KUALA LUMPUR: Key regional markets including the FBM KLCI ended higher on Tuesday as investors hoped the central banks would keep monetary policy loose at meetings this week.
At the close, the FBM KLCI rose 6.10 points or 0.37% to 1,642.08. Turnover was 966.73 million shares valued at RM1.79bil. There were 432 gainers, 230 losers and 312 counters unchanged.
Reuters reported European shares jumped, oil rose and gold snapped a four-day losing streak on Tuesday as investors bet major central banks would keep monetary policy loose.
Reuters said the liquidity provided by central banks has driven the rise in risk asset markets this year despite a patchy recovery in the world economy and investors have been seeking reassurance that the support will continue, it said.
Bank Negara Malaysia's monetary policy committee meeting will be held on Thursday.
Among the key regional markets, Japan's Nikkei 225 rose 0.27% to 11,683.45; Hong Kong's Hang Seng Index up 0.10% to 22,560.50; Shanghai's Composite Index rallied 2.33% to 2,326.31; Taiwan's Taiex 0.83% to 7,932.71 and South Korea's Kospi edged up 0.17% to 2,016.61 while Singapore's Straits Times Index ended 0.3% higher at 3,248.26.
Crude palm oil for third-month futures fell RM14 to RM2,399 following a bearish outlook for the sector. There were also concerns about the conflict in Lahad Datu, Sabah and its impact on plantations in that state.
News reports said palm oil stockpiles probably shrank by the most in 10 months in February, with stockpiles down 5.4% on-month to 2.44 million tonnes. This was the biggest decline since April last year.
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