KL shares end higher lifted by Japan stimulus

KUALA LUMPUR: Shares on Bursa Malaysia closed marginally higher Wednesday as investors cheered the stimulus package announced by the Japanese government to boost the country’s economy, dealers said.

At 5 pm, the FTSE Bursa Malaysia KLCI ( FBM KLCI) rose 2.14 points to 1,663.56, after fluctuating between 1,659.24 and 1,664.76 throughout the day.

Market breadth was positive with 429 gainers and 343 losers, while 372 counters were unchanged, 576 untraded and 72 others suspended.

Volume expanded to 1.75 billion units valued at RM1.71 billion from 1.4 billion units worth RM1.56 billion recorded on Tuesday.

Hours before the close of trading here, Japanese Prime Minister Shinzo Abe had reportedly said his government is preparing a stimulus package worth more than 28 trillion yen ( US$ 266 billion).

“The higher- than- expected figure exceeded initial estimates of around 20 trillion yen, which also includes 13 trillion yen in ‘ fiscal measures’.

“This ( announcement) sparked buying interest in Asian markets,” a dealer said.

Among regional peers, Japan’s Nikkei 225 shot up 1.72 per cent to 16,664.82, Hong Kong’s Hang Seng climbed 0.4 per cent to 22,218.99, Singapore’s Straits Times Index gained 0.27 per cent to 2,941.49 and Jakarta Composite Index edged up 0.96 per cent to 5,274.36.

On the scoreboard, the FBM Emas Index rose 22.43 points to 11,650.12, the FBMT100 Index increased 19.38 points to 11,344, the FBM 70 advanced 39.9 points to 13,240.46.

The FBM Emas Shariah Index put on 21.13 points to 12,243.5 and the FBM Ace gained 36.21 points to 5,461.71.

Sector- wise, the Finance Index rose 64.68 points to 14,240.53, the Plantation Index was up 15.48 points to 7,578.84 but the Industrial Index fell 22.64 points to 3,126.45.

Of the heavyweights, Public Bank rose 10 sen to RM19.60, IHH Healthcare gained three sen to RM6.62 and Petronas Chemicals added one sen to RM6.60.

However, Maybank lost six sen to RM8.03 while TNB was unchanged at RM14.30.

Among actives, TH Heavy perked six sen to 22 sen, Sumatec gained 1.5 sen to 11 sen and PDZ Holdings increased 3.5 sen to 10.5 sen.

Main Market turnover swelled to 1.27 billion shares worth RM1.62 billion from 979.62 million shares valued at RM1.48 billion recorded on Tuesday.

The ACE Market volume increased to 306.77 million units valued at RM59.68 million from yesterday’s 220.52 million units valued at RM44.36 million.

Warrants slipped to 177.22 million shares worth RM31.96 million from 193.28 million shares worth RM34.16 million previously.

Consumer products accounted for 62.70 million shares traded on the Main Market, industrial products ( 125.98 million), construction ( 42.16 million), trade and services ( 760.43 million), technology ( 96.57 million), infrastructure ( 7.79 million), SPAC ( 6.73 million), finance ( 39.59 million), hotels ( 663,100), properties ( 96.31 million), plantations ( 18.36 million), mining (13,000), REITs ( 9.75 million) and closed/ fund ( 45,100).