KUALA LUMPUR: Regional markets rallied on the back of easing US inflation data that showed the Federal Reserve may be done with further interest rate hikes.
Malaysia’s benchmark stock index rallied nine points to 1,460.72 before the lunch break while the broader market was generally higher with 496 gainers compared to 354 decliners.
The morning turnover was 2.54 billion shares exchanging hands for RM1.04bil.
According to the latest print, US headline consumer prices were flat in October, below economist expectations for a 0.1% increase.
The growing signals that the US central bank will end the current cycle of lending rate hikes sent investors into equities and riskier assets.
Japan’s Nikkei jumped 2.4% to 33,482 while South Korea’s Kospi gained 2.1% to 2,484.
In China, the composite index was up 0.45% to 3,069 while Hong Kong’s Hang Seng surged 2.8% to 17,888.
On Bursa Malaysia, shares climbed ahead on the back of the positive sentiment, even as investors awaited the release of corporate results over the next two weeks.
PETRONAS Gas jumped 18 sen to RM17.16 while PETRONAS Gas gained six sen to RM7.33 and Press Metal added three sen to RM4.90.
Bank shares were also lifted including Maybank up three sen to RM8.14, CIMB adding five sen to RM5.78 and Hong Leong Bank rising two sen to RM19.20.
In plantations, Boustead Plantations
paced RM1.03 higher to RM10.92 while United Plantations added 24 sen to RM16.82 and Kuala Lumpur Kepong added 20 sen to RM22.
Top actives were Hong Seng down 0.5 sen to 4.5 sen, Plytec falling two sne to 33 sen and Kanger down one sen to seven sen.
Mycron Steel, which was among the leading actives, surged 14.5 sen to 47.5 sen
Credit: Source link
