The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day winning streak in which it had advanced almost 20 points or 1.2 percent The Kuala Lumpur Composite Index now rests just above the 1,550-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets is upbeat on earnings optimism and support from oil and technology stocks. The European and U.S. markets were firmly higher and the Asian markets are tipped to open in similar fashion.
The KLCI finished sharply higher on Wednesday following gains from the financials, plantations and telecoms, while the glove makers suffered on profit taking.
For the day, the index rallied 21.42 points or 1.40 percent to finish at the daily high of 1551.51 after moving as low as 1,531.19. Volume was 2.958 billion shares worth 2.517 billion ringgit. There were 579 gainers and 412 decliners.
Among the actives, Axiata advanced 1.57 percent, while CIMB Group spiked 3.05 percent, Dialog Group surged 3.75 percent, Digi.com skyrocketed 4.18 percent, Genting and Hong Leong Bank both gained 1.32 percent, Genting Malaysia fell 0.34 percent, Hartalega Holdings plummeted 7.36 percent, INARI climbed 1.86 percent, IOI Corporation improved 0.79 percent, Kuala Lumpur Kepong and Sime Darby both rose 0.91 percent, Maybank collected 1.80 percent, Maxis gathered 1,64 percent, MRDIY was up 0.55 percent, Petronas Chemicals strengthened 0.33 percent, PPB Group increased 0.62 percent, Press Metal accelerated 3.02 percent, Public Bank jumped 2.14 percent, RHB Capital added 1.44 percent¸ Sime Darby Plantations rallied 2.52 percent, Telekom Malaysia soared 3.54 percent, Tenaga Nasional perked 1.31 percent, Top Glove plunged 4.80 percent and IHH Healthcare and MISC were unchanged.
The lead from Wall Street is broadly positive as the major averages opened firmly higher and remained that way throughout the session.
The Dow spiked 305.28 points or 0.86 percent to finish at 35,768.06, while the NASDAQ surged 295.92 points or 2.08 percent to end at 14,490.37 and the S&P 500 gained 65.64 points or 1.45 percent to close at 4,587.18.
The rally on Wall Street came as stocks continued to recover from the sharp pullback in January, with the Dow reaching its best levels in almost a month. The major averages remain well off the record highs but have climbed well off the multi-month lows set in late January.
Upbeat earnings also contributed to the continued strength on Wall Street, led by such companies as Chipotle Mexican Grill (CMG), cannabis producer Canopy Growth (CGC) and solar energy company Enphase Energy (ENPH), while CVS Health (CVS) disappointed.
Crude oil prices moved higher Wednesday after data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for March ended higher by $0.30 or 0.3 percent at $89.66 a barrel.
Market Analysis
Additional Support Anticipated For Malaysia Stock Market
2022-02-09 23:30:19
