KL shares stay positive on easing of Covid-19 cases

KUALA LUMPUR, April 7 — Shares on Bursa Malaysia remained higher at mid-day on the reported easing of Covid-19 cases and fatalities in some parts of the world, giving hopes of a quick turnaround for the global economy.

The local bourse was also riding on the higher crude oil price which currently trading at US$33.98 (RM147.93) per barrel, up by 2.81 per cent.

Meanwhile, the government's RM10 billion additional stimulus package for the small and medium-sized enterprises (SMEs) are expected to soften the impact of the Movement Control Order (MCO) on the sector due to the virus outbreak.

At 12.30 pm, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 15.04 points, or 1.12 per cent to 1,356.73 from 1,341.69 at Monday’s close.

The key index opened 13.82 points firmer at 1,355.51 and hovered between 1,352.63 and 1,360.09 throughout the morning session.

On the scoreboard, gainers led losers 673 to 13, while 312 counters were unchanged, 753 untraded and 21 others suspended.

Turnover stood at 3.92 billion shares worth RM1.62 billion.

Malacca Securities Sdn Bhd said today's positive sentiment spilled over to the lower liners and broader market as investors resume their bargain hunting on beaten-down stocks.

“The move is largely evident on the recent spike in trading volumes that hit above the five billion marks of late, suggesting the return of appetite in riskier assets,” it said.

Meanwhile, Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said although the local bourse was trading higher today, the overall performance remains highly fluid at this juncture.

“We may want to see more consistent reading, especially on the number of new cases but as of now, it's a trading opportunity the way I see it. Technically, equities have been oversold. So its quite natural to see rebound every now and then,” he told Bernama.

Of the heavyweights, Maybank jumped 25 sen to RM7.90, Tenaga gained six sen to RM12.16, IHH inched up three sen to RM5.06 while Public Bank fell two sen to RM15.88.

Top gainers included Dutch Lady, which rose 70 sen to RM44.20, PetDag soared 54 sen to RM20.64 and Panasonic improved 42 sen to RM27.40.

Oil and gas-related counters such as Sapura Energy, Hibiscus Petroleum and Bumi Armada rose half-a-sen, two sen and half-a-sen each to 11 sen, 53 sen and 18 sen respectively.

On the index board, the FBM Emas Index increased 114.30 points to 9,389.49, the FBM Emas Shariah Index gained 125.08 points to 10,267.13 while the FBMT 100 Index added 107.98 points to 9,285.16.

The FBM 70 enlarged 149.16 points to 11,017.92 and the FBM Ace appreciated 142.92 points to 4,113.05.

Sector-wise, the Industrial Products and Services Index inched up 1.61 points to 107.55, the Financial Services Index expanded 185.81 points to 12,430.11 and the Plantation Index went up 2.43 points to 6,135.08. — Bernama