Bursa Malaysia recovers 0.8% on OPR cut

2 min


43
8 shares, 43 points

Bursa Malaysia recovers 0.8% on OPR cut 1

KUALA LUMPUR: Bursa Malaysia rebounded from yesterday’s losses to close 0.8% higher today, as the market reacted positively to Bank Negara Malaysia’s (BNM) Overnight Policy Rate (OPR) rate cut by 25 basis points to 2.5%, amid lingering Covid-19 fears.

BNM in a statement today said that the reduction in the OPR was intended to provide a more accommodative monetary environment to support the projected improvement in economic growth amid price stability.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.70 points to 1,478.64, after opening 9.36 points higher at 1,476.30.

The index moved between 1,466.90 and 1,481.36 throughout the day.

Market breadth was positive, with gainers leading losers 456 to 410, while 396 counters were unchanged, 736 untraded and 18 others suspended.

Turnover shrank to 3.08 billion shares worth RM2.49 billion from 4.33 billion shares worth RM3.28 billion on Monday.

Rakuten Trade Sdn Bhd head of research Kenny Yee said BNM’s move was in line with other global central banks’ actions in reducing the benchmark rates in order to mitigate the economic impact from Covid-19.

“Bursa Malaysia’s rebound was also tracking the sharp upturn on Wall Street overnight, as market players expected the US Federal Reserve would lower the interest rates later this month to regain investor confidence hurt by the virus,“ he told Bernama.

Yee added that mild bargain hunting in the key index stocks such as Public Bank also boosted the FBM KLCI.

Among heavyweights, Public Bank added 68 sen to RM17.76, Hong Leong Bank bagged 58 sen to RM15.60, Petronas Chemicals was nine sen better at RM5.30, RHB Bank gained 15 sen to RM5.64 and Sime Darby Plantation improved seven sen to RM4.80.

Of the actives, Sapura Energy advanced one sen to 17 sen, Vortex Consolidated inched up two sen to eight sen, MyEG went down four sen to RM1.16 while Bumi Armada and KNM were unchanged at 31 sen and 20 sen, respectively.

Top gainer Heineken soared RM1.16 to RM24.16, while top loser Batu Kawan erased 44 sen to RM15.46.

On the index board, the FBM Emas Index perked up 76.63 points to 10,431.24, the FBM Emas Shariah Index climbed 52.29 points to 11,070.99 and the FBMT 100 Index was 78.54 points higher at 10,253.01.

The FBM 70 advanced 86.76 points to 12,731.31 but the FBM Ace slipped 9.44 points to 5,249.0.

Sector-wise, the Industrial Products and Services Index edged up 1.41 points to 132.34, the Financial Services Index increased 164.60 points to 14,313.32 and the Plantation Index rose 30.57 points to 6,750.05.

Main Market volume dwindled to 2.0 billion shares worth RM2.24 billion from 3.05 billion shares worth RM3.04 billion on Monday.

Warrants turnover shrank to 365.49 million units valued at RM64.87 million as compared with 390.36 million units valued at RM60.62 million yesterday.

Volume on the ACE Market slipped to 712.21 million shares worth RM178.55 million versus 887.59 million shares worth RM177.06 million yesterday.

Consumer products and services accounted for 389.06 million shares traded on the Main Market, industrial products and services (233.12 million), construction (132.26 million), technology (218.13 million), SPAC (nil), financial services (78.70 million), property (191.92 million), plantations (40.66 million), REITs (14.70 million), closed/fund (8,200), energy (512.69 million), healthcare (33.89 million), telecommunications and media (35.37 million), transportation and logistics (44.50 million), and utilities (83.07 million). – Bernama


Like it? Share with your friends!

43
8 shares, 43 points

What's Your Reaction?

hate hate
8
hate
confused confused
20
confused
fail fail
14
fail
fun fun
12
fun
geeky geeky
10
geeky
love love
4
love
lol lol
6
lol
omg omg
20
omg
win win
14
win

Read exclusive latest news on entertainment, music, gaming and more topics with unprecedented coverage from around the UK and US.

0 Comments

Your email address will not be published. Required fields are marked *