The Malaysia stock market has moved higher in two of three trading days since the end of the five-day losing streak in which it had slumped more than 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just above the 1,500-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is cautiously optimistic, supported by bargain hunting and crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The KLCI finished slightly higher on Thursday following gains from the financials, plantations and telecoms, while the glove makers were mixed.
For the day, the index rose 4.81 points or 0.32 percent to finish at the daily high of 1,501.74 after moving as low as 1,491.83. Volume was 3.738 billion shares worth 3.065 billion ringgit. There were 716 decliners and 272 gainers.
Among the actives, Axiata dropped 0.52 percent, while CIMB Group and PPB Group both soared 2.58 percent, Dialog Group declined 0.79 percent, Digi.com surged 2.70 percent, Genting shed 0.45 percent, Genting Malaysia fell 0.36 percent, Hartalega Holdings tumbled 1.75 percent, IHH Healthcare rose 0.15 percent, IOI Corporation rallied 1.08 percent, Kuala Lumpur Kepong climbed 1.07 percent, MISC dipped 0.15 percent, MRDIY advanced 0.86 percent, Petronas Chemicals and Hong Leong Financial both eased 0.12 percent, Press Metal sank 0.56 percent, Sime Darby retreated 1.39 percent, Sime Darby Plantations jumped 1.61 percent, Telekom Malaysia lost 0.37 percent, Tenaga Nasional slid 0.22 percent, Top Glove spiked 2.55 percent and Public Bank, RHB Capital, Maybank, Maxis and Nestle were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and largely remained that way to finish with solid gains.
The Dow surged 617.75 points or 1.82 percent to finish at 34,639.70, while the NASDAQ advanced 127.27 points or 0.83 percent to close at 15,381.32 and the S&P 500 jumped 64.04 points or 1.42 percent to end at 4,577.10.
The rebound on Wall Street partly reflected bargain hunting following the steep drop on Wednesday, extending the rollercoaster ride stocks have been on since news of the detection of omicron variant of the coronavirus.
Traders have seemed extremely sensitive to omicron-related news amid concerns the variant could derail the economic recovery even as the Federal Reserve begins scaling back stimulus.
In U.S. economic news, the Labor Department released a report showing a modest rebound by initial jobless claims last week.
Crude oil prices rallied on Thursday after falling to a three-month low in the previous session, shaking off plans by OPEC to increase output. West Texas Intermediate for January delivery jumped $0.93 or 1.4 percent to $66.50 a barrel.
Market Analysis
Malaysia Stock Market Poised To Extend Thursday’s Gains
2021-12-02 23:30:06
