The Malaysia stock market has climbed higher in two straight sessions, jumping more than 35 points or 2.4 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,560-point plateau although investors may lock in gains on Thursday.
The global forecast for the Asian markets is mixed to higher, with bargain hunting likely for the oversold bourses – although sliding crude oil prices may cap the upside. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The KLCI finished sharply higher on Wednesday following huge gains from the plantations and more measured upside from the financials and telecoms.
For the day, the index spiked 29.00 points or 1.89 percent to finish at the daily high of 1559.42 after trading as low as 1,531.13. Volume was 4.457 billion shares worth 3.422 billion ringgit. There were 612 gainers and 433 decliners.
Among the actives, Axiata advanced 1.28 percent, while CIMB Group rallied 2.12 percent, Dialog Group surged 10.25 percent, Digi.com rose 1.15 percent, Genting gained 1.19 percent, Genting Malaysia increased 0.33 percent, Hartalega Holdings dipped 0.17 percent, IHH Healthcare improved 0.30 percent, IOI Corporation spiked 8.22 percent, Kuala Lumpur Kepong soared 8.52 percent, Maybank collected 0.87 percent, Maxis jumped 1.76 percent, MISC shed 0.42 percent, MRDIY tumbled 1.07 percent, Petronas Chemicals gathered 1.61 percent, PPB Group perked 1.63 percent, Press Metal accelerated 2.42 percent, RHB Capital was up 0.19 percent, Sime Darby climbed 1.75 percent, Sime Darby Plantations skyrocketed 14.75 percent, Telekom Malaysia added 1.22 percent, Tenaga Nasional strengthened 1.25 percent and Top Glove and Public Bank were unchanged.
The lead from Wall Street is murky as the major averages opened sharply lower on Wednesday, but a late rally saw the Dow and S&P finish in positive territory.
The Dow climbed 102.32 points or 0.30 percent to finish at 34,416.99, while the NASDAQ shed 64.79 points or 0.44 percent to close at 14,501.91 and the S&P 500 rose 6.51 points or 0.15 percent to end at 4,363.55.
The turnaround on Wall Street came following news Senate Minority Leader Mitch McConnell, R-Ken., offered to allow a temporary extension of the debt limit.
Worries about the debt limit weighed on the markets in early trading along with lingering concerns about inflation and the Federal Reserve scaling back stimulus.
In economic news, payroll processor ADP noted stronger than expected private sector job growth in September. On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.
Crude oil prices drifted lower Wednesday, coming of multi-year highs amid concerns about slowing economic growth, high inflation and fears of interest rate hikes from central banks. West Texas Intermediate Crude oil futures for November sank $1.50 or 1.9 percent at $77.43 a barrel.
Market Analysis
Malaysia Stock Market May Run Out Of Steam On Thursday
2021-10-06 23:30:55
