KUALA LUMPUR: Bursa Malaysia rebounded at mid-morning buoyed by positive sentiment after oil prices recovered some of the losses from yesterday’s crash with Brent crude rising 6.96% to US$36.75 per barrel.
At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.63 points to 1,431.79 with gains led by Nestle, Public Bank, MISC and Sime Darby Plantation.
At the opening bell, the FBM KLCI opened 8.3 points easier at 1,415.86 from 1,424.16 at Monday close.
A dealer said the index’s gain was also an endorsement to the new Cabinet line-up announced by Prime Minister Tan Sri Muhyiddin Yassin yesterday.
“We hope this new Cabinet line-up will provide better directions to boost the domestic economy and continue to woo investors into the country,” he said.
The financial rose 66.33 points today to 13,883.43, possibly due to the appointment of CIMB Group’s chief executive officer and executive director Tengku Datuk Seri Zafrul Tengku Abdul Aziz as the new Finance Minister.
Shares of CIMB rose five sen to RM4.25 with 13.67 million shares transacted.
However, on the broader market, losers led gainers 560 to 241, with 323 counters unchanged, 882 untraded and 17 others suspended.
Turnover amounted to 1.86 billion shares worth RM1.08 bil.
Among heavyweights, Maybank rose six sen to RM8.30, Public Bank jumped 28 sen to RM17.30, Tenaga fell four sen to RM12.46 and IHH was nine sen weaker at RM5.60.
Of the actives, Sapura Energy added half-a-sen to 11 sen, Bumi Armada gained 1.5 sen to 17.5 sen but Dayang Enterprise declined 24 sen to RM1.28.
On the index board, the FBM Emas Index improved 14.27 points to 9,961, the FBM Emas Shariah Index gave up 13.30 points to 10,534.10 and the FBM 70 decreased 97.70 points to 11,826.42.
The FBMT 100 Index appreciated 22.51 points to 9,834.92 while the FBM Ace was 21.66 points to 4,660.48.
Sector-wise, the Industrial Products and Services Index slipped 0.73 point to 119.98, the Financial Services Index rose 66.33 points to 13,883.43 and the Plantation Index advanced 104.50 points to 6,398.62. – March 10, 2020, Bernama
