KUALA LUMPUR: Asian markets, including Bursa Malaysia, advanced on Wednesday, Oct 6 following the Bank of Japan's (BoJ) interest rate cut and the higher overnight closing at Wall Street on encouraging services data.
The BoJ unexpectedly cut its policy rate closer to zero and said it would purchase assets, stoking speculation that other central banks, including the US Federal Reserve, will resort to similar measures to stimulate their economies, according to Reuters.
Major US indexes rose 2%, also helped by data showing the pace of growth in the country's services sector accelerated quicker than forecast in September, it said.
The Nikkei 225 was up 1.29% to 9,641.34; the South Korean Kospi gained 1.19% to 1,901.37, Taiwan's Taiex added 0.96% to 8,278.90, Singapore's Straits Times Index rose 0.70% to 3,184.55 while Hong Kong's Hang Seng Index opened 1.6% higher at 23,006.20.
China's stock market is closed until Oct 7 for its national day celebrations.
On Bursa Malaysia, the FBM KLCI rose 5.72 points to 1,477.91 at 10am. Gainers led losers by 307 to 136, while 237 counters traded unchanged. Volume was 230.3 million shares valued at RM221.17 million.
The index had earlier in the morning risen to a high of 1,483,25 before giving up some of its gains.
RHB Research Institute Sdn Bhd said with a timely rebound on the FBM KLCI back to above the 10-day SMA of 1,463, the short-term trading sentiment has returned to positive.
The research house said while it expects jitteries ahead due to the mixed technical momentum readings, a further rebound towards the September high of 1,479.59 could be underway, if it can acquire a confirmation candle today on the back of the overnight rally in the Wall Street.
'In other words, the FBM KLCI must remove 1,479.59 to confirm a further rally towards the higher technical gap near 1,490.5-1,497.64 and the psychological level of 1,500. 'On sustained follow-through buying momentum, the index will march higher to the all-time high level of 1,524.69. Clearly, the immediate support level is at the 10-day SMA of 1,463, and the critical level of 1,450,' it said in a note on Wednesday.
At mid-morning, the top gainer was Nestle, up 80 sen to RM43.80. DiGi added 20 sen to RM25, Amway and Genting gained 10 sen each to RM8 and RM10.14 respectively, AIRB and Tenaga were up nine sen each to RM1.78 and RM8.93 respectively, Landmarks and IJM Land added eight sen each to RM1.42 and RM2.62 respectively, while glove makers Kossan and Supermax rose seven sen each to RM3.16 and RM4.15 respectively.
The top loser was IRM Group that fell 8.5 sen to 38 sen; PLB Engineering fell six sen to 85 sen, Jerneh, Boustead, APM Automotive and Hua Yang fell four sen each to RM2.92, RM5.16, RM4.76 and RM1.11 respectively, while Puncak Niaga and Cymao fell three sen each to RM2.87 and 57 sen respectively.
Hubline was the most actively traded counter with 16.7 million shares done. The stock added half a sen to 17.5 sen. Other actives included Karambunai, Hua Yang, Talam, Oilcorp and Landmarks.
The BoJ unexpectedly cut its policy rate closer to zero and said it would purchase assets, stoking speculation that other central banks, including the US Federal Reserve, will resort to similar measures to stimulate their economies, according to Reuters.
Major US indexes rose 2%, also helped by data showing the pace of growth in the country's services sector accelerated quicker than forecast in September, it said.
The Nikkei 225 was up 1.29% to 9,641.34; the South Korean Kospi gained 1.19% to 1,901.37, Taiwan's Taiex added 0.96% to 8,278.90, Singapore's Straits Times Index rose 0.70% to 3,184.55 while Hong Kong's Hang Seng Index opened 1.6% higher at 23,006.20.
China's stock market is closed until Oct 7 for its national day celebrations.
On Bursa Malaysia, the FBM KLCI rose 5.72 points to 1,477.91 at 10am. Gainers led losers by 307 to 136, while 237 counters traded unchanged. Volume was 230.3 million shares valued at RM221.17 million.
The index had earlier in the morning risen to a high of 1,483,25 before giving up some of its gains.
RHB Research Institute Sdn Bhd said with a timely rebound on the FBM KLCI back to above the 10-day SMA of 1,463, the short-term trading sentiment has returned to positive.
The research house said while it expects jitteries ahead due to the mixed technical momentum readings, a further rebound towards the September high of 1,479.59 could be underway, if it can acquire a confirmation candle today on the back of the overnight rally in the Wall Street.
'In other words, the FBM KLCI must remove 1,479.59 to confirm a further rally towards the higher technical gap near 1,490.5-1,497.64 and the psychological level of 1,500. 'On sustained follow-through buying momentum, the index will march higher to the all-time high level of 1,524.69. Clearly, the immediate support level is at the 10-day SMA of 1,463, and the critical level of 1,450,' it said in a note on Wednesday.
At mid-morning, the top gainer was Nestle, up 80 sen to RM43.80. DiGi added 20 sen to RM25, Amway and Genting gained 10 sen each to RM8 and RM10.14 respectively, AIRB and Tenaga were up nine sen each to RM1.78 and RM8.93 respectively, Landmarks and IJM Land added eight sen each to RM1.42 and RM2.62 respectively, while glove makers Kossan and Supermax rose seven sen each to RM3.16 and RM4.15 respectively.
The top loser was IRM Group that fell 8.5 sen to 38 sen; PLB Engineering fell six sen to 85 sen, Jerneh, Boustead, APM Automotive and Hua Yang fell four sen each to RM2.92, RM5.16, RM4.76 and RM1.11 respectively, while Puncak Niaga and Cymao fell three sen each to RM2.87 and 57 sen respectively.
Hubline was the most actively traded counter with 16.7 million shares done. The stock added half a sen to 17.5 sen. Other actives included Karambunai, Hua Yang, Talam, Oilcorp and Landmarks.
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