Malaysia Bourse Poised To Extend Thursday’s Gains

The Malaysia stock market on Thursday snapped the four-day losing streak in which it had fallen more than 30 points or 2 percent. The Kuala Composite Index now rests just above the 1,575-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets suggests mild upside, with optimism for economic recovery offset by the latest coronavirus surge in Japan and India. The European and U.S. markets finished higher and the Asian bourses are tipped to open in similar fashion.

The KLCI finished slightly higher on Thursday as gains from the plantations and telecoms were capped by weakness from the glove makers and a mixed picture from the financial sector.

For the day, the index rose 2.66 points or 0.17 percent to finish at the daily high of 1,578.33 after moving as low as 1,556.00. Volume was 6.245 billion shares worth 4.461 billion ringgit. There were 772 decliners and 369 gainers.

Among the actives, Axiata surged 3.29 percent, while CIMB Group climbed 1.23 percent, Dialog Group jumped 1.33 percent, Digi.com rose 0.48 percent, Genting Malaysia increased 0.35 percent, Hartalega Holdings plunged 5.90 percent, IHH Healthcare skyrocketed 7.88 percent, IOI Corporation gathered 0.99 percent, Kuala Lumpur Kepong soared 2.78 percent, Maybank was up 0.24 percent, Maxis spiked 1.56 percent, MISC accelerated 1.35 percent, Petronas Chemicals improved 0.37 percent, PPB Group gained 0.76 percent, Press Metal perked 2.91 percent, Public Bank sank 0.49 percent, RHB Capital collected 0.58 percent, Sime Darby advanced 0.90 percent, Sime Darby Plantations rallied 1.10 percent, Supermax plummeted 12.57 percent, Telekom Malaysia added 0.87 percent, Tenaga Nasional rose 0.20 percent, Top Glove tanked 4.89 percent and Genting was unchanged.

The lead from Wall Street is upbeat as stocks shrugged off early weakness on Thursday to finish in the green.

The Dow jumped 318.19 points or 0.93 percent to finish at 34,548.53, while the NASDAQ gained 50.42 points or 0.37 percent to end at 13,632.84 and the S&P 500 climbed 34.03 points or 0.82 percent to close at 4,201.62.

The strength on Wall Street followed a Labor Department report showing first-time claims for U.S. unemployment benefits fell much more than expected last week.

Later today, the Labor Department is scheduled to release its more closely watched monthly employment report for April.

Crude oil futures finished lower on Thursday, extending losses from previous session amid worries about outlook for energy demand. West Texas Intermediate Crude oil futures for June were down $0.92 or 1.4 percent at $64.71 a barrel.