Bursa shows early rebound after four-day meltdown

  • Markets
  • Wednesday, 18 Mar 2020

KUALA LUMPUR: Bursa Malaysia started on a strong note on Wednesday as investors picked up on hopeful sentiment from Wall Street following the Fed's move to step up corporate debt purchases.

In addition, there were hopes that US President Donald Trump was chasing a mammoth US$850bil stimulus package to support the ailing economy.

The Dow Jones Industrial Average soared over 1,000 points in its Tuesday trading session.

Reactions in Asian markets were tentative as MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.1%. Japan's Nikkei gained 1.9% while Australia's ASX200 slipped 3.3%.

At 9.05am, the FBM KLCI was up 17.02 points to 1,273.6. Market breadth turned positive early in trading with 211 gainers, 96 decliners and 130 counters unchanged.

Some positive price action was seen in Petronas Dagangan up 68 sen to RM19.70, Petronas Gas rising 42 sen to RM14.92 and KL Kepong gaining 36 sen to RM18.26.

Top Glove was also seen bouncing higher 26 sen to RM6.10 after sliding in the previous session.

Meanwhile, Nestle erased the previous session's gains by sliding RM2.10 to RM133.40 while IHH was down seven sen to RM4.61.

Of actives, Aco was down four sen to 24 sen, SAPURA ENERGY slipped 0.5 sen to 8.5 sen and Pansar jumped three sen to 63.5 sen.

In oil markets, Brent crude was up eight cents at US$28.81 a barrel after falling to its lowest since early 2016.

US crude was down two cents at US$26.93 a barrel, after also falling to its lowest in four years.
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