KUALA LUMPUR: The domestic market rallied strongly on Tuesday on the back of a rebound on Wall Street as investors hunted for bargains ahead of US corporate earnings, which have come in strong than expected thus far.

       At 9.05am, the benchmark FBM KLCI was up 11.36 points to 1,601.36. The overall market breadth was positive with 260 gainers compared with 65 decliners.

       "While bargain hunting activities may emerge following yesterday’s decline, we expect investors’ sentiment to remain wary and upside on the FBM KLCI could be limited around 1,600 for now.

       "Still, we are optimistic on the recovery-themed sectors on the back of declining Covid-19 daily confirmed cases," said Malacca Securities Research in a note.

       Plantation counters remained in the spotlight amid expectations of a widening demand-supply gap after Indonesia announced an export ban on RBD palm olein.

       Kuala Lumpur Kepong rose 18 sen to RM29.18 although Sime Darby Plantation retreated four sen to RM5.30 and IOI slid four sen to RM4.69.

       Petronas Chemicals bounced higher following the previous session's losses, rising 14 sen to RM10.26 while IHH gained 14 sen to RM6.70.

       Among banks, Maybank advanced three sen to RM8.92, Public Bank edged one sen higher to RM4.72, CIMB added three sen to RM5.19 and Hong Leong Bank climbed 18 sen to RM21.

       Meanwhile, top actives on Bursa were Yong Tai unchanged at 10.5 sen, Technax flat at 11 sen and KPower up 2.5 sen to 57 sen.