KUALA LUMPUR: Asian markets rallied in early trade on Tuesday, as investors rushed back into equities, spurred by massive gains on Wall Street following the massive rescue plan for the European and US financial institutions.
At 9.30am, the KL Composite Index was up 18.58 points or 1.95% to 969.34. Turnover was 136.7 million shares valued at RM222.4mil. There were 327 gainers, 38 losers while 86 counters were unchanged.
Japan’s Nikkei 225 led the rally, surging 13.08% or 1,082 points to 9,359.08, Singapore’s Straits Times Index jumped 6.29% to 2,206.98 while Shanghai’s A Share Index opened 3.32% higher at 2,250.23.
Light crude oil rose US$1.86 to US$83.05 while the ringgit strengthened to RM3.484 against the US dollar.
Stocks on Wall Streets rallied last night as investors reacted positively to the US Government’s plan to buy stakes in banks and Federal Reserve’s US$700bil rescue plan for the troubled financial system.
Most of the European equity bourses also rebounded after the countries leaders promised to inject funds into the financial market, as the British Government pledged to pump US$63bil into the Royal Bank of Scotland, HBOS and Lloyds TSB.
“Following these positive vibes, investors in the regional bourses in Asia, including Malaysia may be cheered up and motivated to pick up their investment appetite again, especially on blue chips stocks which have been severely battered in the past one week,” said HwangDBS Vickers Research.
DiGi, Shell and Public Bank foreign rose 40 sen each to RM22.80, RM10.10 and RM8.80 respectively while Tanjong and PPB added 30 sen each to RM12.70 and RM8.20. BCHB and LPI gained 25 sen each to RM7.65 and RM9.55.
KNM was the most active with 16.3 million shares done, rising two sen to 98.5 sen. IOI Corp rose 12 sen to RM3.62 while AMMB gained five sen to RM2.57.
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