Additional Support Predicted For Malaysia Shares

RTTNews | 683 days ago

(RTTNews) - The Malaysia stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had dropped more than a dozen points or 0.9 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,420-point plateau and it's expected to extend its gains on Friday.

The global forecast for the Asian markets is upbeat thanks to an earnings-driven rally among technology stocks. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter leads.

The KLCI finished slightly higher on Thursday following gains from the financial shares and telecoms, while the plantations were mixed.

For the day, the index rose 3.80 points or 0.27 percent to finish at 1,418.05 after trading between 1,413.46 and 1,418.17.

Among the actives, Axiata added 0.67 percent, while CIMB Group and Hong Leong Bank both collected 0.40 percent, Dialog Group spiked 1.74 percent, Genting climbed 0.86 percent, Genting Malaysia surged 2.25 percent, IHH Healthcare increased 0.35 percent, INARI sank 0.44 percent, IOI Corporation and Maybank both accelerated 1.05 percent, Kuala Lumpur Kepong rose 0.18 percent, Maxis soared 2.09 percent, MISC perked 0.14 percent, MRDIY rallied 1.29 percent, Petronas Chemicals retreated 1.54 percent, PPB Group tumbled 1.57 percent, Press Metal advanced 0.79 percent, RHB Capital improved 0.73 percent, Sime Darby gained 0.46 percent, Sime Darby Plantations skidded 1.14 percent, Tenaga Nasional added 0.68 percent and Digi.com, Telekom Malaysia, Public Bank, Petronas Gas and Hong Leong Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and accelerated as the day progressed, ending near session highs.

The Dow surged 524.29 points or 1.57 percent to finish at 33,826.16, while the NASDAQ soared 287.89 points or 2.43 percent to end at 12,142.24 and the S&P 500 jumped 79.36 points or 1.96 percent to close at 4,135.35.

The rally on Wall Street partly reflected a positive reaction to upbeat earnings news from Facebook parent Meta Platforms (META), which reported better than expected first quarter results and provided upbeat guidance for the current quarter.

Media conglomerate Comcast (CMCSA) also moved sharply higher after reporting first quarter earnings that exceeded analyst estimates. Big-name companies like eBay (EBAY), Honeywell (HON) and Eli Lilly (LLY) also posted strong gains after reporting their quarterly results.

Meanwhile, traders shrugged off a Commerce Department report showing U.S. economic growth slowed more than expected in the first quarter of 2023. Also, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly declined last week.

Crude oil prices climbed higher on Thursday, supported by data showing a drop in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for June ended higher by $0.46 or 0.6 percent at $74.76 a barrel.

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