KUALA LUMPUR: The FBM KLCI continued picking up points in the late session as momentum built over the prospect over an oil deal and the Malaysian government announced more fiscal measures to aid ailing SMEs.
At 5pm, the benchmark index was up 11.04 points to 1,341.69. The market displayed heavy trading interest with a day’s value of RM2.61bil on the back of 5.98 billion shares exchanging hands.
Optimism underlined the activity as 738 counters saw positive performances while only 183 declined and 281 were unchanged.
According to news reports, US diplomats said negotiations between major oil producers were seeing progress, lending a boost to oil prices.
The news sent oil and gas counters higher, led by Hibiscus Petroleum which rose six sen to 51 sen as the most actively traded counter on Bursa Malaysia.
Also helping to lift sentiment, the nationwide address by Prime Minister Tan Sri Muhyiddin Yassin revealed further initiatives by the government to mitigate the effects of the pandemic on the domestic economy.
Among the measures, the premier said the wage subsidy will be increased and a special grant extended to applicable micro-enterprises, alongside the zerorisation of interest for a micro credit scheme under Bank Simpanan Nasional.
He also announced a reduction of rentals for SMEs on government-owned premises and…