021

REVIEW: It was overall a good week in Malaysian equities although the bourse was a late joiner to the global optimism.

Global markets had rallied on Monday on news that US payrolls for March far exceeded analyst estimates, suggesting that the economy was recovering more quickly than expected.

On Wall Street, the Dow Jones Industrial Average and S&P500 rose to new records on the back of promising US employment figures and affirmation that the US Fed would keep interest rates low.

In contrast, Bursa Malaysia showed symptoms of heightened uncertainty over the first two days of the trading week, perhaps due to a combination of the fallout in US hedge fund Archegos Capital Management and developments on the political scene.

While making some headway in the opening minutes of trade, any gains were quickly erased as the day progressed.

The FBM KLCI was seen breaking below the 1,580 support on Tuesday as it approached the 200-day simple moving average (SMA).

Positive news flow in the construction sector such as the government’s green light to resume the Mass Rapid Transit 3 project lifted the construction sector, but failed to inspire the broader market.

Bank stocks, which fell sharply on March 31 on news of the losses at Archegos, took on a sideways direction with the Bursa Malaysia Financial Services Index creeping along the 100-day simple moving average (SMA)

Amid the downside pressure, the FBM KLCI found solace above the 200-day SMA, which travelled horizontally near 1,570.

Wednesday’s last-minute surge to the 1,600 psychological level was met with relief as foreign investors finally made their way back to the market.

Offshore funds had by and large kept out of the local market after the heavy selling of local equities on March 31, which had routed the FBM KLCI. However, with foreign net buying of RM151.6 mil in local equities on Wednesday, it seemed the risk-on appetite had returned, ahead of the release of US Federal Reserve meeting minutes that provided assurances over low interest rates.

The momentum was carried forward to Thursday, where investors cautiously moved the index higher on buying of glove stocks.

But gains were offset by profit-taking in other sectors. Financial stocks weighed with Maybank falling 20 sen to RM8.28, more than erasing the gains made in the previous day’s rally. The market ended a mild 1.81 points higher at 1,602.4.

Yesterday, news of a planned merger between Axiata’s Celcom and Digi sent investors rushing into the two counters, which offset declines in gloves and financial counters. The FBM KLCI extended its lead by 9.85 points to 1,612.25.

Statistics: The major index ended the week 28.01 points or 1.7% higher over the previous Friday at 1,612.25. Total turnover for the trading week stood at 34.59 billion shares amounting to RM18.68bil, compared with 35.48 billion shares worth RM18.03bil in the previous trading week.

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