KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
KUALA LUMPUR (July 29): The FBM KLCI closed 1.48 points or 0.09% higher at 1,611.42 today on a final-hour nudge after volatile trades, which charted a rare V-shaped recovery for Malaysia's equity benchmark.
At 5pm, the KLCI closed up after rising to its intraday high of 1,618.01 in the morning before plunging to its intraday low at 1,589.98 at lunchtime.
Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar told theedgemarkets.com that the KLCI's performance today "was largely influenced" by index constituents including Top Glove Corp Bhd, IHH Healthcare Bhd and Malayan Banking Bhd.
At a glance, notable KLCI movers included Hartalega Holdings Bhd and Petronas Dagangan Bhd. Hartalega's share price closed up 22 sen or 1.11% at RM20.12, Top Glove ended down 26 sen or 0.98% at RM26.14, while Petronas Dagangan fell six sen or 0.28% to RM21.48.
Earlier today, Hartalega and Top Glove had during morning trades risen to record highs at RM20.50 and RM26.96 respectively, prior to a plunge at lunch time, during which Petronas Dagangan also fell to its intraday low at RM20.70.
Bargain hunting had subsequently helped Hartalega close higher, although Top Glove and Petronas Dagangan ended down.
Across Bursa at 5pm, 10.54 billion securities worth RM6.95 billion were traded. There were 685 decliners versus 398 gainers, as investors took cue from Prime Minister Tan Sri Muhyiddin Yassin and Bank Negara Malaysia's afternoon announcements on the loan-repayment moratorium extension.
The loan-repayment moratorium extension aims to help borrowers cope with the economic impact of the Covid-19-driven movement control order in Malaysia.
News reports quoted Muhyiddin as saying individuals who have lost their jobs in 2020 and remain jobless are eligible for the targeted moratorium extension of three months.
"After three months, the moratorium could be extended further at the banks’ discretion, depending on the borrower’s situation," he said.
BNM, in a follow-up statement, said in recognition of these exceptional circumstances, the flexibilities provided to borrowers will not appear in their Central Credit Reference Information System (CCRIS) reports.
"BNM will monitor the progress of banks in assisting borrowers that may continue to face temporary financial difficulties. The bank (BNM) will also continue to focus efforts in ensuring that the banking system continues to carry out its intermediation function effectively, in support of the economic recovery," the central bank said.
Globally, it was reported that European shares edged up slightly on Wednesday after mixed earnings reports, but a resurgence of Covid-19 cases kept investors cautious while they waited to hear from the US Federal Reserve.
The US Federal Reserve's Federal Open Market Committee meeting is scheduled on Tuesday and Wednesday (July 28 and 29). Reuters reported that investors wager the Federal Reserve will reaffirm its super-easy policies at its meeting this week, and perhaps signal a tolerance for higher inflation in the long-run.
Source: The Edge
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