BURSA Malaysia closed the day higher, with the benchmark index finally breaching the 1,300 level, as gains in regional bourses boosted market sentiment.
At the close, the FTSE Bursa Malaysia KLCI (FBM KLCI) surged 83.56 points or 6.85% to 1,303.28 from yesterday’s close of 1,219.72.
After opening 0.82 points higher at 1,220.54 this morning, the benchmark index moved between 1,220.54 and 1,304.55 during the day.
Turnover increased to 5.05 billion shares worth RM4.04 bil from 4.16 billion shares worth RM2.86 bil yesterday.
A dealer said local traders took the cue from the gains in regional markets, which were mostly higher as traders found comfort in global policymakers’ efforts to blunt the Covid-19 economic blow by cutting interest rates and pumping liquidity into the markets.
“In Malaysia, BNM has decided to cut the statutory reserve requirement ratio by 100 basis points, which has so far benefitted index-linked banking stocks,” he added.
On the regional front, Singapore’s Straits Times Index was 5.20% higher at 2,431.06, Hong Kong’s Hang Seng Index rose 5.05% to 22,805.07 and South Korea’s KOSPI Composite Index increased 7.44% to 1,566.15.
Among heavyweights, Maybank gained 43 sen to RM7.51, Tenaga added 70 sen to RM12.02, Public Bank jumped RM1.38 to RM14.04, and IHH was two sen higher at RM5.17.
Of the actives, Sapura Energy gained one sen to 7.5 sen, Bumi Armada added two sen to RM13.5 sen and AirAsia advanced 16 sen to 68 sen.
