Bursa Malaysia ends higher on hopes for global recovery

KUALA LUMPUR: Bursa Malaysia closed higher yesterday, with the key index remaining above the 1,400 level, spurred by continued optimism for global economic recovery.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.77 points to end the day at 1,457.5 from 1,451.73 at Wednesday’s close.

The barometer index opened 1.8 points be er at 1,453.53, and fluctuated between 1,449.25 and 1,458.73 throughout the day.

A dealer said Asian stocks staged a mixed performance yesterday as sentiments were clouded by rising concerns over the United States-China tensions, as well as China’s plan to implement the national security law in Hong Kong.

This has also caused the FBM KLCI to move in a yo-yo pa ern earlier in the day.

“Nevertheless, some investors were more focused on global economic recovery, with many countries already commi ed to easing business restrictions caused by the Covid-19 pandemic,” he told Bernama.

Earlier, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said the government anticipates more businesses to reopen next week and resume their full productivity level in the coming weeks.

He said this would ensure that jobs are kept intact and businesses can run as usual, subsequently stabilising the economy.

He also said that the government is dealing with the challenges and is focusing on problem solving through regular interaction with various stakeholders, while ensuring that foreign direct investments and domestic investments continue to grow, as well as boosting consumers’ confidence.

On the broader market, losers surpassed gainers at 593 to 395, while 375 counters were unchanged, 532 untraded and 57 others suspended.

Total volume decreased marginally to 6.94 billion units worth RM5.45 billion from 7.19 billion shares worth RM4.78 billion on Wednesday.

Among the heavyweights, Maybank and IHH added one sen each to RM7.41 and RM5.39 respectively, Petronas Chemicals rose 14 sen to RM6.19, and Maxis bagged eight sen to RM5.39.

Tenaga fell 30 sen to RM11.90, while Public Bank eased six sen to RM15.18.

Of the actives, Careplus increased 14 sen to RM1.11, Eduspec and Sanichi inched up half-a-sen each to three sen and 9.5 sen respectively, and Comfort Gloves earned 37 sen to RM3.45.

Key Alliance slipped one sen to 7.5 sen, while Lambo was flat at two sen.