KUALA LUMPUR: Bursa Malaysia extended its rebound on Wednesday following some positive domestics developments as well as a strong earnings-driven rally on Wall Street overnight.

       While gains in US markets were limited by anticipation over the US Federal Reserve's start of the interest rate hikes, strong corporate results lifted all thee major indices between 0.8% and 1.3%.

       At 9.10am, the FBM KLCI was up 12.65 points to 1,542.74, bolstered also by the improvement in the domestic unemployment rate, which suggests economic recovery.

       Investors could also be positioning ahead of the peak earnings period later in the month.

       "The upcoming batch of corporate earnings will be followed closely that may provide signs of the earnings recovery as majority of the states moved into the Phase of 4 National Recovery Plan in 4Q21," said Malacca Securities Research in a report.

       Among individual sectors, tourism-related counters could also be in focus following the National Recovery Council's announcement yesterday to fully reopen international borders in March 2022 without compulsory quarantine.

       Genting Malaysia jumped on the news in the previous session and rose a further two sen on Wednesday to RM2.97.

       The positive news for tourism in the country came in tandem with the launch of the group's Genting Skyworlds theme park, which is expected to bolster visitor footfall.

       Investors flocked into AirAsia shares, which was the most heavily traded counter in early trade. The airline rose three sen to 69 sen amid expectations of flight routes being reopened.

       Blue chips on the FBM KCLI picked up on the bullish momentum. In the financial sector, Maybank jumped eight sen to RM8.43, CIMB climbed 12 sen to RM5.36 ad Hong Leong Bank leapt 26 sen to RM19.96.

       Press Metal resumed its climb on rising aluminium prices, adding 14 sen to RM6.44 while Petronas Chemicals was also up nine sen to RM9.14 on high crude oil prices.

       In the telco sector, Axiata gained five sen to RM3.88 following by Digi adding four sen to RM 3.87 and Maxis rising three sen to RM4.29.