Bursa Malaysia opens higher on positive push of stimulus package

Bursa Malaysia opens higher on positive push of stimulus package

KUALA LUMPUR Feb. 27 — Shares on Bursa Malaysia opened higher today on buying interest in key index stocks backed by positive push ahead of the economic stimulus package announcement later today.

As at 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.94 points higher to 1,498.13 compared with yesterday’s close of 1495,19.

The market opened 1.54 points higher at 1,496.73.

On the broader market, losers slightly overtook gainers 161 to 153 with 138 counters unchanged, 1,589 untraded and 70 others suspended.

Turnover amounted to 201.55 million shares worth RM65.81 million.

An analyst said the economic stimulus package is expected to cushion the local economy from COVID-19 impact and provide a lifeline to domestic sectors heavily affected by the spread of the virus.

“The announcement may propel the key index towards the immediate resistances at 1,515, with the support level of 1,480,” she said.

The announcement in Putrajaya at 4 pm today would be the first key policy under interim Prime Minister, Tun Dr Mahathir Mohamad after the collapse of Pakatan Harapan-led government on Monday.

However, with the local political uncertainty drags on, trading for the rest of the day would remain volatile but with an upside bias following yesterday’s conclusion of personal interviews between the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s with the country’s 220 members of parliament.

“We believe that the end of the fiasco is near. Only two options are seen for now, which is either a snap election or a unity government,” she said.

On heavyweights performance, Maybank was up three sen to RM8.36, Tenaga Nasional was eight sen higher to RM12.46 and Public Bank was 16 sen up to RM17.36.

IHH, meanwhile, declined eight sen to RM5.58 and Petronas Chemicals was down five sen to RM5.80.

As for top gainers, F&N rose 62 sen to RM31.76 while United Plantation and Malaysian Pacific both inched 28 sen to RM26.68 and RM11.48 respectively.

Of actives, Advance Synergy and Eduspec both shed half a sen to 21.5 sen and 2.5 sen respectively while Avillon perked half-a-sen to 16.5 sen.

On the overall index performance, the board was in mixed territory, with the FBM Emas Index upticked 16.93 points to 10,686.96 while the FBMT 100 Index increased 18.31 points to 10,482.43 while the FBM Ace shed 23.14 points to 5,656.30.

The FBM Emas Shariah Index added 8.85 points to 11,360.02 and the FBM 70 inched 14.39 points to 13,406.76.

Sector-wise, the Industrial Products and Services Index was lower by 0.21 of-a-points at 138.63, while the Financial Services Index gained 39.70 points to 14,415.80 while the Plantation Index declined 1.45 points to 6,969.86.