KUALA LUMPUR: Blue chips rallied in the morning session on July 21, sending the FBM KLCI to a fresh year high of 1,153.94, with Bursa among the best performers among key Asian markets.

The recent batch of upbeat US corporate earnings showed economic recovery was spreading to bottom lines, according to reports

At 12.30pm, the FBM KLCI had risen 19.24 points or 1.7% to 1,153.94. Turnover was 527.5 million shares valued at RM800 million. There were 373 gainers, 141 losers and 211 counters unchanged.

Among key Asian markets, Singapore’s Straits Times Index added 1.1% to 2,480.01, Japan’s Nikkei 225 0.78% up at 9,727.03, Shanghai’s Composite Index 1.85% higher at 3,272.69 and Hong Kong’s Hang Seng Index up 0.23% to19,546.24.

Light crude oil eased 45 cents to US$65.16 while crude palm oil futures fell RM27 to RM2,116.

At Bursa Malaysia, mirroring the optimism in key Asian markets, big cap stocks were the gainers.

Tenaga rose 20 sen to RM8.60 on news the government was considering proposals to hike natural gas prices in a semi-annual review that could see the cost of electricity rise by 4.9%.

United Plantations rose 30 sen to RM12.40, PPB 25 sen to RM13.30, UMCCA 25 sen to RM8.15 while Sime Darby added 25 sen to RM7.80 and IOI Corp 10 sen to RM4.94.

Public Bank foreign and Public Bank added 20 sen each to RM10.30, Tanjong and Genting 20 sen each to RM14.50 and RM6.10.