KLCI rallies to close near key 1,300 level

  • Markets
  • Tuesday, 24 Mar 2020

KUALA LUMPUR: Bursa Malaysia and Asian markets staged a rally on Tuesday as investors took heart from the support measures unveiled by the US Federal Reserve to combat the Covid-19 fallout.

At 5pm, the FBM KLCI was up 39.48 points or 3.13% to 1,299.36. Turnover was 3.17 billion shares valued at RM2.18bil. Advancers beat decliners or nearly five to one with 756 gainers, 155 losers and 246 counters unchanged.

Reuters reported China stocks tracked broader Asia higher also on the Fed’s move to ease a global cash crunch, although gains were capped due to a sharp rise in new coronavirus cases in China. The Shanghai Composite index was up 2.3% at 2,722.44.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 5.08%, while Japan's Nikkei index closed up 7.13%.

European shares attempted another rebound after slumping in the previous session, as a fresh round of monetary and fiscal stimulus offered some relief even as the coronavirus pandemic spreads rapidly across the globe, the wire reported.

At Bursa, the regulators decision to halt short-selling activities helped steady the market which was already battered by the Covid-19 and oil price collapse.

Banks led the KLCI higher with Public Bank, Hong Leong Bank and Maybank underpinning the index.

Public Bank jumped RM1.34 to RM15.24 and pushed the KLCI up a hefty 8.22 points, Maybank added 18 sen to RM9.80 and nudged the KLCI 3.19 points. Hong Leong Bank rose jumped RM1.50 to RM14.20 while CIMB gained 15 sen to RM3.44.

IHH Healthcare added 11 sen to RM4.92, MISC 20 sen to RM7.60, but Tenaga fell eight sen to RM11.82.

As for telcos, Maxis added two sen to RM5.17, Axiata gained 15 sen to RM3.27 while Digi shed 10 sen to RM4.

As for plantations, KL Kepong gained 56 sen to RM18.70, Sime Plantation rose five sen to RM4.65, IOI Corp was flat at RM3.66 while PPB Group fell two sen to RM15.92. Chin Tek lost 19 sen to RM4.91 and NSOP 10 sen to RM2.60.

Consumer stocks were again the top gainers with F&N up RM2 to RM30, Dutch Lady RM1.90 to RM39.20 and Carlsberg RM1.78 to RM21.50 while Heinekem ended the day 90 sen higher at RM20.66.

Petronas Gas fell 36 sen to RM14.90, Shangri-La lost 31 sen to RM4.55, MAHB 21 sen to RM4.29 and Warisan 19 sen to RM1.41.

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stimulus , Federal Reserve , Public Bank


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