KLCI ends higher on last-minute buying as Bursa share trade value doubles

KLCI ends higher on last-minute buying as Bursa share trade value doubles
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KUALA LUMPUR (Sept 20): The FBM KLCI closed 1.13 points or 0.07% higher after erasing losses in the final trading minutes while share-trade value across Bursa Malaysia more than doubled as world markets cheered major central banks' stimulus measures.

At 5pm, the KLCI closed higher at 1,597.41 on gains in index-linked counters including banking stocks AMMB Holdings Bhd and Malayan Banking Bhd (Maybank). The KLCI, which spent most of the day in the red, fell to its intraday low at 1,590.02.

“Some of the banking stocks rebounded at the last minutes of trading which lifted the KLCI to positive territory, such as AMMB which is a heavyweight,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.

AMMB closed up eight sen or 1.94% at RM4.21 after a last-minute spike in its share price. Maybank rose nine sen or 1.04% to RM8.73.

Across Bursa today, 3.1 billion shares worth RM3.29 billion were crossed amid oil and gas-related shares' heavy trade volume. Yesterday, Bursa saw 2.28 billion shares valued at RM1.5 billion traded.

Today, top-active stock Bumi Armada Bhd's volume stood at some 425 million shares followed by Sapura Energy Bhd's 106 million shares. Bumi Armada closed down 1.5 sen or 4.35% at 33 sen.

Globally, Reuters reported that world shares rose on Friday as stimulus measures by major central banks eased worries about growth, especially in Asian markets, while oil headed for its best week since January.

It was reported that China cut a key lending rate for the second straight month on Friday, becoming the third major central bank to cut interest rates in recent days, after the European Central Bank and the US Federal Reserve.

"Equity markets have welcomed the central bank moves, although most of the cuts were already priced in and worries about a possible global slowdown still linger. Renewed tensions in the Middle East, after an air attack knocked out a Saudi Arabian oil supply hub last weekend, have also unnerved investors. Oil prices were on track for a weekly gain of 7.6%, their biggest weekly rise since the first week of 2019," Reuters said.