KUALA LUMPUR: A strong rally in global equities overnight lent the domestic market an upward push after three consecutive days of steady selling.
Crude oil prices fell more than 10% overnight as investors took profit after top diplomats from Russia and Ukraine agreed to meet for peace talks.
Brent crude dropped US$15.09 or 11.79% to US$112.89 a barrel in the strongest pullback since the start of the Russia-Ukraine war.
"On the commodity markets, crude oil cooled down after the positive progress between Ukraine and
Russia, and OPEC is willing to raise output," said Malacca Securities Research.
Major US indices reacted accordingly with the Dow Jones adding 2%, S&P500 gaining 2.6% and the tech-heavy Nasdaq surging 3.6%.
At 9.10am, the FBM KLCI was up 10.6 points to 1,572.93.
Bank counters were seen bouncing higher, led by Maybank rallying 13 sne to RM8.94, Public Bank jumping 10 sen to RM4.50, CIMB gaining 11 sen to RM5 and Hong Leong Bank adding 12 sen to RM20.02.
Meanwhile, Press Metal
slumped 26 sen to RM6.61.
Plantation counters also dove on retreating crude palm oil prices. Kuala Lumpur Kepong dropped 50 sen to RM26.40, IOI slid nine sen to RM4.23 and Sime Darby Plantation shed 17 sen to RM5.15.
Technology stocks also rallied as it tracked the Nasdaq's overnight surge.
MPI rose RM1.42 to RM31.30, Vitrox gained 30 sen to RM6.76, D&O climbed 19 sen to RM3.94 and Pentamaster climbed 19 sen to RM3.20.
Top actives included Hibiscus Petroleum down 18 sen to RM1.16, DNeX falling one sne to RM1.04 and Focus unchanged at three sen.
Crude oil prices fell more than 10% overnight as investors took profit after top diplomats from Russia and Ukraine agreed to meet for peace talks.
Brent crude dropped US$15.09 or 11.79% to US$112.89 a barrel in the strongest pullback since the start of the Russia-Ukraine war.
"On the commodity markets, crude oil cooled down after the positive progress between Ukraine and
Russia, and OPEC is willing to raise output," said Malacca Securities Research.
Major US indices reacted accordingly with the Dow Jones adding 2%, S&P500 gaining 2.6% and the tech-heavy Nasdaq surging 3.6%.
At 9.10am, the FBM KLCI was up 10.6 points to 1,572.93.
Bank counters were seen bouncing higher, led by Maybank rallying 13 sne to RM8.94, Public Bank jumping 10 sen to RM4.50, CIMB gaining 11 sen to RM5 and Hong Leong Bank adding 12 sen to RM20.02.
Meanwhile, Press Metal
slumped 26 sen to RM6.61.Plantation counters also dove on retreating crude palm oil prices. Kuala Lumpur Kepong dropped 50 sen to RM26.40, IOI slid nine sen to RM4.23 and Sime Darby Plantation shed 17 sen to RM5.15.
Technology stocks also rallied as it tracked the Nasdaq's overnight surge.
MPI rose RM1.42 to RM31.30, Vitrox gained 30 sen to RM6.76, D&O climbed 19 sen to RM3.94 and Pentamaster climbed 19 sen to RM3.20.
Top actives included Hibiscus Petroleum down 18 sen to RM1.16, DNeX falling one sne to RM1.04 and Focus unchanged at three sen.
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