The Malaysia stock market on Wednesday ended the four-day losing streak in which it had dropped almost 25 points or 1.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,535-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets is positive, with technology, retail and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.
The KLCI finished slightly higher on Wednesday following gains from the plantations and mixed performances from the telecoms, financials and glove makers.
For the day, the index rose 4.26 points or 0.28 percent to finish at 1,535.56 after trading between 1,531.22 and 1,538.82. Volume was 2.351 billion shares worth 1.812 billion ringgit. There were 586 decliners and 310 gainers.
Among the actives, Axiata fell 0.31 percent, while Dialog Group tanked 1.72 percent, Digi.com spiked 2.10 percent, Genting rose 0.41 percent, Genting Malaysia lost 0.33 percent, Hartalega Holdings and Hong Leong Financial both sank 0.73 percent, IHH Healthcare improved 0.47 percent, INARI soared 2.82 percent, IOI Corporation surged 2.91 percent, Kuala Lumpur Kepong jumped 1.54 percent, Maxis added 0.56 percent, Petronas Chemicals slid 0.30 percent, PPB Group shed 0.35 percent, Press Metal dipped 0.19 percent, Public Bank collected 1.11 percent, Sime Darby plummeted 3.56 percent, Sime Darby Plantations rallied 1.00 percent, Telekom Malaysia plunged 2.28 percent, Tenaga Nasional gained 0.55 percent, Top Glove climbed 0.71 percent and MISC, MRDIY, Maybank, CIMB Group and RHB Capital were unchanged.
The lead from Wall Street is upbeat as the major averages opened fairly flat on Wednesday and showed little movement in the morning but accelerated into the close to end solidly higher.
The Dow jumped 191.66 points or 0.60 percent to finish at 32,120.28, while the NASDAQ spiked 170.29 points or 1.51 percent to end at 11,434.74 and the S&P 500 gained 37.25 points or 0.95 percent to close at 3,978.73.
The higher close on Wall Street came as the minutes of the latest Federal Reserve meeting offered few surprises, although the central bank indicated it intends to move expeditiously to a more neutral monetary policy stance.
The shift toward a more neutral monetary policy stance comes as the Fed seeks to return inflation to its 2 percent goal while sustaining strong labor market conditions.
In economic news, the Commerce Department showed new orders for durable goods increased by less than expected in April.
Crude oil futures settled higher on Wednesday, lifted by tight supplies and expectations of higher demand during the summer driving season. West Texas Intermediate Crude oil futures for July gained $0.56 or 0.5 percent at $110.33 a barrel.
Market Analysis
Malaysia Bourse May Extend Wednesday’s Gains
2022-05-25 23:30:07
