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Malaysia Stock Market Tipped To Extend Winning Streak

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(RTTNews) – The Malaysia stock market has climbed higher in three straight sessions, collecting almost 30 points or 2 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,470-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets remains upbeat on optimism for the outlook of interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished sharply higher on Friday following gains from the glove makers, plantations and telecoms, while the financials were mixed.

For the day, the index advanced 18.47 points or 1.27 percent to finish at the daily high of 1,468.21 after trading as low as 1,459.54. Volume was 3.436 billion shares worth 2.428 billion ringgit. There were 667 gainers and 275 decliners.

Among the actives, Axiata accelerated 3.85 percent, while CIMB Group gained 0.73 percent, Dialog Group and MRDIY both rallied 3.03 percent, Digi.com was up 1.83 percent, Genting spiked 4.11 percent, Genting Malaysia strengthened 2.24 percent, Hartalega Holdings climbed 1.94 percent, IHH Healthcare and IOI Corporation both rose 0.50 percent, INARI soared 5.26 percent, Maybank lost 0.46 percent, Maxis shed 0.52 percent, Petronas Chemicals added 1.04 percent, PPB Group increased 1.11 percent, Press Metal surged 7.87 percent, Public Bank collected 0.45 percent, RHB Capital dipped 0.18 percent, Sime Darby and Tenaga Nasional both improved 1.81 percent, Sime Darby Plantations jumped 2.30 percent, Telekom Malaysia advanced 1.28 percent, Top Glove skyrocketed 8.47 percent and Kuala Lumpur Kepong, MISC and Hong Leong Bank were unchanged.

The lead from Wall Street ends up positive as the major averages opened mixed on Friday, with the Dow spending most of the session in negative territory before breaking into the green late in the day.

The Dow rose 32.49 points or 0.10 percent to finish at 33,747.86, while the NASDAQ surged 209.18 points or 1.88 percent to close at 11,323.33 and the S&P 500 advanced 36.56 points or 0.92 percent to end at 3,992.93.

For the week, the NASDAQ skyrocketed 8.1 percent, the S&P 500 soared 5.9 percent and the Dow jumped 4.2 percent.

The extended rally on Wall Street came as stocks continued to benefit from optimism about the Federal Reserve slowing the pace of interest rate hikes following Thursday’s tamer than expected inflation data.

On the heels of the inflation data, CME Group’s FedWatch Tool is currently indicating an 80.6 percent chance the Fed will raise rates by 50 basis points next month compared to the recent 75 basis point rate hikes.

Crude oil prices spiked on Friday, supported by a weak dollar and reports about China cutting quarantine restrictions. West Texas Intermediate Crude oil futures for December ended higher by $2.49 or 2.9 percent at $88.96 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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