(RTTNews) – The Malaysia stock market has moved higher in two straight sessions, collecting more than 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,540-point plateau and it may add to its winnings again on Monday.
The global forecast for the Asian markets is positive on optimism over economic data and easing tariff concerns. The European and U.S. bourses were sharply higher and the Asian markets also figure to open to the upside.
The KLCI finished slightly higher again on Friday following mixed performances from the financial shares, industrials and telecoms.
For the day, the index perked 2.27 points or 0.15 percent to finish at the daily high of 1,542.49 after moving as low as 1,532.23.
Among the actives, 99 Speed Mart Retail climbed 0.89 percent, while Axiata sank 0.48 percent, Celcomdigi advanced 0.79 percent, CIMB Group collected 0.42 percent, Gamuda soared 3.77 percent, IHH Healthcare spiked 1.88 percent, IOI Corporation accelerated 1.64 percent, Kuala Lumpur Kepong rallied 1.22 percent, Nestle Malaysia dropped 0.87 percent, Petronas Chemicals plummeted 6.81 percent, Petronas Dagangan tumbled 1.22 percent, Petronas Gas eased 0.11 percent, PPB Group tanked 1.93 percent, Press Metal shed 0.41 percent, Public Bank slumped 0.89 percent, RHB Bank dipped 0.15 percent, SD Guthrie stumbled 2.11 percent, Sunway surged 5.27 percent, Telekom Malaysia jumped 1.32 percent, YTL Corporation added 0.52 percent, YTL Power gained 0.29 percent and Maxis, Maybank, MISC, MRDIY, QL Resources, Sime Darby and Tenaga Nasional were unchanged.
The lead from Wall Street is firm as the major averages opened sharply higher on Friday and remained solidly in the green throughout the trading day.
The Dow surged 564.47 points or 1.39 percent to finish at 41,317.43, while the NASDAQ rallied 266.99 points or 1.51 percent to close at 17,977.73 and the S&P 500 spiked 82.53 points or 1.47 percent to end at 5,686.67.
For the week, the tech-heavy NASDAQ soared 3.4 percent, while the Dow jumped 3.0 percent and the S&P improved 2.9 percent.
The rally on Wall Street followed the release of a closely watched Labor Department report showing U.S. job growth far exceeded economist estimates in the month of April.
Buying interest was also generated in reaction to indications China is open to trade talks with the U.S., with a spokesperson for China’s Ministry of Commerce saying U.S. officials have “repeatedly expressed their willingness to negotiate with China on tariffs.”
Crude oil showed a significant move back to the downside on Friday on concerns that OPEC would accelerate production, which did indeed happen over the weekend. West Texas Intermediate crude for June delivery tumbled $0.95 or 1.6 percent to $58.29 a barrel. Crude plunged 7.5 percent for the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
