FBM KLCI rallies 21 points to 3-week high

KUALA LUMPUR: The FBM KLCI rose 1.4% today, its highest in three weeks amid optimism that the proposed reopening of the nation’s borders would bolster the local economy’s recovery.

At 5pm, the 30-stock index was up 21.42 points, or 1.4% to 1,551.51 after moving between 1,551.51 and 1,531.19 throughout the day.

Market breadth was positive as gainers thumped losers on a ratio of 579-to-412 stocks. About 2.95 billion shares, valued at RM2.51bil, changed hands.

The broadly upbeat mood comes as the government announced there will be no full lockdown measures due to an increase in Covid-19 cases.

The National Recovery Council (NRC) has proposed for the full reopening of the country's borders as early as March 1, without the need for mandatory quarantine.

Sam Engineering was the top gainer on Bursa Malaysia rising RM1.20 to RM23.50.

Nestle added 60 sen to RM133.60, PMB Technology rose 46 sen to RM17.86 and Malaysian Pacific Industries advanced 40 sen to RM39.

Tourism related stocks rose higher following the proposed reopening of the nation's borders. AirAsia added 2.5 sen to 68.5 sen, Malaysia Airports rose 15 sen to RM6.26, Genting climbed six sen to RM4.60 and Shangri-La Hotels gained six sen to RM3.44.

The top losers on Bursa Malaysia included Hartalega which fell 41 sen to RM5.16, Aeon Credit lost 20 sen to RM14.70 and F&N shed 16 sen to RM24.14.

Elsewhere in the region, Japan’s Nikkei Stock Average rose 1.08%, Hong Kong’s Hang Seng Index advanced 2.06%, South Korea’s Kospi closed up 0.81% and China’s CSI300 added 0.94%.