KUALA LUMPUR: The FBM KLCI rebounded in morning trade as investors positioned themselves ahead of the US Federal Open Market Committee meeting, where policymakers are expected to decide on a further interest rate hike to rein in soaring inflation.
Investors are picking up bargains in the aftermath of a global equities rout, triggered by expectations of a 75 basis points rate hike in the US lending rate, which will add further pressure on the economy.
At 12.30pm, the key index was up 12.48 points to 1,464. The market breadth was positive with 380 gainers compared wih 331 decliners. Trading volume was 1.05 billion shares valued at RM679.35mil.
Most blue-chips on the FBM KLCI bounced higher, led by PETRONAS Chemicals up nine sen to RM8.68, Maxis gaining 12 sen to RM3.76, Public Bank up five sen to RM4.50 and CIMB gaining seven sen to RM5.49. Tenaga Nasional climbed 13 sen to RM8.82 and PETRONAS Dagangan jumped 48 sen to RM21.38.,
In the technology sector, MPI was up 20 sen to RM29.30 and Pentamaster rose 14 sen to RM4.19.
Among actives, SNS was down one sen to 28.5 sen, Velesto rose 0.5 sen to 12 sen and Metronic gained 0.5 sen to 2.5 sen.
In Asian markets, prices were lifted following Wall Street's overnight rebound. Japan's Nikkei rose 0.4% to 27,683, South Korea's Kospi gained 0.6% to 2,369 and China's composite index added 0.5% to 3,129.
Hong Kong's Hang Seng rose 1.3% to 18,812 and Australia's ASX200 added 1.25% to 6,803.