KUALA LUMPUR (March 24): The FBM KLCI closed 2.84% higher at the noon market break, with a majority of the component stocks on the up alongside regional rise on news of the US Federal Reserve (Fed) pledge to stabilise the financial system.

At 12.30pm, the benchmark index ended the morning session up 35.73 points at 1,295.61, after touching a high of 1,296.17 earlier, with banking stocks leading the gains.

The 30 component stocks saw some 50.23 million shares valued at RM228.38 million exchange hands in the morning session.

Meanwhile, the small cap indices gained faster than the big caps, with the FBM Small Cap Index up 3.3% while the FBM Ace Index rose 3.66%.

Across the wider Bursa Malaysia, trading volume stood at 1.6 billion shares valued at RM917.59 million. Some 595 counters traded higher, compared with 171 decliners while 217 counters traded unchanged.

The gainers were led by Dutch Lady Milk Industries Bhd (up RM2.70 or 7.24% to RM40), Hong Leong Bank Bhd (up RM1.42 or 11.18% to RM14.12), and Public Bank Bhd (up RM1.24 or 8.92% to RM15.14).

Decliners were led by Shangri-La Hotels (M) Bhd (down 35 sen or 7.2% to RM4.51), Ayer Holdings Bhd (down 20 sen or 3.85% to RM5) and Rapid Synergy Bhd (down 15 sen or 2.44% to RM6.01).

The actives include Vortex Consolidated Bhd, Sapura Energy Bhd and Hibiscus Petroleum Bhd.

On commodities, Brent crude oil futures pared some gains to hover at US$27.83/bbl, still up 2.96% from Monday’s close.

However, crude palm oil futures for April fell to RM2,347/tonne, although futures for May through August traded higher.

Sector-wise, the Financial Services Index and Technology Index held steady at 5.28% and 5.26% higher respectively, while the Energy Index pared some morning gains to 4.91% at the noon break. Meanwhile the Plantation Index erased earlier losses to trade up 0.12%.

Elsewhere, Japan’s Nikkei 225 rose 5.46%, South Korea’s Kospi rose 6.11%, Hong Kong’s HSI rose 3.56% while Singapore’s STI rose 2.87%.

CNBC reported that shares in Asia jumped on Tuesday afternoon trade, with shares in Japan and South Korea leading gains among the region’s major markets.

The Fed announced an open-ended asset purchase program on Monday, while Germany is set to unveil major stimulus measures as the death toll from the virus rises throughout Europe, the news agency reported.

At home, Malaysia’s health director-general is scheduled to address a press conference on the Covid-19 outbreak at 5pm.