KUALA LUMPUR (March 27): The Bursa Malaysia KLCI rose 1.68% in the morning session today, trailing regional gains as Wall Street posted its best three-day gains since 1933 in anticipation of the US stimulus package for Covid-19.

Locally, investors are also awaiting the announcement of the comprehensive stimulus package by Prime Minister Tan Sri Muhyiddin Yassin later in the day at 3pm. 

The benchmark index looks set for a fourth consecutive session in the green. The index opened higher before rising further and settling up 22.32 points at 1,350.41 points at 12.30pm, lifted by Hong Leong Financial Group Bhd (HLFG), Public Bank Bhd and Petronas Gas Bhd. 

Elsewhere, Asian shares rose. Japan’s Nikkei 225 climbed 2.59%, South Korea’s Kospi rose 2.51%, while Hong Kong’s Hang Seng Index rose 1.21% at the time of writing.

Reuters reported that Asian stocks rose on Friday as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.

Across Bursa Malaysia, consumer stocks led the gainers, with Dutch Lady Milk Industries Bhd, Panasonic Manufacturing (M) Bhd and HLFG at the fore. Decliners were led by Kuala Lumpur Kepong Bhd, Lebtech Bhd and MCE Holdings Bhd.

Overall, gainers led decliners with 742 counters against 156, while 235 counters traded unchanged. 

Mid- and small-caps jumped higher, with the FBM Small Cap index up 4.53% whereas the ACE Index rose 3.84%.

Trading volume was healthy at 2.21 billion shares, valued at RM1.25 billion.

Meanwhile, the US dollar largely weakened against other currencies including the Malaysian ringgit, with the ringgit up 1.56% against the greenback at 4.2675.

However, the ringgit traded mixed against other currencies, rising 0.7% against the Singapore dollar to 2.9901, while retreating 0.58% against the Australian dollar to 2.6036 and 0.55% against the British pound at 5.2307. 

Other commodities held steady, with Brent crude oil price trading at US$26-27/bbl, while crude palm oil futures rose for May through September, trading unchanged at RM2,420/tonne for April delivery.