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gloveharicut

Author: gloveharicut   |   Latest post: Tue, 4 May 2021, 3:56 PM

 

GLOVEs to stay in limelight amid resurgence of Covid-19 cases

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https://www.nst.com.my/business/2021/04/683388/glove-stocks-stay-limelight-amid-resurgence-covid-19-cases%C2%A0

Glove stocks to stay in limelight amid resurgence of Covid-19 cases 

KUALA LUMPUR: Bursa Malaysia's benchmark FBM KLCI may attempt to break above the immediate downtrend line resistance near 1,635 this week, Hong Leong Investment Bank Bhd (HLIB) said.

This is on back of the renewed buying appetite on index-linked glove stocks, amid fears of another global Covid-19 wave, coupled with the buoyant Wall Street performance.   

However, HLIB expects stiffer hurdles situated at 1,635-1,646 levels due to the lack of domestic fresh catalysts and concerns of elevated local Covid-19 cases amid rising R-naught will derail a smoother domestic economic recovery. 

The index's weekly supports are pegged at 1,597-1,585-1,574 zones. 

On stock selection, HLIB expects a slow and steady recovery for Malaysian real estate investment trusts (REITS), underpinned by a gradual domestic economic revival, the vaccine rollout plan and the current low interest rates environment, which bodes well for future acquisitions.

The firm's top pick is Axis REIT with strong resiliency throughout the pandemic driven by increased demand in industrial properties, high occupant tenancy in its diversified portfolio, and one of the few Shariah-compliant REITs.

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