KLCI rises 1.1% as investors welcome easing of MCO to unlock economy, key index heavyweights rise

KLCI rises 1.1% as investors welcome easing of MCO to unlock economy, key index heavyweights rise
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KUALA LUMPUR (April 30): The FBM KLCI rose 1.1% at mid-morning on the final trading day of April as local investors welcomed the easing of the movement control order (MCO) to unlock the economy.

At 9.46am, the FBM KLCI rose 1.1% or 15.21 points to 1,395.51.

The top gainers included Tenaga Nasional Bhd, Kuala Lumpur Kepong Bhd, Public Bank Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Chemicals Group Bhd, Malaysia Airports Holdings Bhd, Genting Bhd and RHB Bank Bhd.

The actives included Vortex Consolidated Bhd, Hubline Bhd, Sapura Energy Bhd, Key Alliance Group Bhd, AirAsia X Bhd, JHM Consolidation Bhd, Hibiscus Petroleum Bhd and AirAsia Group Bhd.

The losers included United Malacca Bhd, Allianz Malaysia Bhd, Hartalega Holdings Bhd, United Plantations Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Bloomberg said Asian stocks rose on the final day of the month amid optimism from corporate results and signs of progress in treating the coronavirus.

The US dollar held this week’s retreat, it said.

Hong Leong IB Research said tracking the overnight rally on Dow and oil prices coupled with the relaxation of MCO to kickstart subdued economy, KLCI could break the immediate 1,386 (50D SMA) and advance further towards 1,400 levels, with more formidable resistances at 1,413-1,429 levels as investors brace for the upcoming May-June reporting season.

“With that, traders may focus on construction stocks given the feel-good factor following the reopening of economic sectors in Malaysia,” it said.