Bursa bounces back on proposed stimulus plan


  • Markets
  • Friday, 14 Feb 2020

KUALA LUMPUR: Bursa Malaysia staged a late recovery on Friday on news Prime Minister Tun Dr Mahathir Mohamad will unveil an economic stimulus package on Thursday, Feb 27 to mitigate impact of Covid-19 outbreak on companies and the rakyat.

At 5pm, the FBM KLCI was up 5.3 points or 0.34% to 1,544.46. Turnover was 2.67 billion shares valued at RM2.26bil.

The broader market also improved and there were 465 gainers, 330 losers and 427 counters unchanged.

Commenting on the thrust of the proposed stimulus package, Finance Minister Lim Guan Eng said cashflow was the principal concern for the affected companies which had to ensure that they remained viable, operational and capable of reaping the benefits when the economic rebound takes place.

“The government will adopt measures to assist these companies, but emphasis should also be placed on exploring alternative revenues such as shifting towards encouraging domestic tourism, and sourcing from other markets, ” he said in the statement.

Maxis, Digi and Tenaga Nasional helped lift the FBM KLCI four points but investors were still cautious about the outlook for banks due to the fallout from the Covid-19 virus.

Maxis rose 13 sen to RM5.63 and added 1.81 points to the KLCI, Digi gained eight sen to RM4.45 and added 1.10 points while Axiata added two sen to RM4.40.

Tenaga rose 10 sen to RM12.68 and nudged the iundex by 1.01 points, Genting seven sen to RM5.46, MISC four sen to RM8.07, GentingM two sen to RM3.02 while MAHB was flat at RM7 and Sime Darby shed two sen to RM2.20.

Public Bank fell 18 sen to RM17.62 and erased 1.24 points on concerns about the impact from the virus on its earnings, HLFG lost 22 sen to RM15.84, HL Bank six sen to RM15.08, CIMB shed one sen to RM4.87, Maybank gained one sen to RM8.47, AmBank five sen to RM3.90 and RHB Bank added seven sen to RM5.71.

Among the plantations, Sime Plantation rebounded seven sen to RM5.29, PPB Group and KL Kepong 14 sen each to RM18.74 and RM23.54 while IOI Corp eked out a one sen gain to RM4.55.

As for oil and gas stocks, Petronas Gas added two sen to RM16.32, Petronas Chemicals flat at RM5 and Petronas Dagangan 10 sen lower at RM22.16 while Dialog climbed six sen to RM3.45 after announcing a set of strong second quarter results.

Dutch Lady was the top gainer, climbing RM1 to RM41.50, Carlsberg 34 sen to RM36 and even BAT managed to stage a mild rebound, up 20 sen to RM11.80.

Even Shangri-La bounced 22 sen to RM5.12 on expectations the stimulus package could lessen the impact of the virus on the hotels and tourism sector.

Hartalega gained six sen to RM6.17 but Top Glove shed one sen to RM5.85.

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KLCI , stimulus package , Covid-19 , Shangri-La

   

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