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Bursa Malaysia KLCI ends higher driven by economic stimulus

27 Feb 2020 / 17:55 H.

KUALA LUMPUR: Bursa Malaysia main index, the FTSE Bursa Malaysia KLCI (FBM KLCI) ended on a high driven by the economic stimulus package announced by the interim Prime Minister, Tun Dr Mahathir Mohamad today.

At the close, the index strengthens 10.40 points to 1,505.59 compared with yesterday’s close of 1,495.19.

Throughout the day, the FBM KLCI moved between 1,494.94 to 1,508.27.

However, on the broader market; losers trounced gainers 622 to 264, while 400 counters were unchanged, 755 untraded and 70 others suspended.

Turnover declined to 3.51 billion shares worth RM2.66 billion compared with 3.86 billion shares worth RM3.07 billion.

An analyst said while heavyweight stocks listed on the FBM KLCI has the steady backing of institutional investors, the latest announcement on the much-awaited RM20 billion economic stimulus package is expected to push several indexes including consumer products, plantation as well as transportation and logistics up.

“This shows that despite the political situation surrounding the nation today, putting the economy on the correct footing is the main agenda of the interim Prime Minister as long as he holds office,” she said.

On the technical forefront, the KLCI index is expected to be on the uptrend as market resumes for tomorrow.

“The immediate resistance now stands at 1,520 with the support level of 1,490,” she said.

Of the heavyweights, Maybank rose 19 sen to RM8.52, Tenaga Nasional edged up 12 sen to RM12.50, Public Bank increased 10 sen to RM17.30, IHH was gained two sen to RM5.68 and Axiata edged up five sen to RM4.20.

As for top gainers, Panasonic added 42 sen to RM34.32, Hong Leong Bank went up 28 sen to RM15.46 and Genting Plantation climbed 38 sen RM10.38.

Of the actives, Advance Synergy shed four sen to 18.5 sen, Sapura Energy declined one sen to 20 sen while Avillion was flat at 16 sen.

On the overall index performance, the board ended the session mixed.

The FBM Emas Index added 14.64 points to 10,684.67, the FBMT 100 Index increased 25.10 points to 10,489.21 and the FBM ACE shed 94.32 points to 5,585.12.

The FBM Emas Shariah Index perked 3.61 points to 11,354.78 and the FBM 70 declined 163.46 points to 13,228.91.

Sector-wise, the Industrial Products and Services Index eased by 0.21 of-a-point at 138.63, while the Financial Services Index gained 117.58 points to 14,493.68 while the Plantation Index slipped 14.85 points to 6,956.46.

Main Market volume was slightly up to 2.28 billion shares worth RM2.35 billion compared with 2.25 billion shares worth RM2.69 yesterday.

Warrants turnover declined to 455.20 million units worth RM83.09 million compared with 467.90 million units worth RM88.16 million.

Volume on the ACE Market slipped to 776.48 million units worth RM225.51 million from Wednesday’s 847.89 million units worth RM287.31 million.

Consumer products and services accounted for 503.59 million shares traded on the Main Market, industrial products and services (258.21 million), construction (112.31 million), technology (446.82 million), SPAC (nil), financial services (57.86 million), property (127.10 million), plantations (54.20 million), REITs (11.10 million), closed/fund (20,800), energy (547.77 million), healthcare (34.28 million), telecommunications and media (53.88 million), transportation and logistics (47.02 million), and utilities (30.28 million). - Bernama

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