Additional support expected for the Malaysian stock market
(RTTNews) — The Malaysian stock market has moved higher in three consecutive sessions, collecting more than 15 points, or 1 percent, along the way. The Kuala Lumpur Composite is now above a plateau of 1,545 points and may add to its gains on Monday.
The global outlook for Asian markets is upbeat easing concerns about interest rate expectations, with technology stocks expected to lead the way higher. European and American markets rose and the Asian bourses are expected to open in the same vein.
KLCI finished slightly higher on Friday after gains in financial stocks, telecoms and glove makers.
For the day, the index rose 5.61 points, or 0.36 percent, to end at a daily high of 1,546.76, after falling to 1,531.56. Trading volume reached 2.777 billion shares, valued at 2.008 billion ringgit. The number of losers was 535 and the rise was 400.
Among the active companies, Axiata stock jumped 1.59%, while CIMB Group and Sime Darby Plantations rose 0.80%, Digi.com increased 0.88%, Genting declined 3.07%, Genting Malaysia declined 1.68%, and Hartalega shares rose Holdings up 0.49%, and IHH Healthcare is up 1.69%. , INARI raised 0.38%, IOI Corporation advanced 0.95%, Kuala Lumpur Kepong declined 0.08%, Maybank raised 0.11%, Maxis rose 0.28%, MISC fell 4.88%, Petronas Chemicals jumped 1.11%, PPB Group lost 0.35%, Press Metal perked all rose Public Bank and Tenaga Nasional rose 0.43%, RHB Capital rose 1.19%, Sime Darby rose 0.92%, Telekom Malaysia rose 2.62%, Top Glove rose 2.19%, and Dialog Group and MRDIY remained unchanged.
The lead from Wall Street is broadly positive as the major averages opened with a solid rise on Friday and gained steam as the day progressed, ending sharply higher.
The Dow Jones rose 575.76 points, or 1.76 percent, to close at 33,212.96, while the Nasdaq rose by 390.43 points, or 3.33 percent, to close at 12,131.13, and the S&P 500 rose by 100.40 points, or 2.47 percent, to close at 4,158.24.
Over the course of the week, the Dow rose 6.2 percent, the Nasdaq rose 6.8 percent, and the Standard & Poor’s rose 6.6 percent.
The strength on Wall Street continued following the Commerce Department report that showed 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 tightening in the second half of the year.
Crude oil prices rose on Friday amid rising hopes for increased fuel demand during the summer season, and a possible European Union embargo on Russian oil. West Texas Intermediate crude futures for July closed up $0.98, or 0.9 percent, at $115.07 a barrel.
The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.