Rally continues into midday as appetite for equities grow
KUALA LUMPUR: The FBM KLCI extended its rally into midday on the back of Wall Street's performance overnight.
At 12.30pm, the FBM KLCI was up 12.23 points to 1,482.94. There were 559 gainers compared with 371 decliners..
Trading volume was 1.63 billion shares valued at RM851.92mil.
Commodities plays were the most improved as the US Federal Reserve's dovish comments suggested caution in avoiding a potential recession.
PETRONAS Chemicals rose 17 sen to RM8.81 and Press Metal jumped 14 sen to RM4.72.
Bank counters were also up with Public Bank gaining four sen to RM4.64, CIMB adding five sen to RM5.27 and RHB adding one sen to RM5.84.
Hong Leong Bank however descended 14 sen to RM20.94.,
In the technology sector, MPI rose 82 sen to RM31.72, KESM jumped 52 sen to RM750 and Vitrox gained 21 sen to RM7.61.
Top actives were Metronic up two sen to 15 sen, Zentech gaining one sen to 5.5 sen and MyEG rising one sen to 75.5 sen.
Meanwhile, major Asian markets rose cautiously after detecting a possible slowdown in the pace of US interest rate hikes.
Japan's Nikkei rose 0.2% to 27,779, South Korea's Kospi gained 0.85% to 2,436 and China's composite index climbed 0.6% to 3,294.
Hong Kong stocks however dropped as the monetary authority raised rates by 75 basis points, in lockstep with the Fed hike.
The Hang Seng tumbled 0.6% to 20,554.
In Australia, the ASX200 was up 0.9% to 6,884.