KUALA LUMPUR: The FBM KLCI passed the 1,700-point mark in the early Tuesday session as an upturn in investor sentiment over global growth lent a lift to equities.
Petronas Chemicals was the strongest-performing counter on the 30-stock index, advancing 30 sen to RM8.87 amid a rising trend in crude oil prices.
At 12.30pm, the FBM KLCI was up 11.09 points to 1,703.83, meeting the 100-day simple moving average, a crossing of which would signal improving sentiment.
Trading volume was 1.64 billion shares valued at RM1.03bil. There were 393 advancers versus 296 decliners and 380 counters unchanged.
Asian and emerging markets have turned more bullish over recent days as investors remain hopeful over the ongoing US-China negotiations. Another round of trade talks is set to take place in Washington later today.
Meanwhile, the US Federal Reserve's more dovish outlook for 2019 has preceded signs of global central banks starting a process of monetary easing, which bodes well for emerging markets.
Among key indices, the Shanghai Composite Index gained 0.25%, Japan's Nikkei rose 0.15%, Hong Kong's Hang Seng was up 0.1% and Australia's ASX200 was up 0.8%.
South Korea's Kospi bucked the trend with a marginal 0.1% slide.
In Southeast Asia, the Philippines PSE Composite Index and Thailand's SE Index also went against the grain with light losses in both counters.
Back home, KLCI counters seeing buying interest include IHH rising 11 sen to RM5.72, IOI gaining 13 sen to RM4.70 and Axiata advancing eight sen to RM4.09.
Most actively traded stocks were Sapura Energy
rising one sen to 31.5 sen, Bumi Armada sliding 0.5 sen to 22 sen and EA Holdings adding 0.5 sen to two sen.
In commodities, the Opec supply cuts continued to support crude oil prices although the caution over global demand kept a cap on prices.
Brent crude oil prices retreated from its 2019 high in the previous session, falling 25 cents to US$66.27 a barrel. US crude rose 24 cents to US$55.83 a barrel, remaining off its previous session high.
On the forex market, the ringgit was little changed against the greenback at 4.0870. It rose 0.1% against the pound sterling at 5.2715 and 0.1% against the Singapore dollar at 3.0105.
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