FBM KLCI rises as borders reopen

KUALA LUMPUR: After a negative start, the FBM KLCI bounced higher to enter the lunch break 6.36 points higher at 1,593.72.

The domestic market's performance defied the performance of major Asian markets, which turned lower in line with the pullback on Wall Street overnight.

Hanging overhead was the growing uncertainty over developments in the Ukraine-Russia war and expectations of a supply crunch in Europe's oil markets.

Leading the rally, Malaysian banks were buoyed by the prospects a recovering economy as the country's borders reopened for travel.

Public Bank jumped eight sen to RM4.76 and Hong Leong Bank rose 20 sen to RM20.40 while Maybank was unchanged at R8.94 and CIMB dipped one sen ot RM5.32.

In oil counters, Petronas Chemicals gained four sen to RM9.64 and Petronas Gas rallied six sen to RM16.72.

Meanwhile, plantation plays Kuala Lumpur Kepong gained eight sen to RM25.28, IOI added one sen to RM4.13 and Sime Darby Plantation rose two sen to RM4.99.

On the ACE Market, licensed pawnbroker Pappajack made its debut at 39 sen, which was nine sen higher than its issue price.

At midday, the stock, which was the morning's most heavily traded at 152.86 million shares, had eased to 38 sen a share, representing a 26.66% premium over the reference price.

Other top actives included Metronic up 0.5 sen to 2.5 sen and VC rising 1.5 sen to 10 sen.

In major Asian markets, Japan's Nikkei fell 0.4%, South Korea's Kospi slid 0.7% and China's composite index rose 0.6%.

Hong Kong's Hang Seng was down 0.7% while Australia's ASX200 rose 0.1%.