(RTTNews) - The Malaysia stock market has moved higher in consecutive trading days, gathering more than 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,450-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished modestly higher on Thursday following gains from the financial shares, plantations, glove makers and telecoms.
For the day, the index improved 13.34 points or 0.93 percent to finish at 1,450.32 after trading between 1,440.05 and 1,451.33. Volume was 2.128 billion shares worth 1.380 billion ringgit. There were 589 gainers and 302 decliners.
Among the actives, Axiata increased 0.37 percent, while CIMB Group jumped 1.38 percent, Dialog Group spiked 1.97 percent, Digi.com added 0.58 percent, Genting advanced 1.10 percent, Genting Malaysia rose 0.71 percent, Hartalega Holdings and INARI both climbed 1.12 percent, IHH Healthcare gained 0.62 percent, IOI Corporation rallied 1.52 percent, Kuala Lumpur Kepong rose 0.56 percent, Maybank strengthened 1.16 percent, Maxis and Petronas Dagangan both increased 0.88 percent, MISC perked 0.14 percent, MRDIY improved 0.48 percent, Petronas Chemicals soared 1.99 percent, Press Metal surged 2.09 percent, Public Bank collected 0.23 percent, RHB Capital added 0.87 percent, Sime Darby gathered 0.89 percent, Sime Darby Plantations accelerated 1.67 percent, Telekom Malaysia was up 0.55 percent, Tenaga Nasional gained 0.76 percent, Top Glove improved 1.01 percent and PPB Group and Petronas Gas were unchanged.
The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.
The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.
The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.
The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.
A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.
Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 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.
