Investors took heart from the support measures unveiled by the US Federal Reserve to combat the Covid-19 fallout.
The FBM KLCI was up 39.48 points or 3.13% to 1,299.36. Turnover was 3.17 billion shares valued at RM2.18bil. Advancers beat decliners or nearly five to one with 756 gainers, 155 losers and 246 counters unchanged.
Reuters reported China stocks tracked broader Asia higher also on the Fed’s move to ease a global cash crunch, although gains were capped due to a sharp rise in new coronavirus cases in China. The Shanghai Composite index was up 2.3% at 2,722.44.European shares attempted another rebound after slumping in the previous session, as a fresh round of monetary and fiscal stimulus offered some relief even as the coronavirus pandemic spreads rapidly across the globe, the wire reported.
At Bursa, the regulators decision to halt short-selling activities helped steady the market which was already battered by the Covid-19 and oil price collapse.
Banks led the KLCI higher with Public Bank, Hong Leong Bank and Maybank underpinning the index.
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