Asian equity rally powered by rate-cut optimism

RECAP: Most Asian equities extended their rallies yesterday, while currencies held onto recent gains amid a bout of Fed-fuelled optimism, after the US central bank flagged likely rate cuts next year.

Thai shares moved in a range of 1,354.73 and 1,398.65 points this week, before closing yesterday at 1,391.03, up 0.7% from the week before, with daily turnover averaging 49.6 billion baht.

Foreign investors were net buyers of 2.17 billion baht, followed by institutional investors at 282.40 million. Retail investors were net sellers of 1.78 billion baht, followed by brokers at 674.37 million.

NEWSMAKERS: The US Federal Reserve left interest rates unchanged this week and signalled three cuts totalling 75 basis points next year, expressing confidence that it has contained inflation without a recession or significant cost to employment.

Wall Street…