KUALA LUMPUR: Key Asian markets staged a broad rally on Thursday, with the FBM KLCI surging nearly 20 points powered by gains in CIMB, Axiata and Sime Darby, after the US Federal Reserve raised interest rates.
This brought relief to investors as the Fed signalled no pick-up in the pace of tightening. Reuters reported investors had feared the Fed was considering faster hikes that buoy the dollar and lure funds out of emerging markets and back to the US.
At 5pm, the KLCI was up 19.78 points or 1.15% to 1,737.14. Turnover was 3.40 billion shares valued at RM3.61bil. Advancers beat decliners more than two to one with 666 gainers to 286 losers and 360 counters unchanged.
The ringgit rose 0.23% against the US dollar at 4.4385 from the previous close of 4.4488. However, it slipped 0.02% against the pound sterling to 5.4403 from 5.4392 and lost 0.35% against the Singapore dollar to 3.1594 from 3.1484. It fell against the Euro, skidding 0.52% to 4.7539 from 4.7295.
CIMB rose 23 sen to RM5.59 and added 3.4 points to the KLCI. Maybank gained 10 sen to RM8.85, RHB Bank seven sen to RM5.25, AmBank four sen to RM4.85, Hong Leong Bank and Public Bank two sen higher at RM13.60 and RM19.88. HLFG added 32 sen to RM16.
As for telcos, Axiata rose 14 sen to RM4.81, Telekom added five sen to RM6.36, Maxis three sen higher at RM6.40 and Digi three sen to RM5.15.
The positive sentiment also spilled over to the plantations sector. Crude palm oil for third-month delivery rose RM49 to RM2,790 per tonne.
Sime Darby rose 17 sen to RM9.30 and nudged the KLCI up 1.92 points, KL Kepong 20 sen higher at RM24.70, PPB Group and IOI Corp four sen each to RM19.88 and RM4.70. Matang added 1.5 sen to 14 sen with 69.60 million shares done.
US light crude oil added 50 cents to US$49.36 and Brent 51 cents higher at US$52.32.Petronas Chemicals was flat at RN7.28, Petronas Gas four sen higher at RM19.80 while Petronas Dagangan added 12 sen to RM23.62.
Hong Kong's Hang Seng Index closed at a 19-month high on Thursday after the Federal Reserve hiked its benchmark policy rate by 25 basis points overnight, as widely expected.
The move was matched by Hong Kong's central bank, as the city's currency is pegged to the US dollar, but some commercial banks kept their best lending rates unchanged, Reuters reported.
Among the key regional markets,
Japan’s Nikkei 225 edged up 0.07% to 19,590.14;
Hong Kong’s Hang Seng Index advanced 2.08% to 24,288.28;
CSI 300 added 0.52% to 3,481.51;
Shanghai’s Composite Index added 0.84% to 3,268.94;
Hang Seng China Enterprise jumped 2.47% to 10,526.46;
Taiwan’s Taiex climbed 1% to 9,837.
South Korea’s Kospi added 0.8% to 2,150.08 and
Singapore’s Straits Times Index climbed 0.83% to 3,163.52
Spot gold rose US$4.60 to US$1,224.48
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