(RTTNews) – The Malaysia stock market has tracked higher in two straight sessions, gathering almost a dozen points or 0.8 percent along the way. The Kuala Composite Index now rests just above the 1,585-point plateau and it figures to see additional support on Monday.
The global forecast for the Asian markets is positive on optimism for the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The KLCI finished modestly higher on Friday following gains from the financial shares, plantation stocks, telecoms and glove makers.
For the day, the index picked up 9.12 points or 0.58 percent to finish at 1,587.45 after trading between 1,573.40 and 1,590.04. Volume was 5.551 billion shares worth 3.427 billion ringgit. There were 626 gainers and 427 decliners.
Among the actives, Axiata tumbled 2.39 percent, while CIMB Group gathered 1.22 percent, Digi.com lost 0.24 percent, Genting Malaysia and Telekom Malaysia both gained 0.35 percent, Hartalega Holdings soared 3.35 percent, IHH Healthcare advanced 0.89 percent, IOI Corporation added 0.49 percent, Kuala Lumpur Kepong climbed 1.44 percent, Maybank was up 0.12 percent, Maxis skidded 1.09 percent, MISC sank 0.74 percent, Petronas Chemicals rallied 1.34 percent, PPB Group rose 0.32 percent, Press Metal jumped 1.51 percent, Public Bank collected 0.24 percent, RHB Capital improved 0.19 percent, Sime Darby perked 0.90 percent, Sime Darby Plantations spiked 2.61 percent, Supermax accelerated 1.85 percent, Tenaga Nasional fell 0.20 percent, Top Glove surged 3.95 percent and Dialog Group, Genting and Hong Leong Financial were unchanged.
The lead from Wall Street is upbeat as the major averages opened mostly higher on Friday and remained in the green throughout the trading day.
The Dow jumped 229.26 points or 0.66 percent to finish at 34,777.76, while the NASDAQ spiked 119.44 points or 0.88 percent to end at 13,752.24 and the S&P 500 added 30.98 points or 0.74 percent to close at 4,232.60. For the week, the Dow surged 2.7 percent, the NASDAQ fell 1.5 percent and the S&P 500 gained 1.2 percent.
The strength on Wall Street followed the closely watched Labor Department report showing weaker than expected job growth in April. Traders reacted positively to this because the it reinforced the view the Federal Reserve will leave ultra-easy monetary policy in place for the foreseeable future.
The data led to a particularly strong upward move by high-growth tech stocks, which are seen as more susceptible to higher interest rates.
Crude oil prices moved higher on Friday on optimism for increased demand in Europe and the U.S. although gains were capped by coronavirus concerns in Asia. West Texas Intermediate Crude oil futures for June ended up $0.19 or 0.3 percent at $64.90 a barrel. WTI crude futures gained about 2.1 percent in the week.
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