HONG KONG, June 30: Asian stock markets shot higher on Friday on Wall Street's lead after the Federal Reserve hinted at a pause in US interest rate rises, soothing fears over slowing global growth, dealers said.
They said that while the Fed hiked interest rates by an as expected 25 basis points to 5.25 per cent Thurday, it also rewrote its policy statement in a way that raised hopes that an end to its monetary tightening was close.
TOKYO: Japanese share prices jumped over two per cent, topping 15,500 points for the first time in almost four weeks on hopes that US interest rates are close to peaking, dealers said.
HONG KONG: Hong Kong share prices closed 2.54 per cent higher and back above the key 16,000 points level as interest rate worries eased after the US Federal Reserve's statement overnight suggested it has softened its stance on monetary policy, dealers said.
SYDNEY: Australian shares closed 1.53 per cent higher, picking up on Wall Street's sharp overnight gains as the latest US Federal Reserve statement was taken to mean its rate hike cycle is nearing an end, dealers said.
SINGAPORE: Singapore share prices closed 2.04 per cent higher in line with other regional markets as concerns over the prospect for further US interest rate increases eased, dealers said.
KUALA LUMPUR: Malaysian share prices closed 0.46 per cent higher, supported by firmer regional markets and mid-year window-dressing activity in selected blue chips, dealers said.
JAKARTA: Indonesian share prices closed 2.79 per cent higher, in line with firmer regional markets as investors reacted positively to a US Federal Reserve signal of a possible softening in its interest rate stance, dealers said.
WELLINGTON: New Zealand share prices closed 0.11 per cent higher, drawing strength from Wall Street after a rally by top stock Telecom fizzled out in late trade, dealers said.
MUMBAI: Indian shares prices closed 4.4 per cent higher, in line with firmer Asian markets after the US Federal Reserve signaled it may pause in its rate hiking cycle, dealers said.—AFP
