The Malaysia stock market has ticked higher in two straight sessions, collecting almost 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,450-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is upbeat on encouraging inflation data and an improved outlook for interest rates. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.
The KLCI finished slightly higher on Thursday as gains from the glove makers and financials were dented by mixed performances from the telecoms and plantations.
For the day, the index rose 3.55 points or 0.25 percent to finish at 1,449.74 after trading between 1,440.76 and 1,453.27. Volume was 3.478 billion shares worth 1.454 billion ringgit. There were 468 decliners and 344 gainers.
Among the actives, CIMB Group advanced 0.74 percent, while Dialog Group plunged 2.94 percent, Digi.com slumped 0.78 percent, Genting skidded 0.90 percent, Genting Malaysia shed 0.37 percent, Hartalega Holdings soared 3.52 percent, INARI dropped 0.40 percent, IOI Corporation lost 0.25 percent, Kuala Lumpur Kepong rallied 0.95 percent, Maybank was up 0.12 percent, MISC rose 0.28 percent, MRDIY sank 0.50 percent, Petronas Chemicals jumped 1.05 percent, PPB Group spiked 1.25 percent, Press Metal perked 0.23 percent, Public Bank collected 0.68 percent, RHB Capital climbed 0.90 percent, Sime Darby added 0.45 percent, Sime Darby Plantations retreated 0.91 percent, Telekom Malaysia gained 0.37 percent, Top Glove surged 5.36 percent and Maxis, IHH Healthcare, Axiata and Tenaga Nasional were unchanged.
The lead from Wall Street is broadly positive as the major averages saw their best performance in two years, opening sharply higher Thursday and continuing to accelerate as the day progressed, ending near session highs.
The Dow skyrocketed 1,201.43 points or 3.70 percent to finish at 33,715.37, while the NASDAQ exploded for 760.97 points or 7.35 percent to close at 11,114.15 and the S&P 500 surged 207.80 points or 5.54 percent to end at 3,956.37.
The rally on Wall Street followed the release of a report from the Labor Department showing a smaller than expected monthly increase in consumer prices and a bigger than expected slowdown in the annual rate of price growth.
The data suggests the Federal Reserve’s efforts to contain inflation are having an effect, reinforcing recent optimism the central bank will slow the pace of interest rate hikes as early as next month.
Crude oil prices climbed higher on Thursday, rebounding after three straight days of losses as the dollar fell on the better than expected U.S. inflation data. West Texas Intermediate Crude oil futures for December ended higher by $0.64 or 0.8 percent at $86.47 a barrel.
Market Analysis
Malaysia Stock Market May Extend Winning Streak
2022-11-10 23:30:06
