KUALA LUMPUR: Bursa Malaysia rose higher today on news that Budget 2021 was passed in Parliament.
At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 14.53 points higher at 1,612.11 compared with yesterday’s close of 1,597.58.
The index moved between 1,590.65 and 1,612.78 during the day.
Across the broader market, gainers thumped losers 816 to 412 while 627 counters were unchanged, 323 untraded and 34 others suspended.
Total volume stood at 8.88 billion units worth RM4.68 billion from yesterday’s 8.93 billion units worth RM4.22 billion.
An analyst said with the budget being passed, the main obstacle in terms of funding the government’s operations as well as development plans had been cast away.
“This will raise market sentiment and, combined with a positive equity environment, the overall Bursa Malaysia market is heading towards an upward momentum until year-end barring unforeseen circumstances.”
The Supply Bill 2021, which covers Budget 2021, was approved with a majority voice vote after attempts by several MPs to initiate bloc voting failed when only 13 MPs stood up, fewer than the required 15.
The analyst said that the budget approval had also erased concerns of a possible shift in government yet again during these challenging times.
Meanwhile, Top Glove staged a rebound, rising 40 sen to RM7.05, partly driven by a share buy-back, while Telekom Malaysia added 16 sen to RM5.00, IHH increased four sen to RM5.60, and Axiata inched up three sen to RM3.35.
On the index board, the FBM Emas Index was 127.21 points higher at 11,567.64, the FBMT 100 Index rose 120.68 points to 11,350.54, the FBM Emas Shariah Index jumped 214.77 points to 13,308.63, and the FBM 70 advanced 229.09 points to 14,769.06.
The FBM ACE climbed 21.83 points to 10,601.30, the Industrial Products and Services Index picked up 2.80 points to 161.41 and the Plantation Index added 36.84 points to 7,350.37, but the Financial Services Index slipped 22.27 points to 14,205.14.
The Main Market volume declined to 4.13 billion shares worth RM3.37 billion from 4.78 billion shares worth RM3.47 billion on Wednesday.
Volume on the ACE Market, meanwhile, rose to 3.90 billion shares worth RM1.14 billion from yesterday’s 2.50 billion shares worth RM644.99 million.