(RTTNews) – The Malaysia stock market has moved higher in two straight sessions, gathering almost a dozen points or 0.7 percent along the way. The Kuala Composite Index now rests just beneath the 1,610-point plateau and it figures to tick higher again on Monday.
The global forecast for the Asian market is cautiously optimistic, with upside limited by surging coronavirus cases in India. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The KLCI finished barely higher on Friday as gains from the glove makers were offset by weakness from the financial shares and plantation stocks.
For the day, the index rose 0.70 points or 0.04 percent to finish at 1,608.43 after trading between 1,605.44 and 1,610.81. Volume was 6.549 billion shares worth 4.189 billion ringgit. There were 574 gainers and 478 decliners.
Among the actives, Axiata jumped 1.06 percent, while CIMB Group plummeted 1.18 percent, Dialog Group climbed 0.97 percent, Digi.com tanked 0.95 percent, Genting gained 0.20 percent, Hartalega Holdings soared 2.28 percent, IHH Healthcare lost 0.36 percent, Kuala Lumpur Kepong fell 0.28 percent, Maybank slid 0.24 percent, Maxis dropped 0.43 percent, MISC eased 0.15 percent, Petronas Chemicals skidded 0.51 percent, PPB Group rose 0.11 percent, Press Metal rallied 1.73 percent, Public Bank tumbled 0.71 percent, RHB Capital plunged 1.13 percent, Sime Darby advanced 0.44 percent, Sime Darby Plantations sank 0.45 percent, Supermax surged 3.12 percent, Telekom Malaysia added 0.35 percent, Tenaga Nasional shed 0.40 percent, Top Glove spiked 1.96 percent and Genting Malaysia and IOI Corporation were unchanged.
The lead from Wall Street is positive as the major averages showed a strong move to the upside, picking up steam as the session progressed.
The Dow spiked 227.59 points or 0.67 percent, while the NASDAQ jumped 198.39 points or 1.44 percent to end at 14,016.81 and the S&P 500 gained 45.19 points or 1.09 percent to close at 4,180.17. For the week, the Dow fell 0.5 percent, the NASDAQ shed 1.4 percent and the S&P eased 0.1 percent.
The rebound on Wall Street partly reflected the volatility seen over the past few sessions, which saw the major averages show big swings back-and-forth.
Optimism about the economic recovery has helped prop up the markets, although concerns about high valuations and surging coronavirus cases overseas have led to worries about the near-term outlook.
In economic news, the Commerce Department reported a substantial rebound in new home sales in March, sending sales to their highest level since August 2006.
Crude oil prices moved higher on Friday, lifted by buoyant demand for energy in the U.S. despite a weak global outlook. West Texas Intermediate Crude futures for June ended up by $0.71 or 1.2 percent at $62.14 a barrel. WTI crude futures shed 1.7 percent in the week.