KUALA LUMPUR: Bursa Malaysia joined Asian markets to start Tuesday on a firm footing as investors’ risk appetite for equities was whetted by the overnight surge on Wall Street as deaths from the Covid-19 seemed to have declined.
At 9.22am, the FBM KLCI was up 11.63 points or 0.87% to 1,353.32. Turnover was 1.04 billion shares valued at RM390.29mil. Advancers beat decliners 556 to 77 while 190 counters were unchanged.
Bloomberg reported Asian stocks headed for their first back-to-back gain in two weeks on continuing optimism that the deadly coronavirus epidemic may be waning in some key epicenters. The dollar dipped.
Stocks gained more than 2% in Tokyo and Sydney, and over 1% in Seoul. The S&P 500 Index closed up 7%, at its highest since March 13, and futures saw modest gains in Asian trading.
At Bursa on Monday, retail investors showed their confidence in the government’s measures to minimise the impact of the Covid-19 as they emerged net buyers at RM76.7mil while local institutions took the opportunity to lock in gains with net selling at RM10.30mil.
Foreign funds continued to reduce their shareholdings with net selling at RM66.5mil.
Among the key KLCI stocks which recorded firm gains were Petronas Gas, up 32 sen to RM15.62, HLFG 30 sen to RM12.60 while Maybank advanced 21 sen to RM7.86.
Panasonic was the top gainer, up RM1.02 to RM28 with 2,000 shares done, Ducth Lady added 50 sen to RM44, Ajinomoto 22 sen to RM13.10 and BAT 16 sen to RM10.72.
KESM jumped 37 sen to RM7.27, LPI 26 sen to RM12.10, Aeon Credit 17 sen to RM8.86.
SAPURA ENERGY was the most active with 93.67 million shares done, up 0.5 sen to 11 sen, Hibiscus added 1.5 sen to 52.5 sen and Velesto 0.5 sen to 17 sen.
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