Malaysian Stock Exchange to Extend Thursday Gains
(RTTNews) – The Malaysian stock market has risen in two of three trading days since the end of the five-day losing streak in which it fell more than 15 points or 1%. The Kuala Lumpur Composite Index is now just above the 1,500 point plateau and it could increase its gains on Friday.
Global forecasts for Asian markets are cautiously optimistic, supported by bargain hunting and crude oil prices. European markets were down and US stock markets were up and Asian markets are expected to follow this latest trend.
The KLCI ended slightly higher on Thursday following gains in financials, plantations and telecoms, while glove makers were mixed.
For the day, the index rose 4.81 points or 0.32% to end a daily high of 1,501.74 after falling to 1,491.83. The volume was 3.738 billion shares worth 3.065 billion ringgits. There were 716 declining and 272 winning.
Among assets, Axiata fell 0.52%, while CIMB and PPB groups both climbed 2.58%, Dialog Group fell 0.79%, Digi.com jumped 2.70% , Genting lost 0.45%, Genting Malaysia fell 0.36%, Hartalega Holdings fell 1.75%, IHH Healthcare rose 0.15%, IOI Corporation rose 1.08%, Kuala Lumpur Kepong rose 1.07%, MISC fell 0.15%, MRDIY rose 0.86%, Petronas Chemicals and Hong Leong Financial both fell 0.12%, Press Metal fell 0 , 56%, Sime Darby fell 1.39 percent, Sime Darby Plantations jumped 1.61 percent, Telekom Malaysia lost 0.37 percent, Tenaga Nasional slipped 0.22 percent, Top Glove jumped 2.55 percent and Public Bank, RHB Capital, Maybank, Maxis and Nestle remained unchanged.
Wall Street’s lead is broadly positive as major averages opened higher on Thursday and stayed broadly so to end with solid gains.
The Dow Jones jumped 617.75 points or 1.82% to close at 34,639.70, while the NASDAQ rose 127.27 points or 0.83% to close at 15,381.32 and the S&P 500 jumped 64.04 points or 1.42% to end at 4,577.10.
The rebound on Wall Street was in part a reflection of the bargain hunt after Wednesday’s sharp drop, extending inventories of a roller coaster since news of the detection of the omicron variant of the coronavirus was announced.
Traders appeared extremely responsive to news related to the omicron, fearing that the variant could derail the economic recovery even as the Federal Reserve begins to reduce its stimulus measures.
In U.S. economic news, the Labor Department released a report showing a modest rebound in first-time jobless claims last week.
Crude oil prices rallied on Thursday after falling to their lowest level for three months in the previous session, ending OPEC plans to increase production. West Texas Intermediate for January delivery jumped $ 0.93 or 1.4% to $ 66.50 a barrel.
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