Investors Confident US Stimulus Package, Exchange Restores

 The local market recovered after the key index fell 1.4% yesterday, supported by new confidence in the United States (US) stimulus package.

Bernama reported that at 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index rose 7.11 points to 1,496.67 from 1,486.56 during the previous close.

In the overall market, gainers outnumbered losers by 260 to 120, while 245 counters were unchanged, 1,522 untraded and 28 others suspended.

Turnover stood at 584.91 million units worth RM164.06 million.

An analyst said Asian stocks were expected to rise from the new confidence as it would lead to a stronger economic recovery, as well as a spillover effect on emerging countries in Asia.

"However, uncertainty remains on the stimulus timeline, apart from the increasing number of Covid-19 cases globally, which will limit the increase for the time being," he said.

Meanwhile, Malacca Securities, in its equity note today, said selling pressure in selected heavyweights indexes caused the local bourse to be low yesterday.

The heavyweights counters rose again in the initial session as Maybank and Tenaga Nasional, six sen rose to RM7.16 and RM10.30, respectively, Petronas Chemicals added eight sen to RM5.78, Sime Darby rose five sen to RM2.44, respectively. and Public Bank added eight sen to RM15.66.

For the most profitable counters, F&N added 18 sen to RM32.18, Scientex rose 12 sen to RM11.08 and Latitude Tree rose 11 sen to RM1.54.

On the index board, the FBM Emas Index added 47.50 points to 10,835.81 and the FBM Emas Shariah Index rose 49.67 points to 12,951.79.

The FBM 70 rose 47.04 points to 14,319.84, the FBMT 100 Index rose 46.62 points to 10,654.16 and the FBM ACE jumped 48.04 points to 10,550.04.

By sector, the Financial Services Index rose 60.28 points to 12,363.42, the Plantation Index added 22.88 points to 6,910.43, and the Industrial and Services Products Index rose 0.66 points to 138.64.