KUALA LUMPUR: The domestic market tracked Wall Street higher as sentiment for defensive and technology stocks recovered slightly from the US interest rate increase earlier this month.
At 9.05am, the FBM KLCI was up 3.45 points to 1,434.5. There were 133 gainers on the market compared with 92 decliners.
Trading volume was 78.06 million shares exchanging hands for a value of RM33.55mil.
Malacca Securities Research noted the reprieve on Wall Street may be helping to lift local stocks, but warned it might not lead to a sustained rally.
"While the overnight gains on Wall Street may spill over to the local bourse, we reckon any gains should be short-lived on the back of mounting concerns over potential recession as well as the inflationary pressure that may hit corporate earnings going forward," it said in a note.
Meanwhile, Brent crude oil futures found its footing above US$110 barrel amid a decline in commodities prices as fears of a global recession weighed on demand prospects.
On the blue-chip index, Press Metal rose six sen to RM4.69. Bank counters also rose with Maybank rising one sen to RM8.57 and Public Bank gaining four sen to RM4.44 although Hong Leong Bank slipped eight sen to RM20.32.
Plantations counters lost some of their previous day's gains. Sime Darby Plantation fell four sen to RM4.25, Kuala Lumpur Kepong lost 20 sen to Rm22.64 and IOI was up two sen to RM3.84.
Meanwhile, a strong rebound was seen in technology counters as the Nasdaq outpace other major US indices overnight on hopes inflation rates had peaked.
MPI climbed 50 sen to RM27.70, Unisem gaining nine sen to RM2.24 and Greatech adding seven sen to RM3.64
Top actives were TWL unchanged at seven sen, XDL flat at two sen and Jade Marvel up one sen to 91.5 sen.