FBM KLCI bucks regional weakness to cross 1,600

KUALA LUMPUR: The FBM KLCI ended the morning session in positive territory as investors picked up bargains following recent declines.

At 12.30pm, the benchmark index was up 5.06 points to 1,601.85 while the market took on a positive market breadth of 510 gainers compared to 391 decliners.

IHH Healthcare led the advance with a 10 sen jump to RM6.35 while Petronas Chemicals gained nine sen to RM9.94.

Bank counters were also higher with Hong Leong Bank rising 14 sen to RM20.24, Maybank adding three sen to RM8.89, CIMB climbing seven sen to RM5.34 and Public Bank putting on one sen to RMRM4.71.

Kuala Lumpur Kepong meanwhile led plantations higher with a 58 sen increase to RM26.58 while Sime Darby Plantation rose 11 sen to RM5.24.

On the actives list, DneX was flat at RM1.11, Vizione rose 0.5 sen to six sen and Technax added 0.5 sen to nine sen.

The domestic market was seen, once again, at odds with major regional markets.

Most Asian benchmarks were lower after the US Federal Reserve raised the possibility of more aggressive monetary tightening while the new Western sanctions against Russia added to the uncertainty.

Japan's Nikkei slumped 1.7%, South Korea's Kospi fell 0.9% and China's composite index slide 0.2%.

Hong Kong's Hang Seng meanwhile fell 1.4% and Australia's ASX200 dropped 0.5%.