Malaysian Stock Exchange set to extend winning streak
(RTTNews) – The Malaysian stock market has been rising over consecutive trading days, advancing nearly 15 points or 1% along the way. The Kuala Lumpur Composite Index now sits just above the 1,500 point plateau and it is likely to increase its earnings again on Thursday.
Global forecasts for Asian markets are positive on rising oil prices and optimistic on the outlook for interest rates. European markets were up and US stock markets were mixed and Asian markets were counting to divide the difference.
The KLCI ended slightly higher on Wednesday following gains in financial stocks, plantation stocks and glove manufacturers.
For the day, the index added 7.71 points or 0.52% to end at 1,504.44 after trading between 1,498.53 and 1,514.52. The volume was 4.587 billion shares worth 3.097 billion ringgits. There were 654 declining and 433 winners.
Among assets, Axiata fell 0.26%, while CIMB Group jumped 1.33%, Dialog Group grew 0.78%, Digi.com lost 0.47%, Genting sank 1 , 27%, Genting Malaysia fell 1.42%, Hartalega Holdings jumped 3.43%, IHH Healthcare and Tenaga Nasional both added 0.52%, IOI Corporation rose 1.37%, Kuala Lumpur Kepong accelerated 1.34%, Maybank collected 0.37%, Maxis gained 0.23%, MRDIY climbed 5.26%, Petronas Chemicals rose 0.13%, PPB Group rose 0 , 22%, Press Metal profited 1.21%, RHB Capital rose 0.76%, Sime Darby rose 0.95%, Sime Darby Plantations rose 1.46%, Top Glove rose 1 , 07% and MISC, Telekom Malaysia and Public Bank remained unchanged.
Wall Street’s lead has been mixed all week and Wednesday was no exception. All three major averages opened higher and the Dow Jones and S&P stayed that way to hit new record close highs; the NASDAQ quickly headed south and finished in the red.
The Dow Jones jumped 220.30 points or 0.62% to close at 35,484.97, while the NASDAQ lost 22.95 points or 0.16% to close at 14,765.13 and the S&P rose of 10.95 points or 0.25% to end at 4,447.70.
The mixed performance came after the Labor Department’s much-anticipated inflation reading was not as bad as some had feared, slowing to 0.5% from 0.9% in June – suggesting the central bank may not be in a rush to cut stimulus.
The recent resurgence of coronavirus cases could also weigh on the economy, causing the Fed to postpone its reduction plans and allowing stocks to continue climbing to record levels.
Crude oil futures stabilized higher on Wednesday, recovering well after an initial setback, after the Biden administration said it would not ask U.S. oil producers to increase production. West Texas Intermediate crude oil futures for September ended $ 0.96 or 1.4% at $ 69.25 a barrel.
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