KUALA LUMPUR: Bursa Malaysia tracked Wall Street’s in a single day surge as buyers rallied on the US Federal Reserve’s quarter-percentage level charge hike.
While broadly anticipated, the 25bps enhance dispelled fears that the central financial institution would elevate charges in bigger increments of 50bps and even 75bps to chill an overheating financial system.
However, analysts say the plan to boost rates of interest by six extra occasions this yr and proceed elevating borrowing prices subsequent yr is extra aggressive than had been anticipated.
At 9.05am, the FBM KLCI was up 9.01 factors to 1,580.33 as blue chips moved broadly larger amid the improved sentiment.
Market breadth in the meantime was overwhelmingly constructive with 311 gainers in comparison with 61 decliners.
Among banks, Maybank rose six sen to RM8.96, Public Bank added 4 sen to RM4.56 and CIMB climved 5 sen to RM5.35.
Meanwhile, Brent crude rebounded to US$99.11 a barrel after slumping for a 3rd straight session in a single day to US$98.02 a barrel.
Petronas Chemicals rose 12 sen to RM9.43 and Petronas Gas climbed 32 sen to RM17.22.
In expertise counters MPI added RM1.76 to RM33.32, Vitrox gained 27 sen to RM6.74 and D&O rose 17 sne to RM4.28.
Most actives have been DNeX up two sen to RM1.02, ATA IMS
down 0.5 sen to 39 sen and NWP unchanged at 26.5 sen.
