BURSA Malaysia remained broadly higher at midday on continuous buying support in index-linked counters, led by Petronas Chemicals and Tenaga, amid advances in regional bourses.
At lunch break, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) increased 21.47 points or 1.56% to 1,393.13 from 1,371.66 at Tuesday’s close.
The key index had opened 3.96 points firmer at 1,375.62, and moved between 1,375.12 and 1,394.32 during the morning session.
Petronas Chemicals lifted the CI by 5.24 points after rising 36 sen to RM5.53 with 2.46 million shares traded, while Tenaga rose 34 sen to RM12.48 with 2.87 million shares changing hands.
Maybank Investment Bank Bhd attributed yesterday’s rise in Bursa Malaysia and regional markets to the better-than-expected China trade data, as well as growing optimism that Covid-19 infections have begun to plateau in some of the worst-hit areas globally.
“Technically, we expect the FBM KLCI to range between 1,340 and 1,400 today. Downside supports are at 1,300 and 1,240,” it said in a research note today.
Meanwhile, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed had reportedly said Malaysia welcomed the decision by the Organisation of the Petroleum Exporting Countries members and allies to cut production by nearly 10 million barrels per day (bpd).
The decision was made to stabilise the global oil market and ensure supply security for consumers.
He said despite being a small producer and net importer of oil, Malaysia has agreed to slash its crude oil production by 136,000 bpd for May and June.
Meanwhile, the overall market breadth on Bursa Malaysia was bullish, with gainers outpacing losers 628 to 190, while 314 counters were unchanged, 772 untraded and 19 others suspended.
Turnover stood at 3.17 billion shares worth RM1.32 bil.
Among heavyweights, Maybank was seven sen higher at RM7.65, Public Bank bagged two sen to RM15.86, IHH Healthcare increased 12 sen to RM5.21, Maxis gained five sen to RM5.29, while CIMB earned six sen to RM3.63.
Among the actives, Mtouche gained two sen to nine sen, MCT inched up half a sen to 19 sen, Yong Tai perked three sen to eight sen, while Minetech shed half a sen to 24.5 sen.
On the index board, the FBM Emas Index expanded 166.76 points to 9,655.72, the FBM Emas Shariah Index chalked up 219.73 points to 10,689.9, the FBMT 100 Index appreciated 162.5 points to 9,546.17, the FBM 70 jumped 257.5 points to 11,377 and the FBM ACE garnered 98.39 points to 4,370.52.
Sector-wise, the Industrial Products and Services Index bagged 3.4 points to 116.3, the Financial Services Index soared 123.91 points to 12,489.69 and the Plantation Index gained 52.12 points to 6,298.83. — April 15, 2020, Bernama
