KUALA LUMPUR: The FBM KLCI remained slightly higher as it stayed on its sideways trajectory amid a lack of investor confidence to sustain a rebound.
However there was buying interest in certain sectors, which were seen to benefit from rising US dollar trend and crude oil prices.
At 12.30pm, the benchmark index was up 4.6 points to 1,489.24 following a jump in Petronas-related counters and glove stocks.
Petronas Chemicals rose five sen to RM8.73 while Petronas Gas gained 38 sen to RM17.18 and Petronas Dagangan rose 28 sen to RM19.72.
In the glove sector, Top Glove jumped 11 sen to RM2.15 while Hartalega climbed 13 sen to RM5.23.
Meanwhile, bank stocks were slightly negative with Hong Leong Bank losing six sen to RM18.72 and CIMB down two sen to RM5.21. Maybank and Public Bank were unchanged from their respective reference prices.
On the broader market, there were 408 laggards versus 325 gainers.
Top actives were ATA IMA down two sen to 66 sen, DGB unchanged at three sen and Saudee unchanged at six sen.
In regional markets, shares were on the retreat as a series global central bank rate hikes underlined the threat of rising inflation.
Japan’s Nikkei dropped 1.7% while South Korea’s Kospi dipped 0.3%.
China’s main index fell 0.9% and Hong Kong’s Hang Seng shed 1.3%.
Australia’s ASX200 was up 0.3%