KUALA LUMPUR (March 17): CIMB Group Holdings Bhd became the most sought-after component stock of the FBM KLCI and reached a new high for this year of RM4.82, on the day investors turned back to Asian equities after the US Federal Reserve’s (the Fed) decision to leave the interest rates untouched.

At noon break, Malaysia’s second largest lender by assets settled 13 sen or 2.8% higher at RM4.77, or five sen short of its highest point today. A total of 14.97 million CIMB Group shares traded hands by then, earning the counter the 11th place on Bursa Malaysia’s most active list.

Bloomberg data showed CIMB Group not only had the biggest trading volume among the KLCI constituents as at time of writing; its relative gains were the handsomest of them all, while Genting Malaysia Bhd trailed closely with a 2.57% rise to RM4.39.

The KLCI was up by 0.65% at 12:30 pm to 1,704.51 points.

Asian shares gained across the board on Thursday and the dollar was on the defensive after suffering substantial losses, as risk appetite revived after the US Federal Reserve reduced the number of interest rate hikes expected this year, Reuters reported.

Asian equities took their cue from Wall Street, where the S&P 500 closed at its highest level this year, following the U.S. central bank's cautious message.

The Fed concluded a closely-watched two-day policy meeting on Wednesday by leaving interest rates untouched as expected, and signalling fewer rate hikes in coming months, as the United States continues to face risks from an uncertain global economy.