KUALA LUMPUR: The FBM KLC closed above the 1,500-point psychological resistance following a rally that defied expectations of US data showing rocketing inflation.

       At 5pm, the key index was up 7.06 points to 1,550.17. There were 6.67 billion shares traded valued at RM2.38bil, which showed a jump in investor interest as compared to 4.14 billion shares traded for RM1.9bil last Friday.

       The market breadth however was negative with 502 decliners to 454 gainers and 402 counters unchanged.

       Bank stocks moved higher amid the hawkish turn in global lending rates. CIMB led the pack with a 21 sen jump to RM5.67 while Maybank rose two sen to RM8.34, Public Bank gained two sen to RM4.18 and Hong Leong Bank climbed eight sen to RM19.20.

       Press Metal rose 13 sen to RM5.88, Sime Darby Plantation gained eight sen to RM4.02 and Petronas Chemicals jumped 11 sen to RM8.90.

       On the broader market, technology plays took a step back with the Bursa Malaysia technology index sliding 3.05% on expectations of central banks winding back on stimulus.

       MPI dropped 72 sen to RM47.90 and Vitrox slid 54 sen to RM19.12.

       Top actives were Fintec up 0.5 sen to 1.5 sen, KGroup unchanged at 1.5 sen and Trive up five sen to 13 sen.

       In regional markets, Japan's Nikkei was flat while South Korea's Kospi shaved 1%.

       China's composite index rose 0.4%, Hong Kong's Hang Seng jumped 1.1% and Australia's ASX200 falls 0.1%.