KUALA LUMPUR: Bursa Malaysia tracked the positive performance on Wall Street, which jumped after the US Federal Reserve lifted a cloud of uncertainty over its interest rate policy.

While the central bank unveiled plans to aggressively unwind its bond-buying programme and raise its interest rates three times next year, the decision came as expected and gave investors some much-needed confirmation over the policy timeline.

At 9.05am, the FBM KLCI was up 3.56 points to 1,486.37, suggesting relief over the positive reaction in US markets.

“Despite the Fed signalling a quicker pace of taper and three rate hikes in 2022 to fight inflation, Wall Street rebounded and cheered positively on the move.

“We believe the buying interest may spill over on the local front, especially on the technology stocks, mirroring the movement on the Nasdaq,” said Malacca Securities Research.

The US tech-heavy Nasdaq index had jumped 2.15% overnight as it reversed course from the negative performances seen on Monday and Tuesday, lending a boost to global tech counters.

In early trade, MPI rose 44 sen to RM48.55, Vitrox gained 32 sen to RM19.92 and Pentamaster rose nine sen to RM5.45.

Meanwhile, industrial electronics manufacturer Aurelius Technologies made its debut on the Main Market today, opening at RM1.41, a five sen or 3.68% advance from its reference price of RM1.36.

Among blue chips on the FBM KLCI, banks stocks were mostly higher led by Maybank up two sen to RM8.12, Hong Leong Bank adding 14 sen to RM18.26 and CIMB gaining three sen to RM5.19.

In commodity plays, Petronas Chemicals fell three sen to RM8.58 while Sime Darby Plantation rose five sen to RM3.66 and Press Metal was unchanged at RM5.30.



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