Malaysia Bourse May See Additional Support On Friday

(RTTNews) - The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had advanced almost 85 points or 6.5 percent. The Kuala Lumpur Composite Index now rests just above the 1,330-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets is firm thanks to major support from crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KLCI finished modestly higher on Thursday following gains from the plantations and industrials, while the financials were mixed.

For the day, the index added 8.24 points or 0.62 percent to finish at 1,330.90 after trading between 1,316.94 and 1,332.61. Volume was 5.103 billion shares worth 2.416 billion ringgit. There were 671 gainers and 203 decliners.

Among the actives, Petronas Dagangan skyrocketed 6.48 percent, while Press Metal surged 3.92 percent, Genting soared 3.19 percent, Genting Malaysia spiked 2.46 percent, Dialog Group and RHB Capital both accelerated 1.32 percent, Public Bank perked 0.77 percent, Hartalega Holdings gathered 0.74 percent, PPB Group retreated 0.74 percent, jumped 0.72 percent, AMMB Holdings declined 0.68 percent, Tenaga Nasional climbed 0.68 percent, Kuala Lumpur Kepong advanced 0.49 percent, Top Glove and Axiata both gained 0.31 percent, CIMB Group sank 0.28 percent, Maybank collected 0.27 percent, IOI Corporation lost 0.26 percent, Sime Darby Plantations and Petronas Chemicals both added 0.21 percent, IHH Healthcare and Maxis both rose 0.20 percent and Sime Darby and MISC were unchanged.

The lead from Wall Street is broadly positive as stocks fluctuated throughout much of Thursday's trade before surging into the close.

The Dow jumped 469.93 points or 2.24 percent to finish at 21,413.44, while the NASDAQ climbed 126.73 points or 1.72 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.28 percent to 2,526.90.

The higher close on Wall Street was due in large part to strength among energy stocks, which moved sharply higher along with the price of crude oil.

Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon. West Texas Intermediate Crude oil futures for May ended up $5.01 or 25 percent at $25.32 a barrel.

The strength that emerged came even though the Labor Department reported a record spike in initial jobless claims last week. In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10 percent.

Closer to home, Malaysia will release February numbers for imports, exports and trade balance later today. In January, imports were worth 72.08 billion ringgit and exports were at 84.08 billion ringgit for a trade surplus of 12.00 billion ringgit.

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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