The Malaysia stock market has moved higher in two straight sessions, although it has picked up just over three points or 0.2 percent in that span. The Kuala Lumpur Composite Index now rests just beneath the 1,490-point plateau and it’s expected to add to its winnings on Friday.
The global forecast for the Asian markets is upbeat after the release of encouraging U.S. inflation data and what it means for interest rates, although it may already have largely been priced in. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The KLCI finished barely higher on Thursday following mixed performances from the financials, telecoms and plantations.
For the day, the index picked up 0.79 points or 0.05 percent to finish at 1,488.66 after trading between 1,486.15 and 1,491.35.
Among the actives, Axiata jumped 1.75 percent, while CIMB Group lost 0.35 percent, Dialog Group rose 0.39 percent, Digi.com was up 0.24 percent, Genting gained 0.62 percent, IHH Healthcare collected 0.34 percent, INARI climbed 1.13 percent, IOI Corporation sank 0.76 percent, Kuala Lumpur Kepong perked 0.27 percent, Maybank fell 0.34 percent, Maxis spiked 2.40 percent, MISC eased 0.28 percent, Petronas Chemicals added 0.60 percent, PPB Group improved 0.69 percent, Press Metal advanced 0.81 percent, RHB Capital dropped 0.52 percent, Sime Darby tumbled 1.73 percent, Telekom Malaysia retreated 1.16 percent and Tenaga Nasional, Sime Darby Plantations, Genting Malaysia, Public Bank and MRDIY were unchanged.
The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday and finally settled solidly in positive territory.
The Dow climbed 216.96 points or 0.64 percent to finish at 34,189.97, while the NASDAQ gained 69.43 points or 0.64 percent to close at 11,001.10 and the S&P 500 rose 13.56 points or 0.34 percent to end at 3,983.17.
The strength that emerged on Wall Street followed the release of highly anticipated consumer price inflation data, which largely was in line with forecasts.
The slower price growth eased concerns about the outlook for interest rates, although the Federal Reserve is still widely expected to raise rates by at least 25 basis points at its next meeting.
Oil futures settled higher on Thursday, gaining for a sixth straight session on a weaker dollar and data showing a slowdown in U.S. inflation. West Texas Intermediate Crude oil futures for February added $0.98 or 1.3 percent at $78.39 a barrel.
Market Analysis
Win Streak May Continue For Malaysia Stock Market
2023-01-12 23:30:03
