KL shares surge ahead of 2nd stimulus package announcement
By FocusM |   |  Mainstream

BURSA Malaysia’s main index, the FTSE Bursa Malaysia KLCI (FBM KLCI), and other indices surged ahead of today's stimulus package announcement to address the Covid-19 health crisis.

At lunch break, the FBM KLCI was up 22.32 points to 1,350.41, slightly above its immediate resistance level.

On the overall market, winners outweighed losers 742 to 156, with 235 counters unchanged, 877 not traded and 31 others suspended.

Turnover amounted to 2.21 billion shares worth RM1.24 bil.

Prime Minister Tan Sri Muhyiddin Yassin is scheduled to announce the stimulus package at 3pm today. The package is expected to address wider issues faced by businesses as well as individuals during these challenging times, brought about by the Covid-19 outbreak.

Heavyweight finance counters continued to outshine the rest with Maybank climbing 10 sen to RM7.37, Public Bank adding 52 sen to RM16.06, CIMB Group up nine sen to RM3.59 while Hong Leong Financial upticked 66 sen to RM13.70.

On the index point, Financial Services rose 2.27% to 12,378.10.

As for top gainers, consumer products and services stocks continued to dominate the chart with Dutchlady rising RM2 to RM43 and Panasonic Manufacturing gaining RM1.50 to RM26.50. Sin counters Heineken and Carlsberg climbed 66 sen and 60 sen respectively to RM22.56 and RM25.80.

Overall index performance was positive, with the FBM Emas Index surging 197.14 points to 9,261.59 while the FBM 70 gained 366.21 points to 10,694.77 and the FBM Emas Shariah Index garnered 188.72 points to 10,093.09.

The FBMT 100 Index increased 187.29 points to 9,190.89 and the FBM Ace rose 141.24 points to 3,820.66.

Sector-wise, the Industrial Products and Services Index added 3.09 points to 105.62, and the Plantation Index added 65.23 points to 6,121.30. -- March 27, 2020, Bernama

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