(RTTNews) - The Malaysia stock market has climbed higher in three straight sessions, advancing almost 35 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,590-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets suggests a higher opening, although last week's relief rally appears to be losing stream with tech and oil stocks figure to provide support. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KLCI finished barely higher on Friday following mixed performances from the financial shares and plantation stocks, although the glove makers were soft.
For the day, the index rose 0.38 points or 0.02 percent to finish at 1,591.26 after trading between 1,583.25 and 1,594.76. Volume was 3.329 billion shares worth 5.709 billion ringgit. There were 468 decliners and 424 gainers.
Among the actives, Axiata advanced 0.53 percent, while CIMB Group declined 2.19 percent, Dialog Group sank 0.71 percent, Digi.com climbed 0.74 percent, Genting skidded 1.12 percent, Genting Malaysia retreated 1.76 percent, Hartalega Holdings tanked 2.63 percent, IHH Healthcare lost 0.31 percent, INARI plunged 2.88 percent, IOI Corporation slumped 0.97 percent, Kuala Lumpur Kepong rallied 1.20 percent, Maybank collected 0.45 percent, Maxis fell 0.24 percent, MRDIY stumbled 1.68 percent, Petronas Chemicals dipped 0.21 percent, PPB Group perked 0.47 percent, Public Bank jumped 1.30 percent, RHB Capital shed 0.50 percent, Sime Darby dropped 0.44 percent, Sime Darby Plantations spiked 1.63 percent, Telekom Malaysia tumbled 2.45 percent, Tenaga Nasional surged 3.74 percent, Top Glove plummeted 3.21 percent and MISC and Press Metal were unchanged.
The lead from Wall Street is positive as the major average shook off early weakness on Friday to finish well into the green.
The Dow jumped 274.13 points or 0.80 percent to finish at 34,754.93, while the NASDAQ spiked 279.04 points or 2.05 percent to end at 13,893.84 and the S&P 500 climbed 51.45 points or 1.17 percent to close at 4,463.12. For the week, the NASDAQ surged 8.1 percent, the Dow spiked 5.4 percent and the S&P gained 5.5 percent.
The markets continued to benefit from recent upward momentum, with the major averages recovering from the sell-off sparked by Russia's invasion of Ukraine, although ongoing peace talks have thus far failed to yield a breakthrough.
President Joe Biden spoke with Chinese President Xi Jinping about the conflict on Friday, with the White House saying Biden described the implications and consequences if China provides material support to Russia.
In U.S. economic news, the National Association of Realtors noted a sharp pullback in U.S. existing home sales in February. Also, the Conference Board's U.S. leading economic index rose more than expected last month.
Crude oil futures settled sharply higher on Friday but still posted a weekly loss due to concerns about outlook for energy demand and recent data showing a jump in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $1.72 or 1.7 percent at $104.70 a barrel. WTI crude oil futures shed more than 3 percent in the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.