Investor sentiment was boosted by expectations that the move will help to stimulate tourism and consumption, according to an analyst.
It is also expected to mitigate the regional supply chain problem, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 11.38 points, or 0.77%, to end the day’s trading at 1,480.93, from yesterday’s closing of 1,469.55.
The market bellwether had opened 2.91 points higher at 1,472.46 and moved between 1,471.91 and 1,481.01 throughout the day.
Market breadth was positive with advancers leading decliners 479 to 418, while 404 counters were unchanged, 908 were not traded, and nine others suspended.
Turnover increased to 3.31 billion units worth RM1.96 billion from yesterday’s 3.24 billion units worth RM1.71 billion.
Thong said the index would likely move higher, within the 1,475 to 1,490 range, tomorrow.
Among the heavyweights, Maybank increased seven sen to RM8.78, Public Bank, IHH Healthcare and Digi rose two sen each to RM4.30, RM6.01 and RM3.86, respectively, while Petronas Chemicals declined five sen to RM8.40 and Hong Leong Bank shed two sen to RM20.34.
As for the actives, Citaglobal bagged three sen to 35.5 sen, Top Glove improved by five sen to 91 sen, Artroniq garnered six sen to 78.5 sen, Green Packet was flat at 6.5 sen, Revenue Group fell 19 sen to 48.5 sen, and Hong Seng Consolidated shed a sen to 17 sen.
On the index board, the FBM Emas Index went up 72.57 points to 10,634.97, the FBMT 100 Index climbed 76.54 points to 10,348.34, and the FBM Emas Shariah Index rose 75.81 points to 10,834.55.
The FBM 70 Index was 83.47 points higher at 13,056.10 while the FBM ACE Index dipped 6.23 points to 5,372.30.
Sector-wise, the financial services index soared 103.82 points to 16,424.36, the plantation index increased 87.27 points to 6,964.81, the industrial products and services index put on 0.44 points to 181.86, and the energy index slipped 7.35 points to 773.88.
The Main Market volume expanded to 2.28 billion shares worth RM1.60 billion today from 2.13 billion shares worth RM1.36 billion yesterday.
Warrants turnover declined to 319.36 million units valued at RM71.90 million against 419.08 million units valued at RM90.17 million yesterday.
The ACE Market volume swelled to 707.22 million shares worth RM287.34 million from 685.72 million shares worth RM259.92 million previously.
Consumer products and services counters accounted for 324.42 million shares traded on the Main Market, industrial products and services (459.29 million); construction (63.92 million); technology (803.68 million); SPAC (nil), financial services (62.54 million); property (104.62 million); plantation (22.16 million); REITs (9.23 million), closed/fund (15,000); energy (102.31 million); healthcare (152.31 million); telecommunications and media (111.61 million); transportation and logistics (41.78 million); and utilities (23.18 million).