KUALA LUMPUR – Shares on Bursa Malaysia were traded favourably at Monday’s close, influenced by the US proposal of a new stimulus package costing about US$2.4 trillion, as well as improving Chinese industrial profits.
Domestically, the Gabungan Rakyat Sabah (GRS) coalition garnered a simple majority in the Sabah state election on Saturday, toppling the incumbent Warisan Plus.
The coalition is backed by Prime Minister Tan Sri Muhyiddin Yassin.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.52 points to close at 1,511.66 compared with Friday’s close of 1,509.14.
The index opened 1.12 points higher at 1,510.05 and moved between 1,507.35 and 1,519.05 throughout the day.
On the broader market, gainers surpassed losers 569 to 458, while 395 counters were unchanged, 679 untraded and 21 others suspended.
Total volume eased to 5.17 billion shares worth RM3.51 billion from 5.17 billion shares worth RM3.96 billion.
An analyst said the US new stimulus package (proposal) and China’s industrial profits boosted the equity markets although in the long term, investors were still cautious with the escalating Covid-19 new cases.
The US new stimulus package proposal was aimed at protecting small-business loan funding and boost the airline industry, among others.
“At this moment, the market momentum is quite okay and sentiment is boosted by the US new proposal to spur its economy and the jump in Chinese industrial profits which rose for the fourth consecutive month.
“But the favourable market trend in the local equity market today was also partially contributed by the Sabah state election as political confidence is instilled in the market,” an analyst said.
In the 16th state election, GRS won 38 seats, Warisan Plus garnered 32 seats and three seats were wrested by Independents.
Sabah Perikatan Nasional chief Datuk Seri Hajiji Noor will be sworn in as the next chief minister of Sabah.
At the close, heavyweights Maybank rose two sen to RM7.10, Hartalega jumped 42 sen to RM17.42, but Top Glove declined three sen to RM8.77 and Tenaga fell four sen to RM10.84 on profit-taking.
Of the actives, both XOX and Metronic Global were half-a-sen higher at 17.5 sen and 8.5 sen, respectively, while Vsolar was flat at four sen and Advance Synergy was 2.5 sen lower at 15 sen.
On the index board, the FBM Emas Index increased 46.48 points to 10,887.92 and the FBM Emas Shariah Index strengthened 82.63 points to 13,045.05.
The FBM 70 widened 152.31 points to 14,202.60, the FBMT 100 Index went up 42.47 points to 10,710.98, and the FBM ACE rose 26.63 points to 10,053.85.
Sector-wise, the Financial Services Index shed 0.16 point to 12,327.46, the Plantation Index added 8.46 points to 7,063.58, and the Industrial Products and Services Index gained 0.98 point to 135.77.
Main Market volume rose to 2.74 billion shares worth RM2.71 billion from 2.63 billion shares valued at RM2.86 billion.
Warrants turnover eased to 511.26 million units worth RM145.67 million versus 676.65 million units worth RM208.71 million.
Volume on the ACE Market improved to 1.91 billion shares worth RM652.28 million compared with 1.86 billion shares valued at RM886.54 million.
Consumer products and services accounted for 826.67 million shares traded on the Main Market, industrial products and services (892.38 million), construction (114.34 million), technology (247.49 million), SPAC (nil), financial services (42.80 million), property (156.22 million), plantations (68.99 million), REITs (4.78 million), closed/fund (3,000), energy (201.01 million), healthcare (115.50 million), telecommunications and media (20.82 million), transportation and logistics (29.13 million) and utilities (26.09 million). – Bernama, September 28, 2020
