(RTTNews) - The Malaysia stock market has finished higher in two of three trading days since the end of the six-day losing streak in which it had stumbled more than 35 points or 2.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is positive on solid earnings news and renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The KLCI finished slightly higher on Friday as gains from the plantations were offset by weakness from the financials and mixed performances from the telecoms and industrials.
For the day, the index perked 2.10 points or 0.13 percent to finish at 1,603.98 after trading between 1,589.27 and 1,607.04.
Among the actives, Axiata soared 2.21 percent, while Celcomdigi stumbled 1.17 percent, CIMB Group dropped 0.50 percent, Genting lost 0.25 percent, IHH Healthcare advanced 0.41 percent, IOI Corporation rallied 1.86 percent, Kuala Lumpur Kepong spiked 1.87 percent, Maxis shed 0.28 percent, Maybank declined 0.95 percent, MISC added 0.40 percent, MRDIY jumped 1.83 percent, Nestle Malaysia perked 0.02 percent, Petronas Chemicals slumped 0.92 percent, PPB Group rose 0.29 percent, Press Metal tumbled 1.47 percent, Public Bank climbed 0.90 percent, QL Resources slid 0.21 percent, RHB Bank sank 0.31 percent, Sime Darby strengthened 1.29 percent, SD Guthrie skyrocketed 7.61 percent, Sunway fell 0.23 percent, Telekom Malaysia gained 0.31 percent, Tenaga Nasional retreated 1.00 percent, YTL Power surged 2.89 percent and YTL Corporation, Genting Malaysia and Petronas Dagangan were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the trading day.
The Dow jumped 288.73 points or 0.69 percent to finish at 42,052.19, while the NASDAQ added 144.77 points of 0.80 percent to end at 18,239.92 and the S&P 500 rose 23.35 points or 0.41 percent to close at 5,728.80.
For the week, the Dow eased 0.2 percent, the S&P slumped 1.4 percent and the NASDAQ stumbled 1.5 percent.
The strength on Wall Street reflected a positive reaction to upbeat earnings news from big-name companies like Intel (INTC) and Amazon (AMZN).
Traders also digested the Labor Department's closely watched jobs report, which showed weaker than expected job growth in October. The data raised some concerns about the strength of the economy, but the report also led to renewed optimism about the outlook for interest rates.
Oil futures settled modestly higher on Friday amid concerns about tensions in the Middle East after a report said Iran is planning further attacks on Israel. West Texas Intermediate Crude oil futures for December ended higher by $0.23 or 0.33 percent at $69.49 a barrel.
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