[ad_1]
KUALA LUMPUR: Bursa Malaysia climbed higher today on the news that the 2021 budget was approved in Parliament.
At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index rose 14.53 points to 1,612.11 compared to yesterday’s close of 1,597.58.
The index moved between 1,590.65 and 1,612.78 during the day.
Across the broader market, winners outnumbered losers from 816 to 412, while 627 counters were unchanged, 323 untraded and another 34 suspended.
Total volume stood at 8.88 billion units worth RM4.68 billion from yesterday’s 8.93 billion units worth RM4.22 billion.
An analyst said that with the approval of the budget the main obstacle in terms of financing government operations and development plans had been removed.
“This will boost market sentiment and, combined with a positive equity environment, the overall Bursa Malaysia market is heading for an upward momentum through the end of the year barring unforeseen circumstances.”
The 2021 Supply Bill, which covers the 2021 Budget, was approved with a majority voice vote after several parliamentarians tried to initiate the block vote failed when only 13 MPs stood up, fewer than the 15 required.
The analyst said the budget approval had also erased concerns of a possible change in government once again during these difficult times.
Meanwhile, Top Glove saw a rally, rising 40 sen to RM7.05, partly driven by a share buyback, while Telekom Malaysia added 16 sen to RM5.00, IHH rose four sen to RM5.60 and Axiata rose three. . sen at RM3.35.
On the index board, the FBM Emas index rose 127.21 points to 11,567.64, the FBMT 100 index rose 120.68 points to 11,350.54, the FBM Emas Shariah index rose 214.77 points to 13,308.63 and the FBM 70 advanced 229.09 points to 14,769.06.
The FBM ACE rose 21.83 points to 10,601.30, the Industrial Products and Services Index rose 2.80 points to 161.41 and the Plantations Index added 36.84 points to 7,350.37, but the Financial Services Index fell 22.27 points to 14,205.14.
The main market volume was down to 4.13 billion shares worth RM3.37 billion from 4.78 billion shares worth RM3.47 billion on Wednesday.
Meanwhile, the volume in the ACE market increased to 3.90 billion shares worth RM1.14 billion from yesterday’s 2.50 billion shares worth RM644.99 million.
