KUALA LUMPR: Malaysia's benchmark index rebounded as a rally in US tech stocks provided some temporary distraction from the downside pressure of rising oil prices and armed conflict in the Middle East.
The FBM KLCI rose into midday amid improved regional sentiment, gaining 13.15 points to 1,709.71, with heavyweight banks in the lead. The index maintained a positive performance within the 1,701.19-1,713.25 range over the duration of the early session.
Maybank added 10 sen to RM11.58, CIMB gained seven sen to RM7.87, RHB climbed nine sen to RM8.34 and Public Bank added six sen to RM4.86.
The financial services sector gained over 1% to its highest level since last Friday's close. Plantations, utilities and property were also leading sectors.
Energy and healthcare, which had been outperformers since the start of the Iran war, slid back on profit-taking pressure.
Traders bought up beaten-down lower liners, for a positive market breadth of 569-to-402. Trading volume was 1.6 billion shares valued at RM1.25bil.
In Asian markets, stocks were rebounding ahead of the Federal Reserve's interest rate meeting later this week, where policymakers will provide more guidance on their outlook.
Japan's Nikkei rose 0.41% to 53,971 and South Korea's Kospi jumped 2.58% to 5,693 as semiconductor stocks picked up after the Nasdaq's overnight rally.
China's Shanghai Composite index was flat at 4,083, the CSI300 rose 0.32% to 4,686 and Hong Kong's Hang Seng rose 0.98% to 26,088.
Taiwan's Taiex added 1.17% to 33,733. Singapore's Straits Times gained 1.06% to 4,920.
