Bursa Malaysia ends higher on news of stimulus package

KUALA LUMPUR, Feb 14 — Bursa Malaysia ended higher today as market sentiment was lifted following news that the government will unveil an economic stimulus package to address the Covid-19 outbreak on February 27.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.30 points to its intraday high of 1,544.46 from yesterday’s close of 1,539.16.

After opening 0.44 of-a-point weaker at 1,538.72 this morning, the local index dipped to an intraday low of 1,534.97.

On the broader market, gainers led losers 465 to 330, with 427 counters unchanged, 756 untraded and 33 others suspended.

Turnover decreased to 2.67 billion shares worth RM2.26 billion from 2.73 billion shares worth RM2.30 billion yesterday.

In a statement today, Finance Minister Lim Guan Eng said Prime Minister Tun Dr Mahathir Mohamad will announced the economic stimulus package to address the Covid-19 outbreak on Feb 27, whereby assistance would be given to affected sectors to allow the economy to emerge as whole as possible and benefit from the expected economic rebound post-Covid-19.

“The government will adopt measures to assist these companies, but emphasis should also be placed on exploring alternative revenues such as shifting towards encouraging domestic tourism, and sourcing from other markets.

“This also involves keeping the domestic labour market resilient while ensuring our soft and physical infrastructure remains in place amid the short-term weakened demand,” Lim added.

On heavyweights, Maybank was one sen higher at RM8.47, Tenaga gained 10 sen to RM12.68, Public Bank lost 18 sen to RM17.62 and Petronas Chemicals was flat at RM6.50.

Of the actives, MYEG rose two sen to RM1.37, while Bumi Armada and Ekovest inched up 1.5 sen each to 39.5 sen and 76 sen, respectively.

On the index board, the FBM Emas Index expanded 42.19 points to 11,066.08, the FBMT 100 Index rose 40.05 points to 10,853.00 and the FBM Emas Shariah Index increased 71.75 points to 11,899.03.

The FBM 70 gained 63.52 points to 14,071.02 and the FBM Ace was up 5.65 points to 5,619.81.

Sector-wise, the Industrial Products and Services Index inched up 0.40 of-a-point to 146.71, the Plantation Index climbed 43.96 points to 7,335.11 but the Financial Services Index eased 3.50 points to 14,572.96.

Main Market volume expanded to 1.77 billion shares valued at RM2.02 billion from 1.68 billion shares valued at RM2.05 billion yesterday.

Warrants turnover decreased to 357.40 million units worth RM56.48 million from 385.82 million units worth RM62.42 million.

Volume on the ACE Market fell to 537.41 million shares valued at RM177.27 million from 660.45 million shares valued at RM184.52 million.

Consumer products and services accounted for 261.90 million shares traded on the Main Market, industrial products and services (228.48 million), construction (211.56 million), technology (225.51 million), SPAC (nil), financial services (36.24 million), property (161.81 million), plantations (50.41 million), REITs (21.38 million), closed/fund (nil), energy (384.12 million), healthcare (43.23 million), telecommunications and media (37.89 million), transportation and logistics (82.63 million), and utilities (34.21 million). — Bernama