KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
KUALA LUMPUR (July 7): The FBM KLCI closed down 10.18 points or 0.65% at 1,566.72 today while the FBM ACE was the top percentage gainer after Bank Negara Malaysia (BNM) cut the overnight policy rate (OPR) by 25 basis points (bps) today to a record low of 1.75%.
Across Bursa Malaysia, 7.78 billion shares worth RM4.93 billion were traded. There were 648 decliners and 428 gainers.
The ACE index closed up 194.09 points or 2.75% at 7,246.90, while the healthcare and REIT indices rose 1.9% and 0.14% respectively.
BNM cut the OPR by 25 bps today to a record low of 1.75%, saying the impact of the Covid-19 pandemic on the global economy is severe and that Malaysia’s economic activity contracted sharply in the second quarter of the year, due to measures introduced to contain the pandemic.
In a statement today, the central bank said Malaysia’s inflationary pressures are expected to be muted in 2020.
In theory, interest rate cuts are good for equities but bad for currencies.
Source: The Edge
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