The FBM KLCI closed up 0.31 point or 0.02% at 1,369.85 today while Bursa Malaysia’s ACE Market index rose by a significantly larger quantum as world equities responded to news that the Bank of Japan (BOJ) expanded monetary stimulus and pledged to buy an unlimited amount of bonds to mitigate the economic impact of the Covid-19 pandemic.
In Malaysia, analysts said the local stock market will take cue from the country’s Movement Control Order (MCO) and global crude oil prices.
Across Bursa at 5pm, 5.18 billion shares were traded for RM2.24 billion across the exchange. There were 469 gainers and 369 decliners.
“The local market is likely to fall back into profit-taking consolidation mode this week, given the softening trend momentum following last week’s correction after rallying to five-week highs. Sentiment-wise, with potential for further extension on top of the two-week extension on the MCO to May 12, more evidence of a sustained contraction in daily domestic Covid-19 infection rates and further oil price recovery from record lows will be crucial to extend recovery ahead,” TA Securities Holdings Bhd wrote in a note today.