At 5pm, the KLCI was up 22.01 points or 1.66% to 1,350.89. Year-to-date, the KLCI is down 14.97%, despite last week’s rally ahead of the RM250bil stimulus package to offset the severe impact from the coronavirus.
Billions of ringgit had been wiped out from the local stock market as foreign funds fled. The regulators’ move to halt short selling activities helped somewhat to steady the market.Reuters reported world stocks looked set to close their worst quarter since 2008 on a brighter note, as strong Chinese factory data held out hope for an economic revival even as much of the rest of the world shut down to fight the coronavirus.
Among the banks, Maybank rose 14 sen to RM7.45 and added 2.42 points to the KLCI, CIMB advanced nine sen to RM3.60 and Public Bank eight sen to RM15.90 while Hong Leong Bank advanced four sen to RM13.46. RHB Bank shed 10 sen to RM4.69.
YAY ‼️ The Malaysian economy is GOING UP whilst we're all in lockdown and all business closed!! The casino 🎲 is a superb indicator of the FALSE ECONOMY 😎
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