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KUALA LUMPUR (April 20): The FBM KLCI closed up 5.78 points or 0.41% at 1,413.12 today with Asian share indices, after China cut its benchmark lending rate by 20 basis points to 3.85% and as investors weighed the progress in the global effort to curb the Covid-19 pandemic.
Meanwhile, share trade across Bursa Malaysia received support from AirAsia X Bhd, AirAsia Group Bhd and MSM Malaysia Holdings Bhd's volume rise. At 5pm, Bursa saw 5.99 billion shares traded for RM3.21 billion across the exchange. There were 504 gainers versus 434 decliners.
On the KLCI, TA Securities Holdings Bhd wrote in a note today that while short-term technical momentum has turned overbought due to last week's index rally to a fresh five-week high, trend momentum registered significant improvement to imply potential reversal from the prior downtrend.
"Meantime, further improvement in the domestic Covid-19 outbreak situation with lower daily infection rates, and hopes for gradual easing on lockdowns in global virus epicentres where infections are deemed to be peaking, should bode well for sentiment and sustain recovery momentum ahead,” TA said.
Globally, it was reported that most Southeast Asian stock markets rose on Monday, with Malaysia leading gains, as China, the region's prime trading partner, cut a key interest rate and promised more measures to prop up an economy battered by the coronavirus pandemic.
"China cut its benchmark lending rate by 20 basis points to 3.85% on expected lines and said it would roll out additional policies to prevent short-term economic shocks from becoming long-term stagnation trends. Data on Friday showed that the world's second largest economy shrank 6.8% in the first quarter from a year earlier, its first contraction since at least 1992, due to the tough measures put in place to contain the outbreak,” Reuters reported today.
At Bursa today, notable share trades were seen in AirAsia X, AirAsia Group and MSM.
Top active stock AAX ended with some 484 million shares traded, while AirAsia Group saw about 173 million shares transacted. AAX’s share price closed up 4.5 sen or 56.25% at 12.5 sen, while AirAsia Group rose 8.5 sen or 10.83% to 87 sen today, after the budget airline said on Friday that it is set to resume its scheduled domestic flights, following a thorough review on its operations in light of the Covid-19 pandemic.
At sugar producer MSM today, the stock’s price closed up 18.5 sen or 44.58% at 60 sen, with some 154 million shares traded.
MSM told theedgemarkets.com today that there has been no new announcements on the company, and that the increase in its share price today was "purely a market play.”
AAX and MSM’s share trade volume spiked today from Friday’s (April 17) figures at about 108 million and 17 milion shares respectively.
Source: The Edge
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