The Malaysia stock market has moved higher in back-to-back trading days, gathering almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,540-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is broadly positive, with support expected from the technology, retail, oil and airline stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KLCI finished modestly higher on Thursday as gains from the financials and telecoms were capped by weakness from the plantation stocks.
For the day, the index picked up 5.59 points or 0.36 percent to finish at 1,541.15 after trading between 1,535.89 and 1,541.75. Volume was 2.894 billion shares worth 1.972 billion ringgit. There were 557 decliners and 406 gainers.
Among the actives, Axiata retreated 1.25 percent, CIMB Group rallied 1.21 percent, Dialog Group added 0.44 percent, Genting eased 0.20 percent, Genting Malaysia fell 0.33 percent, Hartalega Holdings and Petronas Gas both advanced 0.49 percent, IHH Healthcare climbed 0.93 percent, INARI soared 3.53 percent, IOI Corporation sank 0.47 percent, Kuala Lumpur Kepong lost 0.46 percent, Maybank and Tenaga Nasional both were up 0.22 percent, Maxis rose 0.28 percent, MISC plunged 3.66 percent, MRDIY dipped 0.29 percent, Petronas Chemicals dropped 0.60 percent, PPB Group jumped 2.37 percent, Press Metal spiked 2.64 percent, Public Bank strengthened 1.10 percent, RHB Capital gained 0.34 percent, Sime Darby Plantations declined 1.18 percent, Telekom Malaysia surged 5.52 percent, Top Glove tumbled 2.84 percent and Digi.com and Sime Darby were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and picked up steam ad the day progressed, finishing near session highs.
The Dow spiked 516.91 points or 1.61 percent to finish at 32,637.10, while the NASDAQ surged 305..91 points or 2.68 percent to end at 11,740.65 and the S&P 500 jumped 79.11 points or 1.99 percent to close at 4,057.84.
The strength on Wall Street came as traders continued to pick up stocks at relatively reduced levels following recent weakness.
Adding to the positive sentiment, the Labor Department reported that first-time claims for U.S. unemployment benefits pulled back by more than expected last week.
In other economic news, the Commerce Department said economic activity in the U.S. slumped slightly more than estimated in the first quarter of 2022. Also, the National Association of Realtors said pending home sales plummeted by much more than expected in April.
Crude oil prices rose sharply on Thursday amid increasing signs of tight supply in the market ahead of the peak U.S. driving season that kicks off next week. A weak dollar and the possibility of EU sanctions on Russian oil also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for July ended higher by $3.76 or 3.4 percent at $114.09 a barrel.
Market Analysis
Win Streak May Continue For Malaysia Stock Market
2022-05-26 23:32:25
