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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

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.
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China to Inject $55B into Major Banks to Boost Economy

Beijing’s Banking Stimulus Plan

  • China to inject at least 400 billion yuan ($55B) into major banks as part of an economic stimulus package.
  • The first batch includes Agricultural Bank of China and Bank of Communications, with the plan expected to be completed by June.
  • Total capital injection could reach 1 trillion yuan ($138B), funded by special sovereign bond issuance.

Market & Banking Sector Impact

  • Agricultural Bank of China (+2.6%) and Bank of Communications (+2.2%) gained in Hong Kong following the news.
  • China’s banking regulator first hinted at capital replenishment in September 2024, with further confirmation from the Ministry of Finance.
  • Despite Chinese banks exceeding capital requirements, they face shrinking margins, rising bad debt, and profit pressures.

Economic Context & Policy Moves

  • China has enacted broad economic stimulus measures, including:
    • Mortgage rate cuts
    • Lower key policy interest rates
    • Encouraging more lending to support economic growth
  • This is the first major state-funded bank recapitalization since the 2008 financial crisis.

Summary:

  • China to inject at least $55B into key banks, possibly rising to $138B.
  • Funding will come from special sovereign bonds.
  • Banks like Agricultural Bank of China & Bank of Communications saw stock gains.
  • Move aims to strengthen the banking system amid weak profits and rising bad debt.
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