KUALA LUMPUR, Jan 23 (Bernama) -- Bursa Malaysia’s benchmark index recouped earlier losses to settle higher, maintaining a more than six-year high, buoyed by continued buying interest in technology stocks, while the strengthening of the ringgit against the US dollar further lifted investor sentiment. At 2.27 pm today, the local currency strengthened to 3.9992 versus the greenback, its strongest level in more than seven years. It was last seen at this level on June 18, 2018, at 3.9960/9990. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.85 points or 0.17 per cent to 1,719.99 from yesterday’s close of 1,717.14. The index surpassed its previous peak of 1,719.00 recorded on Feb 26, 2019. The barometer index opened 1.30 points lower at 1,715.84 and moved between an intraday low of 1,711.89 in early trade and a high of 1,723.41 in late afternoon before slipping slightly toward the close. However, market breadth was negative with decl...
Asian equities surged to record highs, led by a renewed technology rally after blowout earnings from Taiwan Semiconductor Manufacturing Co reassured investors that the artificial intelligence (AI) boom remains durable.
The MSCI Asia-Pacific Index rose 0.3% to a fresh all-time high, marking its fourth consecutive weekly gain. Technology shares across the region advanced strongly, while South Korea’s benchmark index — closely tied to the AI theme — also reached new peaks. TSMC shares climbed to their highest level ever, reigniting risk appetite across global markets.
The optimism spilled into US markets, with futures for the S&P 500 and Nasdaq 100 both rising, signalling continued strength in global tech sentiment. Investors who had previously worried about stretched valuations and heavy AI-related spending appear reassured by earnings that support ongoing data-centre demand.
Market confidence has also been supported by stronger-than-expected US economic data, prompting investors to rotate back into risk assets. Meanwhile, US Treasury yields remained largely range-bound, reflecting expectations that US monetary policy will stay stable, though bond investors remain cautious given historical precedents of sharp moves after prolonged calm.
In Asia, attention is turning to Japan, where the yen is approaching ¥160 per US dollar, reviving speculation of possible official intervention. The currency’s weakness has implications for inflation and future interest-rate decisions as the central bank prepares for a likely policy hold.
Geopolitics remains a background risk, with rising tensions in the Middle East and increased military presence in the region. Separately, a new US–Taiwan trade agreement is set to lower tariffs and boost semiconductor investment, reinforcing Asia’s strategic role in the global tech supply chain.
Key Takeaways
Asian stocks hit record highs, led by technology and AI plays
TSMC earnings eased concerns over AI overheating
MSCI Asia-Pacific Index marks fourth straight weekly gain
Global tech sentiment lifted US equity futures
US monetary policy stability keeps bond yields range-bound
Japan yen near 160/USD raises intervention concerns
US–Taiwan trade pact strengthens semiconductor outlook
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