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Economists: Stamp Duty Rate Reduction Will Have Minimal Impact On Stock Market
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The good news that came late for Top Glove
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Malaysia's 2Q21 corporate earnings mostly met expectations despite challenging times
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THE share price rally in glovemakers on Bursa Malaysia appears to have been exhausted as shares of the companies failed to recover losses made on Tuesday after logistical concerns were raised on the distribution of the potential Covid-10 vaccine candidate by US drugmaker Pfizer Inc and German biotech firm BioNTech SE.With money moving into cyclical counters like banks and utilities, the seven major-listed rubber glove counters, which lost a total of RM19 billion in market capitalisation on Tuesday, struggled to retrace losses yesterday.Malacca Securities Sdn Bhd head of research Loui Low said the announcement of the success of Pfizer’s Covid-19 vaccine on Monday has fundamentally changed the way investors invest and trade at this juncture.
KUALA LUMPUR (July 6): Last year s stock market rally was unexpected against the backdrop of the Covid-19 pandemic. Ample liquidity as a result of low interest rates globally was the main fuel to the sharp rebound.
In Malaysia, loan moratorium granted by Bank Negara Malaysia added additional fuel. More interestingly, the long absent retail investors returned to dominate the local market.
Retail investors are given a six-month loan moratorium again, however research analysts and fund managers doubt that it would help stage another rally like last year. The reason is that more people are likely to face even tighter cash flow compared with a year ago, no thanks to coronavirus.