The Malaysia stock market has climbed higher in three straight sessions, gathering almost 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets suggests mild upside, supported by crude oil prices. The European and U.S. markets were slightly higher and the Asian bourses are tipped to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the financials, glove makers and telecoms.
For the day, the index gained 12.04 points or 0.76 percent to finish at 1,597.94 after trading between 1,585.47 and 1,598.61. Volume was 7.439 billion shares worth 4.099 billion ringgit. There were 711 gainers and 362 decliners.
Among the actives, Axiata soared 2.15 percent, CIMB Group spiked 2.02 percent, Dialog Group strengthened 1.03 percent, Digi.com climbed 1.42 percent, Genting gathered 0.99 percent, Genting Malaysia rallied 1.38 percent, Hartalega Holdings was up 0.11 percent, IHH Healthcare gained 0.37 percent, IOI Corporation and Petronas Chemicals both improved 0.25 percent, Kuala Lumpur Kepong dropped 0.82 percent, Maybank and Telekom Malaysia both advanced 0.49 percent, Maxis sank 0.43 percent, MISC jumped 1.45 percent, PPB Group rose 0.32 percent, Press Metal picked up 0.77 percent, Public Bank collected 0.71 percent, RHB Capital surged 3.40 percent, Sime Darby added 0.44 percent, Sime Darby Plantations perked 0.89 percent, Supermax accelerated 1.74 percent, Tenaga Nasional expanded 0.10 percent and Top Glove increased 0.20 percent.
The lead from Wall Street is cautiously optimistic as stocks spent much of Wednesday’s session bouncing back and forth across the unchanged line before finally ending slightly higher.
The Dow added 25.07 points or 0.07 percent to finish at 34,600.38, while the NASDAQ rose 19.85 points or 0.14 percent to end at 13,756.33 and the S&P 500 was up 6.08 points or 0.14 percent to close at 4,208.12.
The early strength on Wall Street partly reflected continued optimism about the outlook for the global economy following Tuesday’s upbeat manufacturing data although trading activity remained light amid lingering inflation concerns.
The Labor Department’s looming monthly jobs report also kept some traders on the sidelines ahead of the release of the closely watched data on Friday.
Traders largely shrugged off the Federal Reserve’s Beige Book, which said the U.S. economy increased at a somewhat faster rate from early April to late May due in part to the positive effects of increased Covid-19 vaccination rates and relaxed social distancing measures.
Crude oil prices rose sharply on Wednesday, extending gains from the previous session, amid rising hopes about a pickup in energy demand and on the decision by OPEC to gradually increase crude production. West Texas Intermediate Crude oil futures for July ended up $1.11 or 1.6 percent at $68.83 a barrel, the highest since October 2018.
Market Analysis
Malaysia Stock Market Tipped To Crack 1,600-Point Barrier
2021-06-02 23:30:13
