SHARES on Bursa Malaysia opened higher today on buying interest in key index stocks backed by positive push ahead of the economic stimulus package announcement later today. 

As at 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.94 points higher to 1,498.13 compared with yesterday’s close of 1495,19.

The market opened 1.54 points higher at 1,496.73. 

On the broader market, losers slightly overtook gainers 161 to 153 with 138 counters unchanged, 1,589 untraded and 70 others suspended. 

Turnover amounted to 201.55 million shares worth RM65.81 million.

An analyst said the economic stimulus package is expected to address the impact of Covid-19 and provide a lifeline to domestic sectors heavily affected by the spread of the virus. 

“The announcement may propel the key index towards the immediate resistances at 1,515, with the support level of 1,480,” she said. 

The announcement in Putrajaya at 4pm today would be the first key policy under interim prime minister Dr Mahathir Mohamad after the collapse of Pakatan Harapan government on Monday.  

However, while uncertainty drags on, trading for the rest of the day would remain volatile but with an upside bias following yesterday’s conclusion of personal interviews between the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s and the 220 MPs.   

Maybank was up three sen to RM8.36, Tenaga Nasional was eight sen higher at RM12.46 and Public Bank was 16 sen up to RM17.36. 

IHH, meanwhile, declined eight sen to RM5.58 and Petronas Chemicals was down five sen to RM5.80. 

As for top gainers, F&N rose 62 sen to RM31.76 while United Plantation and Malaysian Pacific both inched 28 sen to RM26.68 and RM11.48 respectively. 

Of actives, Advance Synergy and Eduspec both shed half a sen to 21.5 sen and 2.5 sen respectively. – Bernama, February 27, 2020.