The Malaysia stock market has finished higher in three straight sessions, jumping almost 40 points or 2.6 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,560-point plateau and it’s tipped to extend its gains on Friday.
The global forecast for the Asian markets is broadly positive on a U.S. debt limit agreement, upbeat economic news and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The KLCI finished slightly higher on Thursday following mixed performances from the financial shares, plantation stocks, telecoms and glove makers.
For the day, the index rose 1.87 points or 0.12 percent to finish at the daily high of 1,561.29 after moving as low as 1,551.98. Volume was 4.09 billion shares worth 2.98 billion ringgit. There were 601 gainers and 432 decliners.
Among the actives, Axiata gained 0.25 percent, while CIMB Group rallied 0.83 percent, Dialog Group skyrocketed 7.81 percent, Digi.com sank 0.45 percent, Genting rose 0.20 percent, Genting Malaysia spiked 0.98 percent, Hartalega Holdings lost 0.33 percent, IHH Healthcare was up 0.15 percent, IOI Corporation skidded 0.74 percent, Kuala Lumpur Kepong surged 1.83 percent, Maybank dropped 0.37 percent, Maxis advanced 0.43 percent, MISC fell 0.28 percent, MRDIY plunged 1.62 percent, Petronas Chemicals plummeted 1.70 percent, PPB Group retreated 0.53 percent, Press Metal shed 0.34 percent, Public Bank collected 0.49 percent, RHB Capital dipped 0.19 percent, Sime Darby tumbled 0.86 percent, Sime Darby Plantations slid 0.24 percent, Telekom Malaysia tanked 1.03 percent, Tenaga Nasional eased 0.10 percent and Top Glove added 0.36 percent.
The lead from Wall Street is solid as the major averages opened higher on Thursday and remained that way throughout the trading day.
The Dow surged 337.95 points or 0.98 percent to finish at 34,754.94, while the NASDAQ jumped 152.10 points or 1.05 percent to close at 14,654.02 and the S&P 500 gained 36.21 points or 0.83 percent to end at 4,399.76.
The rally on Wall Street came as lawmakers reached an agreement to temporarily extend the debt limit, avoiding a potential default. The agreement would reportedly increase the debt limit by $480 billion, allowing the Treasury to continuing paying its bills through December 3.
Adding to the positive sentiment, a report from the Labor Department showed a bigger than expected pullback in first-time claims for U.S. unemployment benefits last week.
Crude oil prices advanced Thursday, rebounding from losses in the previous session, on reports the U.S. Energy Department is unlikely to tap the nation’s Strategic Petroleum Reserve. West Texas Intermediate Crude oil futures for November ended up $0.87 or 1.1 percent at $78.30 a barrel.
Market Analysis
Win Streak May Continue For Malaysia Stock Market
2021-10-07 23:30:18
