Bursa, global markets rebound as stimulus efforts offer relief

  • Markets
  • Friday, 20 Mar 2020

KUALA LUMPUR: The FBM KLCI widened its gains over the course of the morning as global markets experienced a relief rebound on increasing stimulus from governments.

At 12.30pm, the index was up 36.67 points to 1,256.39. Trading volume was 2.03 billion shares valued at RM1.27bil. Amid the rare rally, 625 counters were positive, 211 negative and 240 unchanged.

Among the stimulus measures undertaken to prop up the world's economies, the US Senate is debating a stimulus package of over US$1 trillion while reports say China is planning trillions of yuan of fiscal stimulus to boost its economy.

Despite the rally in equities, investors could still be seen pouring money into safe haven assets. The ringgit continued to slide against the US dollar, falling 0.25% to 4.4000.

The local currency was also 1.1% weaker against the pound sterling at 5.1220, and was unchanged against the Singapore dollar at 3.0341.

Twenty-six of the 30 KLCI-linked counters rose.

Banks proved the most optimistic over the developments with Public Bank advancing 82 sen to RM13.48, Maybank gaining 17 sen to Rm7.25 and CIMB rising 14 sen to RM3.28.

Plantations were also buoyed, led by Sime Darby Plantation up 27 sen to RM4.52, IOI rising eight sen to RM3.63 and KL Kepong jumping 28 sen to RM18.28.

The two laggards of the morning were IHH down four sen to RM5.11 and Sime Darby sliding two sen to Sime Darby.

Of actives, SAPURA ENERGY rose one sen to 7.5 sen, Hibiscus Petroleum gained three sen to 29 sen and VC was unchanged at 2.5 sen.

Crude oil prices jumped on Friday, extending its sharp gains from the previous session as traders took heart at US President Donald Trump's announcement that he may intervene in the price war between Saudi Arabia and Russia.

US crude was up 1.11% to US$26.22 a barrel while Brent rose US$1.01 to US$29.48 a barrel.
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