BURSA Malaysia ended the morning session higher on a technical rebound, rising by 3% on the back of the stimulus measures announced by Bank Negara Malaysia (BNM).
At 12.30pm, the FBM KLCI rose 36.67 points to 1,256.39 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 1,256.79 during the morning session.
On the broader market, gainers outpaced losers 625 to 211, with 240 counters unchanged, 942 not traded and 16 others suspended.
Turnover amounted to 2.02 billion shares worth RM1.27 bil.
In a note, Malacca Securities Sdn Bhd said after shedding close to 250 points in recent weeks, FBM KLCI’s rebound was due to happen on the back of stimulus measures announced by central banks across the globe, including BNM’s move to cut the statutory reserve requirement ratio by 100 basis points.
“Although we think that a rebound is already due after the FBM KLCI’s incessant falls, any rebound is likely to be weak.
“In the meantime, the continuing weakness is likely to see the FBM KLCI attempting to find support at the 1,200 level, but if it gives way, the 1,150 level could serve as the next major support,” it added.
Among the heavyweights on Bursa Malaysia, Maybank rose 17 sen to RM7.25, Tenaga gained 24 sen to RM11.56, Public Bank jumped 82 sen to RM13.48 and IHH eased four sen to RM5.11.
Of the actives, Sapura Energy gained one sen to 7.5 sen, Hibiscus Petroleum rose three sen to 29 sen and Vortex was flat at 2.5 sen.
On the index board, the FBM Emas Index jumped 252.43 points to 8,510.22, the FBM Emas Shariah Index was 224.02 points higher at 9,344.51 and the FBM 70 garnered 269.19 points to 9,463.45.
The FBMT 100 Index was 245.62 points better at 8,460.25 and the FBM Ace appreciated 167.71 points to 3,367.44.
Sector-wise, the Industrial Products and Services Index inched up 2.17 points to 94.69, the Financial Services Index surged 370.77 points to 11,256.22 and the Plantation Index was 163.93 points higher at 5,695.96. – March 20, 2020, Bernama
