Bursa picks up as investors flock to equities

KUALA LUMPUR: The FBM KLCI maintained a strong lead at midday as a investor sentiment in equities markets turned positive following a greater sense of certainty over US interest rate hikes and falling bond prices.

At 12.30pm, the benchmark index was up 13.02 points to 1,598.83 as bank counters rallied amid expectations of a higher interest rate environment.

Maybank rose nine sen to R8.92, Public Bank gained two sen to RM4.64, CIMB climbed seven sen to RM5.37 and Hong Leong Bank added 50 sen to RM20.66.

Press Metal rose 17 sen to RM6.16, IHH gained five sen to RM6.56 and IS added six sen to RM7.31.

Meanwhile, tech counters were up with MPI adding RM1.82 to RM37.92, Vitrox rising 58 sen to RM8.39, KESM climbing 34 sen to RM9 and D&O gaining 28 sen to RM4.77.

Top actives were CSH up 0.5 sen to 16.5 sen, Sapura Energy unchanged at 3.5 sen and Pasukhas flat at two sen.

Meanwhile, Asian equities rallied as bond prices tumbled following expectations of more aggressive US rate hikes.

Japan's Nikkei surged 2.7%, South Korea's Kospi rose 0.5% while China's composite index erased earlier gains to fall 0.1%.

Hong Kong's Hang Seng jumped 1.7% and Australia's ASX200 gained 0.6%