BURSA Malaysia opened higher today as the market rejoiced over the government's RM10 bil special stimulus package targeted at the small and medium-sized enterprises (SMEs), the backbone of the country's economy.
Market breadth was positive with gainers outnumbered losers 417 to 33, while 120 counters were unchanged, 1,351 untraded and 21 others suspended.
Turnover stood at 256.46 million worth RM87.31 mil.
At 9.01am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) rose 14.32 points, or 1.06% to 1,356.01 from 1,330.65 at Friday’s close.
The key index opened 13.82 points firmer at 1,355.51.
In a note today, Malacca Securities Sdn Bhd said the local bourse delivered a stronger-than-expected performance yesterday as the key index closed higher on the slowing number of Covid-19 cases, coupled with the additional stimulus measures from the government to cushion the impact on SMEs.
“Likewise, other regions are also reporting slowing infection rates over the weekend, suggesting that the aforementioned virus infection might start to peak following more countries are adopting the lockdown measures.
“With market conditions starting to turn on a brighter mode, we reckon that the FBM KLCI may play catch up with gains across the board as the key index may likely to retest the 1,350 level. A breakthrough may see the key index poised for further recovery, targeting the 1,400 and 1,455 levels respectively,” it said.
The research house set the support level at the 1,300 psychological level.
Among the heavyweights, Maybank rose 16 sen to RM7.81, Tenaga added two sen to RM12.12, Public Bank increased 14 sen to RM16.04 and IHH was nine sen higher at RM5.12.
Oil and gas companies; Sapura Energy, Bumi Armada and Hibiscus Petroleum emerged as the top three most active counters by adding half-a-sen, half-a-sen and two sen each to 11 sen, 18 sen and 53 sen respectively.
On the index board, the FBM Emas Index strengthened 107.85 points to 9,383.05, the FBM Emas Shariah Index accumulated 105.59 points to 10,247.64 while the FBMT 100 Index went up 107.94 points to 9,285.12.
The FBM 70 gained 169.47 points to 11,038.23 and the FBM Ace advanced 97.25 points to 4,067.38.
Sector-wise, the Industrial Products and Services Index edged up 1.45 points to 107.39, the Financial Services Index appreciated 161.38 points to 12,405.68 and the Plantation Index added 6.51 points to 6,139.16. - April 7, 2020, Bernama