BURSA Malaysia closed higher today, mirroring the rally in other Asian markets as Wall Street surged on news of a US$2 trillion coronavirus stimulus package by the United States.

The FBM KLCI rose 33.36 points or 2.58% to close at 1324.50. 

Gainers outpaced losers in the broader market 641 to 267.

Energy counters such as Hibiscus Petroleum, Bumi Armada Bhd and Velesto Energy Bhd were the most actively traded.

Meanwhile, Carlsberg Malaysia Bhd which falls under the consumer products and services was the top gainer.

Rakuten Trade Sdn Bhd head of research Kenny Yee said the local bourse has taken the cue from Wall Street.

“Our market, as well as (others in) the region, took the cue from Wall Street but we are unconvinced as the buying was rather haphazard. The local bourse remains in a trading phase. If tonight Wall Street declines, we can expect sellers to emerge tomorrow,” he told The Malaysian Insight.

The Dow Jones Industrial Average surged over 11% which was its biggest one-day percentage gain since 1933 while the S&P 500 recorded a 9.4% jump after the US announced the US$2 trillion package.

Elsewhere in the world, the Australia’s S&P ASX 200 rose 3.3%,  while South Korea’s Kospi index gained 4.5% .

China’s CSI 300 gained 2.5% and Hong Kong’s Hang Seng was 3.1% higher. – March 25, 2020.