Additional support planned for Malaysian stock market

(RTTNews) – The Malaysian stock market has advanced in consecutive sessions, picking up nearly 25 points or 1.6% along the way. The Kuala Lumpur Composite Index now sits just above the 1,515 point plateau and it could increase its gains again on Friday.

Global forecasts for Asian markets are optimistic about easing worries about the virus, rising crude oil prices and strong economic data. European and American markets were on the rise and Asian markets are expected to open similarly.

The KLCI ended sharply higher on Thursday following gains from plantations and telecoms, while financiers and glove makers were mixed.

For the day, the index jumped 16.10 points or 1.07% to end at a daily high of 1,516.42 after falling to 1,499.81, volume was 1.99 billion shares for a value of 1.37 billion ringgit. There were 449 winners and 351 losers.

Among assets, Axiata and Hartalega Holdings both jumped 1.65%, while CIMB Group lost 0.37%, Dialog Group rose 3.81%, and INARI both climbed 1 , 56%, Genting rose 2.00%, Genting Malaysia added 1.07%, Hong Leong Bank fell 0.22%, IOI Corporation rose 4.42%, Kuala Lumpur Kepong gained 1, 33%, Maybank rose 0.36%, Maxis gained 0.70%, MISC fell 0.14%, MRDIY accelerated 2.92%, Petronas Chemicals fell 0.23%, Press Metal rose 7.49%, Public Bank collected 0.98%, Sime Darby 1.38%, Sime Darby Plantations jumped 4.68%, Telekom Malaysia rose 1.52%, Tenaga Nasional fell 0.64%, Top Glove sank 0.92% and PPB Group, RHB Capital, IHH Healthcare and Petronas Gas remained unchanged.

Wall Street’s lead is positive as major averages opened higher on Thursday and remained comfortably in the green throughout the session, ending near all-time highs.

The Dow Jones jumped 196.67 points or 0.55% to close at 35,950.56, while the NASDAQ climbed 131.48 points or 0.85% to close at 15,653.37 and the S&P 500 rose 29.23 points or 0.62% to end at 4,725.79. For the holiday week, the NASDAQ climbed 3.2%, the S&P improved 2.3% and the Dow Jones gained 1.7%.

Mitigation of concerns about the Omicron variant of the coronavirus has contributed to Wall Street’s continued strength, as separate studies have indicated that the new strain poses a lower risk of serious illness and hospitalization than the Delta variant.

Traders have also reacted to a plethora of economic data, including a Department of Labor report showing that the first claims for unemployment benefits in the United States remained stable last week. In addition, the Commerce Department said new orders of manufactured durable goods in the United States rose much more than expected in November.

Meanwhile, the Commerce Department also noted a continued acceleration in the pace of growth in basic consumer prices last month, and also that new home sales have skyrocketed.

Crude oil futures took gains to a third day in a row amid hopes over the outlook for energy demand as concerns over the Omicron variant of the coronavirus faded. West Texas Intermediate crude oil futures for February ended up $ 1.03 or 1.4% at $ 73.79 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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