.JPG "An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara")
KUALA LUMPUR, Sept 2 — Persistent buying in finance-related heavyweights and mid-capitalisation stocks pushed the FBM KLCI higher at close today, signalling improved economic recovery and institutional and retail investors gaining their momentum.
At close today, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 16.11 points or 1.05 per cent to 1,537.54 from Tuesday’s 1,521.43.
The country’s biggest bank, Maybank, which topped the Bursa Malaysia composite index (CI) with a weightage of 10.69 points followed by Public Bank with 8.24 points, helped boost the index today, contributing 3.77 points to the CI.
Maybank rose 12 sen to RM7.25 and Public Bank gained 22 sen to RM16.14.
Meanwhile, Hong Leong Bank, which recently announced that the Employees Provident Fund had acquired more shares in the group, rose 20 sen to RM14.86.
The local bourse was also supported by bargain hunting in the mid-cap stocks, particularly in technology- related shares.
At 9 am today, the barometer index opened 3.69 points higher at 1,525.12 and moved between 1,523.69 and 1,537.54 throughout the session.
Market breadth was positive with gainers outpacing losers 552 to 537, while 434 counters were unchanged, 483 untraded and 25 others suspended.
Total volume rose to 11.59 billion shares valued at RM5.35 billion from 10.38 billion shares valued at RM5.59 billion.
An analyst said that monetary policy by economies worldwide has helped to cushion the further impact of Covid-19, especially the lower interest announced by central banks.
Asked about Bank Negara Malaysia’s next monetary policy meeting scheduled for September 10, an analyst said the central bank may cut rates by another 125 basis points to 1.5 per cent in the next meeting, otherwise the cut will be delayed to November’s meeting.
“The 1.5 per cent should be the lowest rate as any rate below that will give marginal benefit to stimulate the economy,” he told Bernama.
He, however, said that although the economy is recovering, it is too early to say that the pandemic pain is behind the country.
Of the heavyweights, healthcare-linked companies like Top Glove and Hartalega declined by 42 sen and RM1.10 each to RM26.08 and RM15.36, while Tenaga rose 26 sen to RM11.24 and Petronas Chemicals was 19 sen higher at RM5.59.
Among top gainers, Nestle climbed RM2.80 to RM141.80, while tech company Malaysian Pacific Industries and UWC soared RM1.50 and 77 sen to RM18.50 and RM6.70 respectively.
Among the actives, Borneo Oil was flat at six sen, Inix slipped two sen to 38 sen, Permaju added 5.5 sen to 35.5 sen and Priceworth International inched up half-a-sen to four sen.
The healthcare sector topped the losing counters.
Hartalega lost RM1.10 to RM15.36, Kossan Rubber slipped 68 sen to RM15.12, Supermax Corp erased 46 sen to RM21.40 and Top Glove was 42 sen weaker at RM26.08.
On the index board, the FBM Emas Index rose 99.90 points to 11,174.36, the FBMT 100 Index jumped 97.06 points to 10,966.51, and the FBM 70 added 62.14 points to 14,823.46.
The FBM Emas Shariah Index recovered 76.39 points to 13,297.31 and the FBM ACE appreciated 60.63 points to 11,265.06.
Sector-wise, the Financial Services Index soared 183.53 points to 12,695.52, the Industrial Products and Services Index garnered 2.51 points to 139.14 and the Plantation Index gained 81.98 points to 7,166.78.
Main Market volume increased to 6.58 billion shares worth RM4.08 billion from 5.29 billion shares valued at RM4.43 billion.
Warrants turnover widened to 451.28 million units valued at RM119.72 million versus 438.38 million units worth RM130.38 million.
Volume on the ACE Market narrowed to 4.55 billion shares worth RM1.18 billion against 4.65 billion shares worth RM1.02 billion.
Consumer products and services accounted for 1.2 billion shares traded on the Main Market, industrial products and services (1.46 billion), construction (356.78 million), technology (1.29 billion), SPAC (nil), financial services (57.04 million), property (277.61 million), plantations (90.59 million), REITs (4.57 million), closed/fund (107,800), energy (1.60 billion), healthcare (53.48 million), telecommunications and media (76.72 million), transportation and logistics (68.12 million), and utilities (21.84 million). — Bernama
