(RTTNews) – Ahead of Thursday’s Labor Day holiday, the Malaysia stock market had bounced higher again – one session after snapping the four-day winning streak in which it had gathered more than 35 points or 2.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,540-point plateau and it may add to its winnings again on Friday.
The global forecast for the Asian markets is upbeat, with support expected from the oil and technology companies in particular. The European and U.S. markets were up and the Asian markets are expected to follow that lead.
The KLCI finished sharply higher on Wednesday with gains across the board, especially among the financials, plantations, properties and industrials.
For the day, the index jumped 24.66 points or 1.63 percent to finish at the daily high of 1,540.22 after trading as low as 1,518.07.
Among the actives, 99 Speed Mart Retail climbed 2.74 percent, while Axiata jumped 2.94 percent, Celcomdigi added 1.33 percent, CIMB Group increased 1.42 percent, Gamuda surged 4.69 percent, IHH Healthcare gathered 0.73 percent, IOI Corporation rose 0.83 percent, Kuala Lumpur Kepong gained 0.62 percent, Maxis improved 2.20 percent, Maybank and Hong Leong Bank both collected 0.40 percent, MISC strengthened 2.88 percent, MRDIY rallied 3.07 percent, Nestle Malaysia accelerated 3.30 percent, Petronas Chemicals skyrocketed 5.76 percent, PPB Group spiked 4.01 percent, Press Metal advanced 2.30 percent, Public Bank added 0.90 percent, QL Resources fell 0.21 percent, RHB Bank collected 1.22 percent, Sime Darby perked 0.48 percent, SD Guthrie soared 4.17 percent, Sunway gained 1.11 percent, Telekom Malaysia was up 0.15 percent, Tenaga Nasional strengthened 1.61 percent, YTL Corporation jumped 2.13 percent and YTL Power increased 1.48 percent.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the session, although they came well off the day’s highs.
The Dow improved 83.60 points or 0.21 percent to finish at 40,752.96, while the NASDAQ rallied 264.40 points or 1.52 percent to close at 17,710.74 and the S&P 500 added 35.08 points or 0.63 percent to end at 5,604.14.
The early rally on Wall Street came in reaction to upbeat earnings news from software giant Microsoft (MSFT) and Facebook parent Meta Platforms (META), both of which exceeded expectations.
Buying interest waned as the day progressed, however, as traders digested some disappointing economic data, including a Labor Department report showing first-time claims for jobless benefits rose much more than expected last week.
Crude oil saw considerable volatility Thursday but moved sharply higher after President Donald Trump threatened to impose sanctions on any country that purchases Iranian oil. West Texas Intermediate crude for June delivery jumped $1.03 or 1.8 percent to $59.24 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.
