(RTTNews) – The Malaysia stock market has finished higher in back-to-back trading days, gathering more than 40 points or 2.5 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,630-point plateau and they’re looking at a green light again on Monday.
The global forecast for the Asian markets suggests a higher open on hopes for additional stimulus and surging oil prices. The European and U.S. markets were up on Friday and the Asian bourses are tipped to at least open in similar fashion.
The KLCI finished sharply higher on Friday following gains from the rubber glove makers, plantations and telecoms, while the financials were mixed.
For the day, the index jumped 30.24 points or 1.89 percent to finish at 1,633.19 after trading between 1,595.12 and 1,622.48. Volume was 10.034 billion shares worth 7.165 billion ringgit.
Among the actives, Supermax skyrocketed 20.66 percent, while Hartalega Holdings surged 14.68 percent, Top Glove soared 12.07 percent, Petronas Chemicals spiked 7.23 percent, Genting Malaysia plunged 3.16 percent, Digi.com accelerated 2.40 percent, Genting tanked 1.90 percent, Dialog Group tumbled 1.79 percent, IHH Healthcare skidded 1.58 percent, Maxis retreated 1.52 percent, Maybank rallied 1.45 percent, Sime Darby declined 1.29 percent, Axiata jumped 1.17 percent, Telekom Malaysia climbed 0.93 percent, CIMB Group surrendered 0.72 percent, MISC advanced 0.60 percent, Press Metal perked 0.48 percent, Sime Darby Plantations added 0.39 percent, Kuala Lumpur Kepong gained 0.33 percent, Public Bank fell 0.29 percent, IOI Corporation rose 0.22 percent, RHB Capital dipped 0.18 percent and Tenaga Nasional and Nestle were unchanged.
The lead from Wall Street is upbeat as stocks fluctuated on Friday but managed to finish firmly in the green, sending the major averages to fresh record closing highs.
The Dow rose 56.84 points or 0.18 percent to finish at 31,097.97, while the NASDAQ jumped 134.50 points or 1.03 percent to end at 13,201.98 and the S&P 500 gained 20.89 percent or 0.55 percent to close at 3,824.68. For the week, the Dow rose 1.8 percent, the NASDAQ gained 2.4 percent and the S&P added 1.6 percent.
The markets benefited from optimism that a Democrat-controlled government will lead to more fiscal stimulus and a better handling of the coronavirus vaccine rollout.
Traders were also reacting to a closely watched Labor Department report showing an unexpected decrease in U.S. employment in December – which may provide more ammunition for Democrats to pursue additional stimulus.
Crude oil prices rose sharply on Friday, as recent data showing a drop in U.S. crude stockpiles, and Saudi Arabia’s decision to cut output continued to support the commodity. West Texas Intermediate Crude oil futures for February ended up by $1.41 or 2.8 percent at $52.24 a barrel.
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