KUALA LUMPUR (March 20): The FBM KLCI staged a technical round and gained 1.5% at mid-morning Friday, as Airports Holdings Bhd (MAHB) and key index-linked banking stocks gave the local bourse a much needed boost.
At 10am, the FBM KLCI rose 19.81 points to 1,239.53. The index had earlier risen to a high of 1,252.46.
Gainers led losers by 482 to 156, while 215 counters traded unchanged. Volume was 864.94 million shares valued at RM471.67 million.
The leading gainers included MAHB, Public Bank Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd, Sime Darby Plantation Bhd as well as Bursa Malaysia Bhd, Heineken Malaysia Bhd and Carlsberg Brewery Malaysia Bhd.
The actives included Vortex Consolidated Bhd, Sapura Energy Bhd, Bumi Armada Bhd, Hibiscus Petroleum Bhd, My EG Services Bhd, Alam Maritim Resources Bhd and AirAsia Group Bhd.
The decliners included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hap Seng Consolidated Bhd and Malaysia-listed Hang Seng Index-linked put warrants.
Reuters said Asian shares sought a reprieve on Friday as Wall Street eked out gains, bonds rallied and oil boasted its biggest bounce on record, though a panicked rush into US dollars suggested the crisis was far from done.
As the spread of the coronavirus brought much of the world to a halt, nations have poured ever-more-massive amounts of stimulus into their economies while central banks have showered markets with cheap dollars to ease funding strains, it said.
Hong Leong IB Research said taking cues from Wall Street and European stock markets, the FBM KLCI could stabilise near the 1,200 level over the near term.
“However, any upside will be limited given the Dow futures are falling at this juncture of writing.
“Hence, we expect the trading range of the FBM KLCI to be located around 1,200-1,270. Traders could also pick up O&G stocks amid the recent spike in crude oil prices,” it said.