KUALA LUMPUR: Bursa Malaysia opened higher today, with all indexes traded in the positive territory buoyed by global optimism over massive initiatives to overcome the economic fallout from COVID-19 pandemic.
At 9.30 a.m. today, there were 420 gainers, 83 losers and 154 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,288.97, up 29.09 points, the FBMACE was at 3,489.27, up 137.33 points, and the FBMEmas was at 8,700.66 up 199.01 points.
Turnover was at 455.986 million shares valued at RM249.745 million.
An analyst said investors continued to look for fiscal packages and central bank support as economic forecasts are being slashed globally amid continued scare from rising COVID-19 fatalities.
“Malaysia’s announcement yesterday on how the country plans to mitigate the economic impact of the health crisis had instil calmness to investors for now.
“They are also mulling for a second economic stimulus package to address the matter,” she said.
In the Asia Pacific region, index benchmark was at least per cent higher in Tokyo, Seoul and Sydney after a massive further wave of initiatives from the federal reserve helped ease some measures of corporate credit risk.
Bloomberg reported that investors are now waiting for the US congressional talks on a fiscal package with treasuries little changed after rallying.
Global currencies have also shown signs of optimism as yen rose 0.3 per cent against the greenback, euro rose 0.4 per cent against US dollar to US$1.0764, British pound was at US$1.1585 and China’s offshore yuan was at 7.1093 per dollar, up 0.2 per cent.
On the oil front, benchmark Brent crude inched up to US$29.93. However, analysts said that oil giants worldwide are preparing for the worst if the price plunge to as low as US$10 per barrel.
Of heavyweight performance, Maybank was up 14 sen to RM7.26, Tenaga climbed 12 sen to RM12.02, Public Bank rose RM1.04 to RM14.94, Petronas Chemicals added 14 sen to RM4.41 and MISC obtained 10 sen to TM7.50.
Of actives, oil and gas-related counters dominated with Sapura Energy adding one sen to eight sen and Hibiscus increased 2.5 sen to 31 sen and Perdana inched half-a-sen to 12.5 sen.
On the index board, the FBM Emas Index surged 179.71 points to 8,681.36, the FBM 70 gained 194.94 points to 9,547.85 and the FBM Emas Shariah Index garnered 120.18 points to 9,448.42.
The FBMT 100 Index increased by 177.96 points to 8,636.07 and the FBM Ace rose 93.60 points to 3,445.54.
Sector-wise, the Industrial Products and Services Index added 1.70 points to 96.83, the Plantation Index recovered 12.88 points to 5,743.58 and the Financial Services Index was 386.14 points better at 11747.73. -Bernama
source https://www.thesundaily.my/business/bursa-malaysia-opens-higher-on-global-optimism-BD2173300
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