Global optimism shores up equities prices
KUALA LUMPUR: The rally on the domestic market continued over the morning session as optimistic corporate earnings results in US helped to alleviate fears of an economic slowdown.
At 12.30pm, the FBM KLCI was up 7.71 point to 1,436.47.
The improved investor sentiment was seen across the market with 525 gainers compared with 238 decliners recorded.
Trading volume was 1.41 billion shares valued at RM639.64mil.
Leading the rally was PETRONAS Chemicals climbing 24 sen to RM8.54 and Press Metal rising nine sen to RM4.29.
Bank stocks also climbed with Maybank rising three sen to RM8.59, Public Bank adding two sen to RM4.42, RHB climbing five sen to RM5.71 and Hong Leong Bank gaining four sen to RM20.12. CIMB shed three sen to RM5.07.,
The optimism also extended to the telco sector as Maxis added three sen to RM3.37, Axiata rose five sne to RM2.71 and Digi put on five sen to RM3.44.
Technology counters were boosted by a jump of over 3% on the tech-heavy Nasdaq overnight. MPI gained RM1.32 to RM30.32 and Vitrox rose 24 sen to RM7.25.
Of actives, MMAG was down 0.5 sen to 4.5 sen, Bintai Kiden rose four sen to 12.5 sen and G3 was unchanged at four sen.
Meanwhile, major Asian markets were also buoyed by the overnight Wall Street rally while the resumption of gas supply from Russia to Europe via the Nord Stream pipeline eased fears of a recession.
Japan's Nikkei rallied 2.5% to 27,622, South Korea's Kospi rose 1% to 2,393 and China's composite index climbed 0.7% to 3,301.
In Hong Kong, the Hang Seng gained 1.75% to 21,020 while Australia's ASX200 jumped 1.5% to 6,749.