The OECD raised its forecast for the economy of its 30-member nations for the first time in two years as it expected the US slump to ease.
Over at the US, as many had expected, the US Federal Reserve decided to hold overnight interest rates in a zero to 0.25% range, the level reached in December, and reiterated that rates would likely stay unusually low for some time.
However, it also cautioned that the economy would remain weak for a time, and the Dow Jones Industrial Average fell yesterday on the news.
The Nikkei 225 rose 2.55% to 9,835.19, Hong Kong's Hang Seng Index added 2.48% to 18,336.70, South Korea's Kospi Index was up 2.69% to 1,400.45, Taiwan's TAIEX Index gained 1.51% to 6,476.36, Singapore's Straits Times Index advanced 1.37% to 2,310.24 while the Shanghai Composite Index was up 0.33% to 2,932.06.
At the Bursa Malaysia, the KLCI jumped 1.42% or 15.05 to 1,072.90, lifted by gains at Tenaga, Maybank, Sime Darby, Genting and BHCB.
Turnover was 830.13 million shares valued at RM758.92 million. There were 423 gainers and 126 losers while 168 counters traded unchanged.
Among the major gainers, Tenaga was up 25 sen to RM7.70; Maybank, Sime Darby and BCHB added 10 sen each to RM5.85, RM6.90 and RM8.90, respectively while Axiata rose 7 sen to RM2.36.
Genting and Telekom added 15 sen each to RM5.85 and RM2.99, YTL Corp up 20 sen to RM6.90, MMC Corp up 9 sen to RM1.99 while PPB Group rose 30 sen to RM11.40.
Pharmaniaga was the top loser at midday and fell 30 sen to RM3.90; Nestle lost 25 sen to RM31, Aturmaju down 20 sen to 60 sen and Milux fell 15 sen to RM1.35.
Meanwhile, MAHB lost 6 sen to RM3.18, Sarawak Energy fell 4 sen to RM2 ,Star lost 2 sen to RM3.12, LPI Capital down 10 sen RM10.90 and UBG lost 6 sen to RM2.78.
KNM was the most actively traded counter this morning with 61.4 million shares done. The stock moved up 4 sen to 89.5 sen.
MK Land was also actively traded with 32.93 million shares done, and the stock added 5 sen to 44.5 sen.
Other actively traded stocks included Tebrau Teguh, UEM Land, Jaks Resources, Scomi, Talam and Mulpha.
Crude palm oil futures rose RM62 to RM2,312 per tonne at noon today, while crude oil added 5 cents to US$68.70 per barrel.