KUALA LUMPUR: The FBM KLCI bounced back strongly on Tuesday in anticipation of a swift decision over the next ruling administration in the country.

       While investors sold down on local equities amid news that Prime Minister Tan Sri Muhyiddin Yassin had relinquished his post on lack of support, the market was quick to bounce back on expectation that there will be a smooth transition of government.

       At 12.30pm, the FBM KLCI was up 15 points to 1,517.9, advancing steadily past the 1,500 resistance.

       The blue-chip index was broadly higher with 27 of the 30 component counters in positive territory.

       Bank stocks led the way with Maybank rising five sen to RM8.11, CIMB gaining 10 sen to RM4.61, Public Bank adding one sen to RM3.94 and Hong Leong Bank climbing four sen to RM18.24.

       Among other leading gainers, Tenaga Nasional advanced 14 sen to RM9.89, Sime Darby Plantation climbed seven sen to RM3.70 and Press Metal rose eight sen to RM4.99.

       Gainers on the broader market included Hengyuan up 32 sen to RM4.40, MPI adding 28 sen to RM43.80, Vitrox rising 28 sen to RM19.26 and Carlsberg gaining 24 sen to RM21.48.

       Of actives, Fintec was unchanged at 2.5 sen, Avillion fell 1.5 sen to 19.5 sen and Komarkcorp dipped 0.5 sen to 12 sen.

       In Asian markets, rising coronavirus cases and turmoil in Afghanistan sapped investor sentiment despite a positive overnight performance on Wall Street.

       Japan's Nikkei was up 0.1% while South Korea's was down 0.9%.

       China's main index was down 0.5%, Hong Kong's Hang Seng dropped 0.7% while Australia's ASX200 slid 1%.