FBM KLCI advances on US corporate earnings boost

Better-than-expected corporate earnings sent Wall Street stocks on a rally overnight, although analysts say the gains could be short-term amid softer expectations for economic growth.

At 12.30pm, Malaysia's key index was up 13.11 points to 1,594.25. The overall market was positive with 510 gainers compared to 332 decliners.Sime Darby PlantationAxiata jumped nine sen to RM3.69 on news that its subsidiary, edotco, was acquiring nearly 3,000 telecom towers in the Philippines to make it the leading tower operator in the country.

Among active counters, MNC was flat at 3.5 sen, Permaju rose 0.5 sen to 9.5 sen and Widad was unchanged at 36.5 sen. In Asian markets, stocks tracked Wall street higher, especially tech counters which have been battered by rising interest rates.Hong Kong's Hang Seng grew 0.8% and Australia's ASX200 added 0.3%.

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