KUALA LUMPUR: The FBM KLCI was up nearly 1% at midday amid relief over a temporary peace deal struck between US-Israel and Iran, and an agreement to reopen the Strait of Hormuz while negotiations are ongoing.
Bursa Malaysia's main index rose 16.32 points to 1,688.51, snapping a four-day losing streak as global equities leapt higher on expectations the deal could pave the way for a more permanent resolution to the Middle East conflict. The index had maintained a positive range of 1,683.58 to 1,693.56 throughout the early session.
In line with the broader push on the local bourse, 722 counters advanced on the ticker board while 412 counters declined.
Financial services stocks led the rally, climbing almost 2% to 19,966 with heavyweight banks at fore. Maybank gained 14 sen to RM11.30, CIMB rose 22 sen to RM7.57, Public Bank added 11 sen to RM4.71 and Hong Leong Bank put on 50 sen to RM22.
Energy-related stocks were doused by falling crude oil prices; PETRONAS Chemicals shed 24 sen to RM5.64, while Hibiscus Petroleum dove 25 sen to RM1.94 and Hengyuan Refining
plunged 12 sen to RM1.13.
Plantation plays were also seen taking a step back with Kuala Lumpur Kepong dropping 62 sen to RM21.56, SD Guthrie falling 19 sen to RM5.99 and IOI sliding six sen to RM4.20.
Meanwhile, AirAsia X topped the actives list, rising six sen to RM1.24, in anticipation of improving conditions for global airlines as the oil supply crisis eases.
Brent crude, at the time of writing, was trading at US$94.21 a barrel, after having fallen nearly 14% on news the Strait of Hormuz will be temporarily reopened.
Global indice scoreboards were a sea of green as the positive sentiment took root across markets. South Korea's Kospi led the charge higher with a scorching 7.14% rally to 5,885.
Japan's Nikkei put on an impressive 5.43% to 56,329 while Hong Kong's Hang Seng climbed 2.81% to 25,831.
In China, the Shanghai Composite index climbed 1.92% to 3,964, and the CSI300 gained 2.76% ot 4,563.
