Bursa rebounds ahead of RM20bil stimulus package


  • Markets
  • Thursday, 27 Feb 2020

KUALA LUMPUR: Shares on Bursa Malaysia staged a rebound on Thursday as investors expected the stimulus package, which was unveiled after market close, to provide the much needed relief following the fallout from the Covid-19 coronavirus.

Malaysia is the latest country to implement measures and the RM20bil package would help consumers, companies and tourism sector affected by the virus.

To aid private consumption, the minimum contribution for the Employees Provident Fund was reduced from 11% to 7%. The move would unlock RM10b for private consumption.

At 5pm, the FBM KLCI was up 10.4 points or 0.7% to 1,505.59. Turnover was 3.52 billion shares valued at RM2.66bil. The broader market was weaker as decliners beat advancers 621 to 264 and 401 counters were unchanged.

Maybank, which announced record high earnings, up 19 sen to RM8.52 and added 3.81 points to the KLCI. Hong Leong Bank gained 28 sen to RM15.46, Public Bank 10 sen to RM17.30, RHB Bank gained three sen to RM5.61.

AmBank shed one sen to RM3.77 despite stronger earnings while CIMB lost five sen to RM4.86.

As for telcos, Maxis rose 14 sen to RM5.51 and added 1.95 points, Axiata gained five sen to RM4.20 and Digi six sen to RM4.18.

Hap Seng rallied 34 sen to RM9.34 and lifted the index by 1.51 points, Tenaga Nasional rose 12 sen to RM12.50 and added 1.21 points, Sime Darby three sen to RM2.02, MAHB five sen to RM6.85 while GentingM was flat at RM2.93 and Genting shed two sen to RM5.16.

Among the plantations, PBB Group rose 44 sen to RM18.30 and it was the top gainer, Genting Plantations rose 38 sen to RM10.38, KL Kepong gained 10 sen to RM22.34, but Sime Plantation shed two sen to RM5 and IOI Corp three sen to RM4.25.

As for oil and gas stocks, Petronas Chemicals fell five sen to RM5.80 and erased 0.7 of a point, Petronas Dagangan four sen lower at RM21.52, but Petronas Gas gained 14 sen to RM16.94. Dialog was up three sen to RM3.39.

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Covid-19 , stimulus package , KLCI

   

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