KLCI rises to 1,343 on positive market outlook
By FocusM |   |  Mainstream

BURSA Malaysia ended higher today, buoyed by strong market optimism and outlook for the domestic market following the unveiling of the RM250 bil Rakyat Prihatin economic package by Prime Minister Tan Sri Muhyiddin Yassin earlier.

At the close, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 15 points to 1,343.09 as it traded in positive note today, ranging between 1,335.57 and 1,353.35.

On the broader market, gainers outpaced losers 711 to 232 while 323 counters were unchanged, 744 not traded and 31 others suspended

Turnover, meanwhile, surged to 4.22 billion worth RM2.73 bil from yesterday’s 3.52 billion shares worth RM2.26 bil.

An analyst said the market had closed higher across the board, with an uptrend among small- and medium-cap stocks as the government announced various relief for businesses in a bid to address the impact from the Covid-19 pandemic.

“The stimulus package, which is viewed as a comprehensive approach by the government to tackle the obstacles faced by everyone including the corporate sector, is expected to boost the economy in the long run.

“Besides putting money into people’s hands, consumer power and jobs will continue to be on the upside, while purchasing power will trend higher,” she said.

On the technical front, the index is expected to trend higher next week as it has surpassed the lower benchmark of 1,300. The index had remained in an upward trajectory for four consecutive days.

Recently, the government had announced a six-month moratorium on loan repayments with banks taking the initiative to exempt recurring interest on loans for both individuals and companies.

In the US yesterday, the Senate approved a US$2 tril rescue plan in response to the economic and health crisis caused by the Covid-19 pandemic.

On Bursa, banking stocks continued their uptrend with Maybank climbing 10 sen to RM7.37, Public Bank adding 36 sen to RM15.90, CIMB Group rising seven sen to RM3.57, and Hong Leong Financial increasing 56 sen to RM13.60.

As for top gainers, consumer products and services stocks continued their upward momentum. Dutchlady added RM1.88 to RM42.88 while Panasonic Manufacturing gained RM1.14 to RM26.14.

Overall index performance was positive, with the FBM Emas Index surging 121.85 points to 9,186.30 while the FBM 70 gained 207.28 points to 10,535.84 and the FBM Emas Shariah Index garnering 104.01 points to 10,008.38.

The FBMT 100 Index increased 118.57 points to 9,122.23 and the FBM Ace added 87.53 points to 3,766.95.

Sector-wise, the Industrial Products and Services Index added 1.73 points to 104.29 and the Plantation Index gained 77.56 points to 6,133.63.

Main Market volume rose to 3.09 billion shares worth RM2.49 bil from 2.72 billion units worth RM2.07 bil yesterday.

Warrants turnover was higher at 379.09 million worth RM95.39 mil compared with 351.46 million worth RM94.12 mil.

Volume on the ACE Market climbed to 750.15 million units worth RM148.15 mil from 452.61 million units worth RM98.61 mil yesterday.

Consumer products and services accounted for 541.93 million shares traded on the Main Market, industrial products and services (508.23 million), construction (366.11 million), technology (340.77 million), SPAC (nil), financial services (97.25 million), property (297.83 million), plantations (85.08 million), REITs (11.09 million), closed/fund (49,000), energy (624.94 million), healthcare (54.65 million), telecommunications and media (51.63 million), transportation and logistics (66.11 million), and utilities (53.12 million). -- March 27, 2020, Bernama

 

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