Bursa, Asian equities bounce higher as Japan extends bond-buying programme

  • Markets
  • Monday, 27 Apr 2020

KUALA LUMPUR: Bursa Malaysia sought to retake the losses it recorded at the end of Friday trading as investor sentiment swung higher on stimulus measures announced by the Bank of Japan.

Asian markets were seen moving higher, led by Japan's Nikkei climbing 2.3% as the country's central bank pledged to extend its corporate bond buying programme while restating a commitment to purchase unlimited amounts of government bonds.

China's benchmark index was up 0.7% while South Korea's Kospi added 1.8%. Australia's ASX200 meanwhile was 1.5% higher.

At 12.30pm, the FBM KLCI was up 6.73 points to 1,376.58. Investors were active on the stock exchange with 2.88 billion shares traded worth a value of RM1.16bil. There were 429 stocks on the rise compared to 333 decliners and 323 counters unchanged.

Glove maker Careplus, the most actively traded counter, jumped four sen to 47 sen. It's larger rivals were also on the rise with Top Glove gaining nine sen to RM7.26 and Hartalega unchanged at RM7.60. Kossan rose eight sen to RM5.68 and Supermax added six sen to RM2.49.

Also at the top of the most actively traded list, Powerwell, which was listed in January, climbed 3.5 sen to 29 sen while HLT added four sen to 35.5 sen.

Oil prices meanwhile returned to a decline on Monday as concerns rose that production cuts would not be sufficient to offset the overflowing supply filling up world oil storage facilities.

US crude was down US$1.22 to US$15.72 a barrel while Brent crude dropped 33 cents to US$21.11 a barrel.
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