BURSA Malaysia remained higher at mid-morning with buying of finance counters supporting the barometer index, amid positive market sentiment following the Overnight Policy Rate (OPR) rate cut by Bank Negara Malaysia.
At 11.01am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.69 points higher at 1,482.33 from Tuesday’s close of 1,478.64.
At the opening bell, the key index opened 0.31 points easier at 1,478.33.
On the broader market, losers continued to lead gainers by 446 to 214, with 294 counters unchanged, 1,044 not traded and 18 others suspended.
Turnover amounted to 849.52 billion shares worth RM603.21 mil.
AmBank Research in a research note said the dovish stance taken by BNM was not surprising given the challenging external and domestic environment.
“The decision to cut the OPR by 25 basis points to 2.50% is in line with our view. With the interest cut complementing the RM20 bil stimulus package, it should help address the downside risk on the economy from the coronavirus impact more than trade issues,” it said.
Among heavyweights, Maybank gained seven sen to RM8.48, Tenaga added four sen to RM12.54, Public Bank rose 14 sen to RM17.90 and CIMB increased five sen to RM4.55. IHH was flat at RM5.60.
Of the actives, Advanced Synergy advanced 1.5 sen to 14 sen, Careplus added half-a-sen to 28 sen while Vortex and XOX eased half-a-sen each to 7.5 sen and 3.5 sen respectively,
On the index board, the FBM Emas Index added 10.39 points to 10,441.63, the FBM Emas Shariah Index slipped 8.68 points to 11,062.31, the FBM 70 fell 26.70 points to 12,704.61 and the FBM ACE fell 36.61 points to 5,212.39.
The FBMT 100 Index was 14.73 points higher at 10,267.74.
Sector-wise, the Industrial Products and Services Index edged up 0.08 of a point to 132.42, the Financial Services Index jumped 88.32 points to 14,401.64 but the Plantation Index dropped 27.69 points to 6,722.36. – March 4, 2020, Bernama
