KUALA LUMPUR: Malaysian investors were quick to take profit following the jump in equities prices on Tuesday on the back of an upswell of expectation that the world's central banks would take policy action to mitigate the global economic slowdown.
The FBM KLCI jumped over 14 points in the first few minutes of trading as investors aimed to erase the losses seen in the previous sessions.
However, by 12.30pm profit-taking was in full swing and the gains had been reduced to just 1.87 points higher at 1,468.81.
Trading volume was 1.76 billion shares valued at RM1.16bil.
The positive action on the domestic market mimicked that seen in global markets as investors banked on a spate of policy measures from major central banks to lift the economic gloom.
The Reserve Bank of Australia today cut its interest rate by a quarter percent to a fresh record low of 0.5% to fend off the negative impact of the coronavirus outbreak.
Bank Negara is set to announce its decision at the end of its monetary policy committee meeting later today. Investors have increased expectations of a possible rate cut following signals in the previous meeting that there was room for more further easing.
Crude oil prices moved higher by 2% as traders hoped the demand outlook for the commodity would be boosted by the global policy stimulus. WTI crude was up US$1.03 to US$47.84 a barrel and Brent crude added US$1.06 to US$52.96 a barrel.
On the Malaysian stock exchange, brewers were among the big winners of the day's rebound as Heineken rose RM1.14 to RM24.14 and Carlsberg gained 44 sen to RM29.32.
BAT was also on the rise, adding 34 sen to RM12.70.
Among the KLCI-listed counters, gainers included Hong Leong Bank climbing 32 sen to RM15.34, Petronas Chemicals adding nine sen to RM5.30 and Nestle gaining 30 sen to RM140.50.
The ringgit meanwhile took a pause against major currencies as it awaited the Bank Negara decision. It was unchanged against the US dollar at 4.2030 and flat against the Singapore dollar at 3.0196. It fell 0.3% against the pound sterling at 5.374.
The FBM KLCI jumped over 14 points in the first few minutes of trading as investors aimed to erase the losses seen in the previous sessions.
However, by 12.30pm profit-taking was in full swing and the gains had been reduced to just 1.87 points higher at 1,468.81.
Trading volume was 1.76 billion shares valued at RM1.16bil.
The positive action on the domestic market mimicked that seen in global markets as investors banked on a spate of policy measures from major central banks to lift the economic gloom.
The Reserve Bank of Australia today cut its interest rate by a quarter percent to a fresh record low of 0.5% to fend off the negative impact of the coronavirus outbreak.
Bank Negara is set to announce its decision at the end of its monetary policy committee meeting later today. Investors have increased expectations of a possible rate cut following signals in the previous meeting that there was room for more further easing.
Crude oil prices moved higher by 2% as traders hoped the demand outlook for the commodity would be boosted by the global policy stimulus. WTI crude was up US$1.03 to US$47.84 a barrel and Brent crude added US$1.06 to US$52.96 a barrel.
On the Malaysian stock exchange, brewers were among the big winners of the day's rebound as Heineken rose RM1.14 to RM24.14 and Carlsberg gained 44 sen to RM29.32.
BAT was also on the rise, adding 34 sen to RM12.70.
Among the KLCI-listed counters, gainers included Hong Leong Bank climbing 32 sen to RM15.34, Petronas Chemicals adding nine sen to RM5.30 and Nestle gaining 30 sen to RM140.50.
The ringgit meanwhile took a pause against major currencies as it awaited the Bank Negara decision. It was unchanged against the US dollar at 4.2030 and flat against the Singapore dollar at 3.0196. It fell 0.3% against the pound sterling at 5.374.
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