(RTTNews) – The Malaysia stock market on Thursday wrote a finish to the two-day slide in which it had stumbled almost 40 points or 2.4 percent. The Kuala Composite Index now rests just above the 1,580-point plateau and it’s looking at another green light for Friday’s trade.
The global forecast for the Asian markets is upbeat, with technology and oil stocks expected to lead the markets higher. The European and U.S. bourses were up and the Asian markets are tipped to follow suit.
The KLCI finished modestly higher on Thursday following gains from the financials, plantations and glove makers.
For the day, the index gained 9.13 points or 0.58 percent to finish at 1,582.64 after trading between 1,576.33 and 1,586.26. Volume was 7.921 billion shares worth 3.713 billion ringgit. There were 787 gainers and 354 decliners.
Among the actives, Axiata added 0.55 percent, while CIMB Group collected 0.46 percent, Dialog Group and Hong Leong Bank both sank 0.64 percent, Digi.com rallied 1.10 percent, Genting soared 3.38 percent, Genting Malaysia gathered 0.98 percent, Hartalega Holdings climbed 1.01 percent, IHH Healthcare lost 0.38 percent, IOI Corporation and Public Bank both gained 0.48 percent, Kuala Lumpur Kepong was up 0.17 percent, Maxis fell 0.22 percent, MISC jumped 1.03 percent, Petronas Chemicals advanced 0.63 percent, PPB Group rose 0.32 percent, Press Metal perked 1.62 percent, Sime Darby Plantations improved 0.22 percent, Supermax surged 3.67 percent, Telekom Malaysia plunged 1.79 percent, Tenaga Nasional accelerated 1.38 percent, Top Glove spiked 2.65 percent and Maybank, RHB Capital and Sime Darby were unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Thursday and gathered steam as the day progressed, closing near daily highs.
The Dow climbed 171.66 points or 0.52 percent to finish at 33,153.21, while the NASDAQ spiked 233.23 points or 1.76 percent to end at 13,480.11 and the S&P 500 jumped 46.98 points or 1.18 percent to close at 4,019.87.
The rally by technology stocks in the NASDAQ reflected solid earnings news and a retreat by treasury yields, with the yield on the benchmark ten-year note moving lower after ending the previous day at its highest closing level in a year.
Traders were also reacting to President Joe Biden’s speech regarding his $2 trillion infrastructure and economic recovery plan.
In economic news, the Institute for Supply Management said U.S. manufacturing activity accelerated more than expected in March. Also, the Labor Department said first-time claims for U.S. unemployment benefits rebounded from their lowest level in a year last week.
Crude oil prices moved sharply higher Thursday on news that OPEC has agreed to incremental increases in crude production for three months starting in May. West Texas Intermediate Crude oil futures for May ended higher by $2.29 or 3.9 percent at $61.45 a barrel.
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