The Malaysia stock market has moved higher in two of three trading days since the end of the seven-day losing streak in which it had tumbled more than 70 points or 4.1 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,540-point plateau and it’s expected to add to its winnings on Friday.
The global forecast for the Asian markets is upbeat, rising strong support from crude oil prices. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets are also tipped to open in the green.
The KLCI finished modestly higher on Thursday as gains from the financials, properties and plantations were limited by weakness from the glove makers.
For the day, the index added 10.32 points or 0.67 percent to finish at 1,539.34 after trading between 1,531.18 and 1,539.73. Volume was 4.742 billion shares worth 3.539 billion ringgit. There were 624 gainers and 419 decliners.
Among the actives, Axiata accelerated 2.75 percent, while CIMB Group perked 1.46 percent, Dialog Group increased 0.43 percent, Genting surged 3.25 percent, Genting Malaysia rallied 2.31 percent, Hartalega Holdings plunged 2.44 percent, IHH Healthcare was up 0.15 percent, IOI Corporation rose 0.53 percent, Kuala Lumpur Kepong gathered 1.61 percent, Maybank collected 0.62 percent, Maxis added 0.86 percent, MISC was up 0.14 percent, Petronas Chemicals improved 0.37 percent, PPB Group eased 0.11 percent, Press Metal advanced 0.88 percent, Public Bank strengthened 0.50 percent, RHB Capital jumped 1.86 percent, Sime Darby soared 3.10 percent, Sime Darby Plantations spiked 3.09 percent, Telekom Malaysia gained 0.69 percent, Tenaga Nasional climbed 1.83 percent, Top Glove plummeted 4.98 percent and Digi.com and MRDIY were unchanged.
The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and remained in the green throughout the session.
The Dow surged 506.50 points or 1.48 percent to finish at 34,764.82, while the NASDAQ spiked 155.40 points or 1.04 percent to end at 15,052.24 and the S&P 500 jumped 53.34 points or 1.21 percent to close at 4,448.98.
The strength on Wall Street came amid easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders.
The People’s Bank of China’s infusion of massive capital into the country’s banking system has also eased concerns about a potential default by Evergrande.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18.
Crude oil futures settled higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico after recent hurricanes. West Texas Intermediate Crude oil futures for November ended up $1.07 or 1.5 percent at $73.30 a barrel.
Market Analysis
Additional Support Anticipated For Malaysia Stock Market
2021-09-23 23:28:36
