Bursa closes at two-week high on stimulus measures

  • Markets
  • Friday, 27 Mar 2020

At 5pm, the FBM KLCI was up 15 points or 1.13% to 1,34.09, which was the highest since March 13

KUALA LUMPUR: Bursa Malaysia ended the week Friday on a strong note, buoyed by positive news about several countries’ stimulus packages including Malaysia’s to offset the devastating impact of the Covid-19 coronavirus.

At 5pm, the FBM KLCI was up 15 points or 1.13% to 1,34.09, which was the highest since March 13. For the week, the KLCI was up 39.81 points or 3.1%.

Turnover was robust with 4.23 billion shares traded valued at RM2.73bil. Decliners beat advancers 711 to 232 and 323 counters unchanged.

However, the ringgit fell 0.25% vs the US dollar to 4.3400 on the day.

Earlier, Prime Minister Tan Sri Muhyiddin Yassin unveiled an economic stimulus package known as “Package prihatin” or caring package valued at RM250bil that will benefit all Malaysians.

From the amount, RM128bil to be used to protect the welfare of the people, RM100bil to support businesses including small and medium enterprises.

Top gainers were consumer stocks, semicon-related companies, Public Bank and Tenaga Nasional.

Dutch Lady rose RM1.88 to RM42.88, Ajinomoto 50 sen to RM12.98 and Carlsberg 42 sen to RM25.62 but Nestle was the top loser, down RM1 to RM136.

HLFG rose 56 sen to RM13.60 while Public Bank added 36 sen to RM15.90 and gave the KLCI a 2.18 point boost while LPI climbed 48 sen to RM11.52.

Maybank rose 10 sen to RM7.37 and added 1.75 points to the KLCI, CIMB Group seven sen to RM3.57 while Hong Leong Bank was flat at RM14.20.

Tenaga’s 18 sen climb to RM12.40 added 1.59 points but IHH Healthcare fell eight sen to RM5.30. Hartalega rose 21 sen to RM6.99, Genting 12 sen to RM3.60 and GentingM seven sen to RM1.97.

As for telcos, Maxis rose four sen to RM5.37, Digi 10 sen higher at RM4.39 but Aixata shed two sen to RM3.38.

Among the plantations, IOI Corp rose 10 sen to RM3.90 but PPB Group lost four sen to RM16.52 while Sime Darby Plantation was unchanged at RM4.70.

As for oil stocks, Petronas Gas lost 16 sen to RM15.40 but Petronas Chemicals gained 10 sen to RM4.75 and Petronas Dagangan 20 sen higher at RM20.20. Dialog shed two sen to RM3.06.

Chipmakers Pentamaster added 52 sen to RM3.70 while Vitrox rose 40 sen to RM7.36.

Petronas Gas lost 16 sen to RM15.40, MCE Holdings down 10.5 sen to 32 sen, Imaspro and QL Resources 10 sen each to RM2.11 and RM7.10.

On the external front, Reuters reported China stocks ended the week higher, boosted by hopes of more stimulus to shield the world's second-largest economy from the coronavirus pandemic.

The blue-chip CSI300 index rose 0.3%, to 3,710.06, while the Shanghai Composite Index also added 0.3% to 2,772.20.

The Seoul stock market's main KOSPI index closed up 31.49 points, or 1.87%, to 1,717.73. The KOSPI gained 9.68% this week, the best weekly performance since late October 2008, after a 23.24% dive over the previous two weeks.

The Nikkei average rose 3.9% to 19,389.43, recouping most of the 4.5% losses suffered on Thursday.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3


Did you find this article insightful?


80% readers found this article insightful

Across The Star Online