The Malaysia stock market has finished higher in two of three trading days since the end of the nine-day losing streak in which it had plummeted more than 75 points or 4.8 percent. The Kuala Lumpur Composite Index now rests just above the 1,530-point plateau and it’s expected to add to its winnings on Monday.
The global forecast for the Asian markets is firm as they get to react to better than expected employment data from the United States and the corresponding bump in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are tipped to open in similar fashion.
The KLCI finished slightly lower on Friday following losses from the plantations and mixed performances from the financials, telecoms and glove makers.
For the day, the index rose 0.40 points or 0.03 percent to finish at 1,531.73 after trading between 1,525.45 and 1,540.61. Volume was 3.136 billion shares worth 2.315 billion ringgit. There were 582 decliners and 441 gainers.
Among the actives, Axiata accelerated 1.05 percent, while Dialog Group tumbled 1.39 percent, Digi.com soared 2.38 percent, Genting rallied 0.59 percent, Genting Malaysia declined 0.63 percent, Hartalega Holdings rose 0.18 percent, IHH Healthcare jumped 0.92 percent, IOI Corporation skidded 0.52 percent, Kuala Lumpur Kepong plunged 2.54 percent, Maybank collected 0.13 percent, Maxis surged 2.62 percent, MISC fell 0.14 percent, MRDIY spiked 1.10 percent, Petronas Chemicals eased 0.12 percent, PPB Group and Hong Leong Bank both added 0.22 percent, Press Metal retreated 1.27 percent, Public Bank shed 0.25 percent, RHB Capital lost 0.19 percent, Sime Darby sank 0.44 percent, Sime Darby Plantations tanked 1.68 percent, Telekom Malaysia climbed 0.55 percent, Tenaga Nasional advanced 0.31 percent, Top Glove dropped 0.40 percent and CIMB Group was unchanged.
The lead from Wall Street is firm as the major averages opened sharply higher on Friday, faded somewhat as the day progressed but still ended solidly in the green at fresh record closing highs.
The Dow jumped 203.72 points or 0.56 percent to finish at 36,327.95, while the NASDAQ added 31.28 points or 0.20 percent to close at 15,971.59 and the S&P 500 rose 17.47 points or 0.37 percent to end at 4,697.53. For the week, the NASDAQ spiked 3.1 percent, the S&P jumped 2 percent and the Dow gained 1.4 percent.
The continued strength on Wall Street came after the Labor Department reported that U.S. employment increased by more than expected in October.
The Labor Department described the job growth as widespread, with notable job gains in leisure and hospitality, professional and business services, manufacturing, and transportation and warehousing.
Signals from the Federal Reserve suggesting it is not in a hurry to raise interests also continued to generate buying interest even as the central bank begins scaling back its asset purchases.
Crude oil prices showed a strong move to the upside Friday as traders continued to digest news that OPEC and its allies decided to stick with a plan to raise oil output modestly and gradually. West Texas Intermediate Crude for December delivery jumped $2.46 or 3.1 percent to $81.27 a barrel.
Market Analysis
Additional Support Predicted For Malaysia Stock Market
2021-11-07 23:30:11
