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Market Review
9 - 13 November 2020
Most funds used by Wahed Invest were up last week, with HLAL +1.5%, MMID +18.7% and RHB IBF +0.2% while GOLD declined -2.7%. The S&P 500 closed at a record high following news of progress in the development of a COVID-19 vaccine. Global stocks surged after Pfizer and BioNTech announced that their vaccine had 90% effectiveness, triggering optimism that the health crisis will be addressed and the economic recovery can be accelerated. Locally, the KLCI was up 4.3% last week. Bank Negara Malaysia announced that the gross domestic product (GDP) for 3rd quarter 2020 declined by 2.7%, compared with a sharper slump of 17.1% in the 2nd quarter.
Table 1: Week-on-week returns (9 Nov 2020 - 13 Nov 2020)
Market Outlook
16 - 20 November 2020
The news of an effective vaccine should raise market expectation that the global economic recovery will be sustainable in 2021, although near-term uncertainties could still trigger volatility. The production and distribution of the vaccine will take months, and in the meantime the pandemic will continue to shape the direction of the economy. For the Malaysian market, local corporates will start to post 3rd quarter earnings that are expected to be better compared to the previous quarter following the easing of the movement control order.
Pressing Points
Be Disciplined In Periods Of Market Uncertainty
Year-to-date, all funds continue to perform well in terms of total return, with HLAL +17.0%, MMID +37.8%, RHB IBF +4.8% and GOLD +22.4%. The positive news on the COVID-19 front gives hope that the market and economic recovery could be sustained in 2021 and beyond. Long-term investors that invest according to their risk profile should not be distracted with short-term volatility, as they could miss out on sudden spikes in the market if they divest during a market downturn. As usual, being disciplined and exercising dollar cost averaging is our advice for long-term investors.
Table 2: Year-to-date returns (1 Jan 2020 - 13 Nov 2020)
This report is created for you specially by
Mohd Izzat Fadhli
Country Executive Director & Fund Manager
Wahed Invest Malaysia
Licensed Director of Wahed Malaysia. Ex. Portfolio Manager for Permodalan Nasional Berhad and Singapore Unit Trusts Limited
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