The Malaysia stock market on Wednesday snapped the three-day losing streak in which it had dropped more than 70 points or 4.6 percent. The Kuala Lumpur Composite Index now rests just above the 1,560-point plateau and it may add to its winnings on Thursday.
The global forecast is broadly positive on bargain hunting and easing inflation concerns after crude oil prices retreated sharply. The European and U.S. markets were firmly higher and the Asian bourses are tipped to open in similar fashion.
The KLCI finished sharply higher on Wednesday following gains from the financial shares, telecoms and plantation stocks.
For the day, the index climbed 15.46 points or 1.00 percent to finish at 1,562.33 after trading between 1,543.91 and 1,568.00. Volume was 3.509 billion shares worth 3.513 billion ringgit. There were 799 gainers and 271 decliners.
Among the actives, Axiata added 1.09 percent, while CIMB Group accelerated 2.95 percent, Dialog Group climbed 2.29 percent, Digi.com lost 0.51 percent, Genting and Sime Darby both gained 0.45 percent, Hartalega Holdings advanced 1.37 percent, INARI surged 3.79 percent, IOI Corporation and Tenaga Nasional both rose 0.23 percent, Maybank collected 0.11 percent, Maxis gathered 0.75 percent, MISC strengthened 1.65 percent, MRDIY spiked 3.52 percent, Petronas Chemicals jumped 2.78 percent, PPB Group tumbled 1.26 percent, Press Metal perked 1.18 percent, Public Bank and RHB Capital both rallied 2.33 percent, Sime Darby Plantations skyrocketed 4.95 percent, Telekom Malaysia soared 3.63 percent, Top Glove plummeted 10.16 percent and IHH Healthcare, Kuala Lumpur Kepong and Genting Malaysia were unchanged.
The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday and stayed that way throughout the session.
The Dow surged 653.61 points or 2.00 percent to finish at 33,286.25, while the NASDAQ spiked 459.99 points or 3.59 percent to end at 13,255.55 and the S&P 500 soared 107.18 points or 2.57 percent to close at 4,277.88.
A pullback by commodities prices contributed to the rebound on Wall Street, as the recent surge in prices had led to worries about even higher inflation.
Oil prices plunged sharply on Wednesday, a day after recording their highest close in 14 years, after analysts said the U.S. and U.K. ban on Russian oil imports will be far less disruptive to global markets than a full international embargo. West Texas Intermediate Crude oil futures for April ended down by $15 or 12.1 percent at $108.70 a barrel.
The markets also benefited from bargain hunting, as traders looked to pick up stocks at reduced levels following the recent weakness.
Malaysia Stock Market Tipped To Open In The Green
2022-03-09 23:32:26
