Ahead of Thursday’s holiday for Thaipusam, the Malaysia stock market had moved higher in four straight sessions, collecting almost 25 points or 1.5 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,500-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is positive on solid economic data and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The KLCI finished modestly higher on Wednesday following gains from the financial shares and plantation stocks.
For the day, the index added 7.99 points or 0.53 percent to finish at 1,504.10 after trading between 1,497.16 and 1,504.44.
Among the actives, Axiata shed 0.38 percent, while Celcomdigi rose 0.24 percent, CIMB Group spiked 1.66 percent, Genting climbed 0.43 percent, Genting Malaysia advanced 0.37 percent, IHH Healthcare jumped 1.17 percent, IOI Corporation rallied 0.75 percent, Kuala Lumpur Kepong strengthened 0.71 percent, Maxis gained 0.26 percent, Maybank was up 0.11 percent, MISC lost 0.27 percent, MRDIY tumbled 2.05 percent, Petronas Chemicals slumped 0.59 percent, PPB Group accelerated 0.82 percent, Press Metal soared 1.68 percent, Public Bank collected 0.46 percent, QL Resources fell 0.17 percent, RHB Capital increased 0.18 percent, Sime Darby sank 0.40 percent, Sime Darby Plantations gathered 0.23 percent, Telekom Malaysia perked 0.19 percent, Tenaga Nasional added 0.34 percent, YTL Corporation surged 2.16 percent, YTL Power skyrocketed 4.27 percent and AMMB Holdings was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher, gave ground midday but still finished well in the green.
The Dow jumped 242.74 points or 0.64 percent to finish at 38,049.13, while the NASDAQ added 28.58 points or 0.18 percent to close at 15,510.50 and the S&P 500 rose 25.61 points or 0.53 percent to end at a fresh record high of 4,894.16.
The early strength on Wall Street came following the release of a Commerce Department report showing stronger than expected U.S. economic growth as well as a slowdown in the pace of inflation in the fourth quarter of 2023.
Buying interest waned over the course of the session, however, as traders looked ahead to Friday’s report on personal income and spending, which could have a significant impact on the outlook for interest rates.
Oil prices rose sharply on Thursday, continuing to benefit from Wednesday’s data showing a larger-than-expected drop in U.S. crude inventory. West Texas Intermediate Crude oil futures for March surged $2.27 or 3 percent at $77.36 a barrel.
Market Analysis
Win Streak May Continue For Malaysia Stock Market
2024-01-25 23:30:37
