FTSE Bursa Malaysia KLCI (^KLSE) 1,646.53 14.83 (0.90%)
updated at: Wed, 09 Dec 2020, 05:25PM MYT

KLCI rallies 2.52% in line with regional gains as Public Bank, Tenaga advance

Original Source From TheEdge Publish at Tue, 24 Mar 2020, 10:23AM

KUALA LUMPUR (March 24): The FBM KLCI rose 2.52% at mid-morning today as Malaysian stocks rallied in line with regional gains, led by Public Bank Bhd and Tenaga Nasional Bhd.

At 10am, the FBM KLCI rose 32.63 points to 1,292.51.

Gainers led losers by 498 to 115, while 170 counters traded unchanged. Volume was 753.83 million shares valued at RM392.11 million.

The top gainers included Public Bank, United Plantations Bhd, Hong Leong Bank Bhd, Carlsberg Brewery Malaysia Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Allianz Malaysia Bhd, Tenaga and Panasonic Manufacturing Malaysia Bhd.

The actives included Vortex Consolidated Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Bumi Armada Bhd, Perdana Petroleum Bhd, My EG Services Bhd and Ekovest Bhd.

The decliners included Fraser & Neave Holdings Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Reuters said Asian stocks rallied on Tuesday as the US Federal Reserve's sweeping pledge to spend whatever it took to stabilise the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.

While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 by 1.9% and Japan's Nikkei by 4.9%, it said.

Hong Leong IB Research said in the near term, the KLCI is expected to remain event-driven and choppy (at the time of writing, the Dow futures jumped 200 points as the Senate continued to hammer out a compromise coronavirus-aid bill), given investors’ focus on the headwinds stemming from Covid-19, commodity price crash and political chaos coupled with the movement control order restriction.

“Besides, the FTSE Russell’s decision about keeping Malaysia in its World Government Bond Index by end March could rattle bond market and ringgit, as well as equities.

“Nevertheless, Bursa and SC suspension of short selling (effective March 24 to April 30) is likely to cushion irrational selloff and support an orderly market. Key supports are 1,200-1,200 whilst resistances fall on 1,275-1,300 levels,” it said.

updated at: Fri, 29 May 2020 MYT
Participation (%)
Bought (MYR)
Sold (MYR)
( 24,36 % )
2.31 B 2.23 B 77.37 M
Local Institution
( 39,38 % )
3.66 B 3.67 B 0.00 B
Local Retail
( 36,26 % )
3.34 B 3.41 B -0.07 B