Asian Bourses in a Sea of Green After Fed Chair Sets to Slow Rate Hikes

Kuala Lumpur, December 1 – Bursa Malaysia ended Thursday trading day in a palely positive note, with the FBM KLCI gained 2.71 points or +0.18% at 1,491.51. The benchmark index was buoyed by the banking and plantation heavyweights and also was taking the positive cue from the Wall Street performance overnight.

Most Asian bourses ended in green after Federal Reserve Chair Powell said the central bank is set to slow its pace of interest rate hikes.

The news of loosening of some Covid-curbs in China also ignites hopes for a full reopening soon. With that the Chinese stock markets extended its northward trend, with the Shanghai Composite index gained 0.45% to over two-month highs. Whilst Hong Kong’s Hang Seng index also clinbed 0.75% to a two-month high, the index narrowed its bigger gains in the earlier hours.

After pockets of protests against the government’s strict zero-COVID policy, the scaling back of some COVID curbs in Guangzhou and Chongqing were announced.

The pressing factors i.e. worsening economic growth and increasing public ire might push Beijing into further loosening its strict zero-COVID policy.

Japan’s Nikkei 225 index, the best performer of the Asia-Pacific region, advanced 0.92%, buoyed by stronger-than-expected capital spending figures for the third quarter- a small bright spot in Japan’s otherwise beleaguered economy.

South Korean’s KOSPI rose 0.3% after data showed the country’s trade deficit worsened in November. 

** The FTSE BM KLCI opened at 1,490.80. The index fluctuated between 1,487.34 – 1,497.24.

** 711 counters are gainers, 379 counters are unchanged, while 344 counters are decliners.

** Total volume of 3.941 billion shares changed hands; while Turnover of RM 3.069 billion

** The Top 5 Gainers: MPI (31.70, +3.90); PANAMY (23.90, +1.00); FANG-2XL (5.70, +0.64); KLK (21.40, +0.50); HEIM (25.48, +0.48)

** The Top 5 Losers: NESTLE (137.50, -1.40); PETDAG (23.00, -0.78); SP500-H13 (1.13, -0.44); BKAWAN (20.60, -0.28); HSI-HE2 (0.585, -0.25)

** The Top 5 Active: INFOM (0.82, +0.24); LEFORM (0.22, +0.035); MYEG (0.95, +0.065); GPACKET (0.07, +0.015); ASB (0.175, -0.015)

Singapore’s Straits Times Index (STI) gained 3.16 points or +0.1% to 3,293.65; Hong Kong’s HSI climbed 139.21 points or +0.75% at 18,736.44; Japan’s Nikkei 225 Index advanced 257.09 points or +0.92% at 28,226.08; Shanghai’s SSE Composite Index up 14.14 points or +0.45% at 3,165.47; Korea’s Kospi Index ticked up 7.31 points or +0.3% at 2,479.84; Australia’s S&P/ASX 200 Index gained 70.20 points or +0.96% at 7,354.40.

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