Additional Support Anticipated For Malaysia Stock Market

(RTTNews) – The Malaysia stock market has moved higher in three straight sessions, gathering more than 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,545-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is upbeat is easing concerns for the outlook of interest rates, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly higher on Friday following gains from the financial shares, telecoms and glove makers.

For the day, the index perked 5.61 points or 0.36 percent to finish at the daily high of 1,546.76 after moving as low as 1,531.56. Volume was 2.777 billion shares worth 2.008 billion ringgit. There were 535 decliners and 400 gainers.

Among the actives, Axiata jumped 1.59 percent, while CIMB Group and Sime Darby Plantations both added 0.80 percent, increased 0.88 percent, Genting plunged 3.07 percent, Genting Malaysia tumbled 1.68 percent, Hartalega Holdings gained 0.49 percent, IHH Healthcare spiked 1.69 percent, INARI gathered 0.38 percent, IOI Corporation advanced 0.95 percent, Kuala Lumpur Kepong dipped 0.08 percent, Maybank collected 0.11 percent, Maxis was up 0.28 percent, MISC plummeted 4.88 percent, Petronas Chemicals climbed 1.11 percent, PPB Group lost 0.35 percent, Press Metal perked 0.74 percent, Public Bank and Tenaga Nasional both rose 0.43 percent, RHB Capital strengthened 1.19 percent, Sime Darby improved 0.92 percent, Telekom Malaysia surged 2.62 percent, Top Glove soared 2.19 percent and Dialog Group and MRDIY were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Friday and picked up steam as the day progressed, finishing sharply higher.

The Dow surged 575.76 points or 1.76 percent to finish at 33,212.96, while the NASDAQ soared 390.43 points or 3.33 percent to end at 12,131.13 and the S&P 500 spiked 100.40 points or 2.47 percent to close at 4,158.24.

For the week, the Dow soared 6.2 percent, the NASDAQ rallied 6.8 percent and the S&P gained 6.6 percent.

The continued strength on Wall Street followed a Commerce Department report showing a slowdown in the pace of core consumer price growth in April. The data contributed to optimism that the Fed will slow the pace of monetary policy tightening in the second half of the year.

Crude oil prices climbed higher on Friday amid rising hopes about increased demand for fuel during the summer season, and the prospect of an EU ban on Russian oil. West Texas Intermediate Crude oil futures for July ended higher by $0.98 or 0.9 percent at $115.07 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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