Banks, plantations in focus ahead of earnings results

  • Markets
  • Wednesday, 24 Nov 2021

KUALA LUMPUR: Investors are expected to continue treading carefully on the domestic market on Wednesday as the corporate earnings results stream in.

At 9.15am, the FBM KLCI was a fraction higher at 1,523.31 as energy counters remained firm despite expectations that the US will increase the supply of crude in the market in the coming month.

Petronas Chemicals, which had announced a strong earnings performance on Monday, continued its uptrend, rising six sen to RM8.37.

This was in line with the rebound on the Bursa Malaysia Energy Index, which rose 0.8% to 755.84, after falling off a recent peak five weeks prior.

Plantations on Bursa Malaysia also stabilised after a steep fall yesterday in tandem with a retreat with crude palm oil prices. While Sime Darby Plantation was down two sen to RM3.87, IOI rose one sen to RM3.77 and Kuala Lumpur Kepong climbed 14 sen to RM20.40 following positive earnings results released late Tuesday.

Investors remained undecided on financial counters, which were little moved in early trade, ahead of earnings results that are scheduled to be released in the closing days of the corporate earnings season.

Maybank was down one sen to RM8.15, Public Bank dropped one sen to RM4.06, CIMB was unchanged at RM5.19 and Hong Leong remained untraded.

Meanwhile, technology counters were weighed down by the retreat on the US Nasdaq overnight as investors speculated that US Fed chairman Jerome Powell's reappointment to a second term signals that stimulus tapering is soon to follow.

MPI shed 46 sen to RM47.60, KESM dropped 22 sne ot RM13.58 and Vitrox slid eight sen to RM20.18.

Among top actives, DNeX was up one sen to 87.5 sen, WZ Satu rose three sen to 26 sen and Scope fell 1.5 sen to 34 sen.
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Bursa Malaysia , FBM KLCI , equities


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