Business News

Asian markets rebound at mid-day after US’ promise

Asian markets rebound promise
Most markets around Asia responded positively with a strong rebound after the last few days which suffered huge losses. This came in the wake of the announcement by the US Federal Reserve that they will ensure that the benchmark interest rate will be kept at a record low for at least until the mid of 2013. It also stated that they will try to use other means to help stimulate the economy of the country.

The FBM-KLCI rose 14.09 at the mid day close where there were 633 counters that recorded gains while on the other hand only 183 counters posted losses with 21 unchanged. The turnover value of Bursa Malaysia was at RM1.61billion with 895.507 million shares traded. The news also invoked positives from around the region with only  the Singapore Straits Times Index recorded otherwise where it fell to 2,863.58 points where the country reported that its second quarter’s GDP (Gross Domestic Product) had slowed down to a 0.9% year on year growth. The preceding quarter saw Singapore posted a 9.3% year on year growth. In Japan, the Nikkei was at 9,043.82 points upped by 99.34 points while the Hong Kong Hang Seng Index rose by 632.90 points.