Banks rally amid as recession fears ease

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KUALA LUMPUR: The FBM KLCI jumped higher in morning trade as investor confidence over the global economy improved amid resilient US corporate earnings results.

At 12.20pm, the key index was up 11.7 points to 1,448.68.

There were 426 gainers compared with 304 decliners. Trading volume was 1.23 billion shares valued at RM580.83mil.

As recession fears eased, the financial services sector rallied with Maybank adding 10 sen to RM8.70, Public Bank gaining one sen to RM4.44, RHB rising five sen to RM5.77, CIMB gaining nine sen to RM5.18 and Hong Leong Bank climbing 18 sen to RM20.26.

PETRONAS Chemicals added eight sen to RM8.63, Press Metal put on five sen to RM4.35 and Tenaga Nasional rose two sen to RM7.94.




Among notable gainers, MAHB jumped 17 sen to RM6.38 after a reported surge in its domestic passenger movement in 1H2022.

Of actives, MMAG was flat at five sen, Focus Dynamics rose one sen to three sen and Bintai Kinden lost 0.5 sen to 11.5 sen.

Major Asian markets were positive although gains were capped by anxiety over a potential European central Bank rate hike and speculation over the flow of oil supplies from Russia to the rest of Europe.

Japan's Nikkei rose 0.15% to 27,720 and South Korea's Kospi gained 0.6% while China's composite index fell 0.4%.

Hong Kong's market fell as concerns that Apple's Inc planned capex reduction would impact Chinese chip suppliers. Hong Kong's Hang Seng was down 1.4% to 20,604.

Meanwhile, Australia's ASX200 was little changed at 6,763.


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