The Malaysia stock market has moved higher in two straight sessions, collecting more than 10 points or 0.6 percent along the way. The Kuala Composite Index now rests just beneath the 1,610-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is upbeat on optimism for economic recovery and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The KLCI finished modestly higher on Thursday as gains from the glove makers and financials were capped by weakness from the plantation stocks.
For the day, the index gained 9.97 points or 0.62 percent to finish at the daily high of 1,608.25 after moving as low as 1,597.78. Volume was 6.492 billion shares worth 4.738 billion ringgit. There were 801 decliners and 323 gainers.
Among the actives, Axiata shed 0.52 percent, while CIMB Group advanced 0.47 percent, Dialog Group rose 0.32 percent, Digi.com dropped 0.70 percent, Genting plummeted 3.73 percent, Genting Malaysia plunged 3.30 percent, Hartalega Holdings spiked 5.60 percent, IHH Healthcare declined 0.93 percent, IOI Corporation retreated 0.96 percent, Kuala Lumpur Kepong sank 0.80 percent, Maybank eased 0.12 percent, Maxis skidded 1.70 percent, MISC lost 0.43 percent, Petronas Chemicals gained 0.38 percent, PPB Group added 0.43 percent, Press Metal surged 6.79 percent, Public Bank collected 0.71 percent, RHB Capital was up 0.19 percent, Sime Darby tanked 2.09 percent, Sime Darby Plantations surrendered 0.88 percent, Supermax skyrocketed 10.87 percent, Telekom Malaysia tumbled 1.84 percent, Tenaga Nasional fell 0.39 percent and Top Glove soared 6.04 percent.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Thursday, offsetting losses from the previous session and sending the Dow and the S&P 500 to fresh record closing highs.
The Dow spiked 305.10 points or 0.90 percent to finish at 34,035.99, while the NASDAQ jumped 180.92 points or 1.31 percent to end at 14,038.76 and the S&P 500 gained 45.76 points or 1.11 percent to close at 4,170.42.
The rally on Wall Street followed a batch of largely upbeat U.S. economic data, including a Commerce Department report showing retail sales spiked much more than expected in March. A separate report from by the Labor Department said first-time claims for U.S. unemployment benefits pulled back much more than expected last week.
Also, The National Association of Home Builders noted a modest increase in U.S. homebuilder confidence in April, while the Federal Reserve reported a rebound in industrial production last month.
Oil futures settled higher on Thursday, extending gains to a fourth straight session, continuing to ride on the recent upward revision in the global oil demand forecast by the International Energy Agency. West Texas Intermediate Crude oil futures for May ended higher by $0.31 or 0.5 percent at $63.46 a barrel.
Market Analysis
Malaysia Shares Predicted To Extend Winning Streak
2021-04-15 23:30:17
