Bursa, Asian markets rally on stimulus, drop in new Covid-19 cases

  • Markets
  • Tuesday, 07 Apr 2020

KUALA LUMPUR: Bursa and key Asian markets closed sharply higher on Tuesday as investor sentiment was reinforced by stimulus measures and a drop in new Covid-19 cases.

At 5pm, the FBM KLCI was up 28.23 points or 2.1% to 1,369.92. Turnover surged to 6.61 billion shares valued at RM3.36bil, driven by oil and gas penny stocks. The turnover was the highest in many years.

The broader market reflected the positive outlook as advancers beat decliners 900 to 134 while 279 counters were unchanged.

At Bursa, among the top gainers were Petronas Dagangan, consumer stocks, banks and plantation counters.

As for plantations, Sime Darby Plantations’ 40 sen advance to RM5.05 powered the index up 4.38 points, PPB Group gained 36 sen to RM16.68 and IOI Corp six sen RM3.93.

Maybank rose 18 sen to RM7.83 and pushed the KLCI up 3.22 points, CIMB six sen to RM3.56 and added nearly one point to the KLCI while Hong Leong Bank rose 24 sen to RM13.40. Public Bank was flat at RM15.90.

Hap Seng gained 56 sen to RM7.60, Tenaga Nasional added 10 sen to RM12.20, IHH Healthcare nine sen to RM5.12 and MISC four sen to RM7.58

Petronas Dagangan was the top gainer, up 86 sen to RM20.96, Petronas Gas 10 sen to RM15.40 while Petronas Chemicals was flat at RM4.78.

Among the telcos, Maxis advanced 29 sen to RM5.41 and added 3.61 points, Axiata gained 19 sen to RM3.47 and lifted the index by 2.77 points while Digi added four sen to RM4.30.

Nestle ended the day up 80 sen to RM137.60, Dutch Lady 72 sen to RM44.22, F&N 42 sen to RM31.42 and Ajinomoto 42 sen also to RM13.30.

Reuters reported China stocks ended up more than 2% as markets resumed trading after a long weekend, with investor sentiment lifted by the government's latest stimulus to shore up the world's second-largest economy and a drop in cases of the new coronavirus.

The Seoul stock market's benchmark KOSPI closed up 1.77%, at 1,823.60. Still, the index was down 17% for the year.

The benchmark Nikkei average gained 2.0% to 18,950.18, its highest closing since March 31, tracking sharp gains in Wall Street stocks overnight.

More than 1.32 million people have been reported infected by the novel coronavirus across the world and 74,087 have died, according to a Reuters tally.

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