The Malaysia stock market has finished higher in back-to-back trading days, advancing almost 35 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,590-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is upbeat amidst upward momentum after brutal selling earlier in the week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished sharply higher on Thursday following gains from the financial shares and glove makers, while the plantations were soft and the telecoms were mixed.
For the day, the index climbed 19.56 points or 1.24 percent to finish at 1590.88 after trading between 1,577.56 and 1,592.90. Volume was 3.34 billion shares worth 3.70 billion ringgit. There were 756 gainers and 296 decliners.
Among the actives, Axiata gained 0.93 percent, while CIMB Group spiked 3.40 percent, Dialog Group accelerated 2.94 percent, Digi.com rose 0.75 percent, Genting rallied 1.82 percent, Genting Malaysia climbed 1.43 percent, Hartalega Holdings skyrocketed 8.10 percent, IHH Healthcare improved 0.31 percent, INARI surged 7.14 percent, IOI Corporation increased 0.49 percent, Kuala Lumpur Kepong plunged 3.18 percent, Maybank collected 0.90 percent, Maxis sank 0.48 percent, MRDIY lost 0.28 percent, Petronas Chemicals added 1.18 percent, PPB Group perked 0.71 percent, Press Metal eased 0.16 percent, Public Bank jumped 2.43 percent, RHB Capital strengthened 2.05 percent, Sime Darby advanced 1.34 percent, Sime Darby Plantations tumbled 1.61 percent, Telekom Malaysia slumped 0.41 percent, Tenaga Nasional fell 0.22 percent, Top Glove soared 6.86 percent and MISC and Petronas Gas were unchanged.
The lead from Wall Street ends up solidly positive as the major averages shook off early directionless trade, accelerating in the afternoon to finish near daily highs.
The Dow surged 417.66 points or 1.23 percent to finish at 34,480.76, while the NASDAQ soared 178.23 points or 1.33 percent to end at 13,614.78 and the S&P 500 climbed 53.81 points or 1.23 percent to close at 4,411.67.
The strength that emerged on Wall Street reflects recent upward momentum, with the major averages extending the rally seen over the two previous sessions. The rebound has helped lift stocks well off their recent lows but also well shy of record highs.
The markets also continued to digest the Federal Reserve’s decision to raise interest rates for the first time since December 2018 on Wednesday. The Fed raised rates by 25 basis points to 0.25 to 0.5 percent and signaled several more rate hikes are likely over the coming months.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said housing starts rebounded than expected in February.
Crude oil prices climbed higher Thursday after the International Energy Agency warned of a possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country. West Texas Intermediate Crude oil futures for April ended higher by $7.94 or 8.4 percent at $102.98 a barrel.
Market Analysis
Additional Support Expected For Malaysia Stock Market
2022-03-17 23:30:24
