KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
Asian equities are expected to rise on Thursday, buoyed by a weaker yen and stimulus measures from Beijing, providing support for the region’s two largest stock markets. Equity futures in Japan, Hong Kong, and Australia all advanced, indicating a positive outlook for Asian markets after a brief pause in the rally earlier this week.
The Hong Kong futures gains come despite a dip in a benchmark of US-listed Chinese companies, suggesting some fatigue in the stimulus-driven rally that has boosted Chinese equities this week. Asian stocks had been trading near their highest levels since early 2022, following a four-session rally.
In the US, equity futures edged higher in early Asian trading, with Micron Technology Inc surging over 10% after delivering a strong revenue forecast post-market. Meanwhile, Treasury yields advanced, supporting the dollar, which climbed 0.7%. The yen held steady after a 1% drop against the dollar in the previous session.
Investors in the US are watching for signs of recovery in the housing market, with new home sales down last month but mortgage rates dropping for eight consecutive weeks, spurring home-buying demand. Zillow’s chief economist, Skylar Olsen, noted that mortgage rates have likely reached their expected low for the near future.
China Stimulus Measures Boost Optimism
China’s central bank has recently surprised markets with a broad package of monetary stimulus, and more fiscal measures are expected in the coming days as President Xi Jinping’s Politburo prepares to meet ahead of a weeklong holiday. In a rare move, authorities announced direct cash handouts to people in extreme poverty, signaling a strong commitment to stimulating the economy.
Elsewhere in Asia, investors are awaiting key economic data, including industrial production in Singapore, machine tool orders in Japan, and Hong Kong trade data, which are set for release later in the day.
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