KUALA LUMPUR: The FBM KLCI breached the 1,600-point psychological level on Monday as investors' risk appetite improved.

       At 5pm, the 30-stocks index rose 11.22 points, or 0.71% to 1,601.38, its highest since end-April 2021, thanks to buying support in Petronas-linked counters. The index moved between 1,604.90 and 1,592.10 throughout the day.

       There were 537 gainers against 503 decliners while 460 counters were unchanged. About 4.43 billion shares, valued at RM3.66bil, changed hands.

       Dealers said the performance of the local bourse was in line with its regional peers. They added that the performance was buoyed by persistent buying support from the index-linked counters led by Petronas Gas, Petronas Chemicals, MISC and Axiata.

       Markets were also encouraged that the US Federal Reserve Chairman Jerome Powell laid out a slower-than-expected path to rate hikes.

       Asian benchmarks finished mostly higher with Japan’s Nikkei 225 and South Korea’s Kospi added 0.54% and 0.33% respectively.

       The Hang Seng index rose 0.5% to 25,539.54 and Shanghai Composite Index closed up 0.17% to 3,528.15.

       Leading the mover on the index was Petronas Gas, jumping 54 sen to RM16.80, pushing the index up by 1.6237 points.

       MISC closed 20 sen higher at RM7.20, adding 1.3566 points to the index while Petronas Chemicals rose 10 sen to RM8.30 nudging the index up by 1.2157 points. Axiata added 10 sen to RM4.14, lifting the index higher by 1.3939.

       Laggards among the KLCI component stocks were Sime Darby Plantation, PPB, Dialog and Maxis.

       On the broader market, Genetec jumped RM2 to RM31.10, Dutch Lady rose RM1.78 to RM35.18 and Khind added 91 sen to RM3.96.

       KESM tumbled 40 sen to RM12.28, Hengyuan shed 35 sen to RM4.12 and Greatech fell 19 sen to RM6.90.