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KUALA LUMPUR: Bursa Malaysia received a boost on Thursday after the federal budget of RM322.5bil was passed, the largest in the country’s history, despite the Opposition’s call to vote en bloc.
The policy stage of the 2021 Budget was passed with a voice vote at 3.24pm in Parliament on Thursday and this saw investors’ risk appetite for the shares soar.
As of 5 pm, the FBM KLCI was up 14.53 points or 0.91% at 1,612.11, a strong recovery from the initial low of 1,592. The turnover was 8,860 million shares valued at RM4.67bil. Forwards beat those who declined nearly two to one or 816 winners against 412 losers and 428 counters unchanged.
Investor sentiment was also bolstered by firmer key Asian markets. China’s major stock indexes ended higher, recovering from two days of losses, as gains in consumer and financial stocks offset declines in healthcare, technology and new energy vehicle companies.
At the close, the Shanghai Composite Index was up 0.22% to 3,369.73. The top-line CSI300 index rose 0.18%, Reuters reported.
In Bursa, strong gains from MPI saw it record gains of RM1.88 to RM25.48, while KESM added 74 sen to RM10.76.
Oil fell, slowing a rally fueled by a surprise drop in U.S. crude inventories that added to optimism about expectations that progress on vaccines could end the coronavirus pandemic and revive demand for fuel, it reported. Reuters.
Brent futures were down 1 cent at $ 48.60 a barrel at 0746 GMT, after rising about 1.6% the previous session. West Texas Intermediate crude was down 4 cents to $ 45.67 a barrel.
Petronas Dagangan added 70 sen to RM22, Petronas Chemicals nine sen to RM6.90 while Petronas Gas held steady at RM17.14. The dialogue rose one sen to RM3.70.
Supermax was the top gainer among glove manufacturers, 51 sen to RM 8.59. Hartalega
gained 30 sen at RM14.66.
Top Glove’s reassurance for investors following the Covid-19 outbreak among its workers saw it bounce 40 sen to RM7.05.
Electrical products maker Khind rose 65 sen to RM2.84.
Regarding plantations, Batu Kawan gained 40 sen to RM17.12, KL Kepong six sen higher to RM23.62, Sime Plantation added two sen to RM5.21 but IOI Corp dropped one sen to RM4.49 and PPB Group four sen at RM18 .80.
Sime Darby added three sen to RM2.43 after RM281mil net profit in the first quarter increased 14.2% due to strong growth in the group’s engine division, especially in China.
Tenaga gained two sen to RM11 after net profit for the third quarter ended September 30, 2020 reached RM1.01bil, a drop of 16.07% from RM1.2bil a year ago – cash fair value gain .
Vivocom fell five sen to 80.5 sen with 406 million shares realized, while GETS Global lost soiox sen to RM2.90.
Among banks, Public Bank lost 20 sen to RM18.72 and Maybank three sen to RM8.19 but CIMB gained three sen to RM3.81, Hong Leong Bank four sen to RM17.08 and RHB Bank two sen to RM5.07.
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