KUALA LUMPUR: The FBM KLCI ticked higher amid a broad sell-off on the domestic market as an escalation of Israeli-Iran tensions sent shockwaves through global markets.
While Bursa Malaysia was overwhelmingly negative at the lunch break with 955 stocks in the red, the blue-chip FBM KLCI stayed resilient, rising 6.66 points to 1,551.42.
The benchmark index stayed buoyant over the morning session, moving within a range of 1,545.9 to 1,551.42.
In tandem with the active selling of the lower liners, the domestic market experienced a jump in share turnover to 3.12 billion, valued at RM1.8bil.
Bank shares were seen rising following the US Federal Reserve's confirmation that it would delay the cutting of interest rates as the financial lenders are expected to benefit from a continued high rate environment.
Maybank gained three sen to RM9.70, Hong Leong Bank added 12 sen to RM19.50 and Public Bank climbed five sen to RM4.19.
Plantations plays were also seen rising, with Kuala Lumpur Kepong up 14 sen to RM22.84, IOI adding two sen to RM4 and Sime Darby Plantation
climbing five sen to RM4.46.
Of active stocks, TWL was unchanged at three sen and Ingenieur was flat at 14 sen. Awantec dove 12 sen to 20 sen as Bursa Securities announced the stock will be suspended for failing to submit a regularisation plan.
Meanwhile, major Asian markets fell on Friday as investors fled to safety in safe-haven currencies, gold and crude oil.
Fears mounted over a wider Middle Eastern conflict after Israel was reported to have fired a missile into Iran, sapping investors' appetite for equities.
Japan's Nikkei shaved 2.7% to 37,037 while South Korea's Kospi fell 1.8% to 2,588.
In China, the Shanghai composite index lost 0.3% to 3,065 and the blue-chip CSI300 slid 0.8% to 3,541. Hong Kong's Hang Seng dove 1.2% to 16,190.
