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Market Daily Report: Bursa Malaysia's Benchmark Index Ends At Intraday High On Late Buying

KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 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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