[ad_1]
KUALA LUMPUR: Blue chips in Bursa Malaysia managed to regain some gains at noon on Tuesday after the previous day’s sale, following key Asian markets, as investors looked towards the Negara Bank’s decision on interest rates later in the day.
At 12:30 p.m., the FBM KLCI rose 10.17 points or 0.74% to 1,386.76, after falling more than 30 points at the close of the previous day.
The turnover was 3.20 billion shares valued at RM1.37bil. The overtakers beat the declines from two to one or 609 winners to 199 losers and 325 counters unchanged.
The ringgit rose 0.14% against the US dollar at 4.3105.
Consumer stocks were top winners like Dutch Lady
added 98 sen to RM48.10, BAT 46 sen to RM13.24, F&N 32 sen to RM32.42.
Public Bank rose 22 sen to RM16.08 and added 1.75 points to KLCI, while Maybank gained six sen to RM7.44 and pushed KLCI to 1.05 points. Hong Leong Bank gained 12 sen at RM13.32 but CIMB posted a sen at RM3.40. LPI skipped 22 sento RM13.20.
Tenaga rose 10 sen to RM12.22, IHH Healthcare three sen to RM5.18.
US light crude rose US $ 1.46 or 7.16% to US $ 21.85 and Brent rose US $ 1.21 or 4.45% to US $ 28.41 as the major oil producers reduced the production.
Petronas Chemicals rose 14 sen at RM5.54 and added 1.75 points to the KLCI, while Petronas Dagangan gained 28 sen at RM20.22 while Petronas Gas held steady at RM15.18.
Crude palm oil for delivery in the third month increased RM6 to RM1,989 at noon. Yesterday Hiotem added 39 sen to RM5.50, IOI Corp added five sen to RM3.95 and PPB Group foursen to RM16.24 while Sime Plantation gained a sen to RM4.77.
As for the telecommunications companies, Axiata rose six sen to RM3.85, Digi five sen to RM4.57 and Maxis four sen to RM5.32.
Banco Negara’s Monetary Policy Committee (MPC) will cut the overnight interest rate by 50 basis points larger than usual to help buffer the economy just as the government begins to relax restrictions put in place to contain the coronavirus pandemic, Bloomberg reported.
The central bank will cut the overnight interest rate to 2%, the lowest level since 2010, at 2.5%, according to 14 of the 20 economists surveyed by Bloomberg.
On the equity front, Reuters regained most of the stock markets in Southeast Asia to regain some of the ground lost in the previous session as the gradual easing of coronavirus restrictions by some US states and countries. USA Hopes of an economic recovery were raised.
Among Asian markets, Hong Kong’s Hang Seng Index was up 0.54%, Hang Seng China Enterprise was 0.42%, Taiwan’s TAIEX was 0.45% higher, and Singapore’s STI was up 0, 77%.
[ad_2]
