KUALA LUMPUR: The FBM KLCI remained positive at midday as global equities rallied after the head of US Federal Reserve revealed rate hikes could be less aggressive than expected.

       Meanwhile, investors remained watchful for Bank Negara's own overnight policy rate decision later today, whch most economists expect to keep the status quo.

       At 12.3pm, the key index was up 10.81 points to 1,608.91 on the back of banks and commodities producers.

       Crude oil prices showed no sigs of slowing as Russian-Ukraine war intensified overnight.

       Brent crude surged 3.61% to US$116.98 a barrel at the time of writing, leading oil and gas-related stocks higher.

       Maybank rose 10 sen to RM9.04, CIMB gained two sen to RM5.05 while Public Bank added two sen to RM4.43.

       Petronas Chemicals climbed 23 sen to RM10 and Press Metal rallied 12 sen to RM7.19.

       Meanwhile, plantation play Kuala Lumpur Kepong jumped 92 sen to RM28.32.

       On the broader market however, there were 486 decliners compared with 360 gainers.

       Technology stocks were seen retreating, led by MPI down 24 sen to RM34.12 and Pentamaster sliding 22 sne to RM3.21.

       Top actives were DNeX shedding six sen to RM1.08, VS Industry losing 10 sen to RM1 and SMTrack falling one sen to 21 sen.

       Fears over the Fed's tightening measures were alleviated by chariman Jerome Powell's comments overnight, sending most Asian markets higher.

       Japan's Nikkei gained 0.8%, South Korea's Kospi rose 1.5% and China's composite index added 0.1%.

       Hong Kong's Hang Seng climbed 0.5% while Australia's ASX200 rose 0.6%.