Optimism boosts Bursa performance
Published on: Friday, March 27, 2020
By: Bernama
Photo: Bernama
Kuala Lumpur: Bursa Malaysia continued its uptrend for the third consecutive day, boosted by market optimism on Friday’s second stimulus package.At the close, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.59 points to 1,328.09.
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The index moved between 1,309.21 and 1,336.21 throughout the trading day.
On the broader market, gainers outpaced losers 540 to 295, while 334 counters were unchanged, 850 untraded and 26 others suspended.
Turnover, meanwhile, declined to 3.52 billion shares worth RM2.26 billion compared with 4.32 billion shares worth RM2.83 billion Wednesday.
An analyst said the market had closed higher as investors awaited Friday’s announcement on the government’s measures to boost the local economy further in light of the current crisis.
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“The first stimulus package worth RM20 billion missed the window to be translated to market optimism due to the local political instability.
“However, with the current extended movement control order (MCO), it is important for investors to see the government’s next move in addressing the Covid-19 pandemic,” she said.
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Recently, the government announced a six-month moratorium on loan repayments and the restructuring of outstanding credit card balances to alleviate the financial impact from the pandemic.
Meanwhile, in the United States (US), Bloomberg reported that the US senate has approved a historic US$2 trillion rescue plan in response to the economic and health crisis caused by the Covid-19 pandemic. On heavyweight’s performance; telecommunication, consumer and healthcare indices remained as the main contributors to the index’s positive performance.
Digi gained 14 sen to RM4.29, Petronas Chemicals added 14 sen to RM4.65, Nestle rose RM1.50 to RM137.00 and Hartalega was nine sen higher at RM6.78.
As for top gainers, consumer products and services stocks continued to dominate the chart with F&N gaining 32 sen to RM30.02, Panasonic Manufacturing adding 60 sen to RM25.00, Dutchlady increasing 96 sen to RM41.00 and Nestle rising RM1.50 to RM137.00.
The overall index performance was mostly positive, with the FBM Emas Index surging 76.37 points to 9,064.44 while the FBM 70 gained 296.18 points to 10,328.56 and the FBM Emas Shariah Index garnered 135.51 points to 9,904.37.
The FBMT 100 Index increased 74.43 points to 9,003.66 and the FBM Ace rose 21.15 points to 3,679.42.
Sector-wise, the Industrial Products and Services Index added 1.58 points to 102.56, the Plantation Index gained 42.26 points to 6,056.07 and the Financial Services Index was 44.97 points lower at 12,103.45.
Main Market volume decreased to 2.72 billion units worth RM2.07 billion compared with 3.22 billion worth RM2.58 billion Wednesday. Warrants turnover was slightly lower at 351.46 million worth RM94.12 million from Wednesday’s close of 397.21 million worth RM87.36 million.Stay up-to-date by following Daily Express’s Telegram channel.
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