Malaysian stock market could add to its gains

(RTTNews) – The Malaysian stock market has alternated between positive and negative results over the past five trading days since ending the two-day decline in which it plunged nearly 8 points or 0.6% . The Kuala Lumpur Composite Index is now just below the 1,420 point plateau and it could add to its gains on Monday.

Global forecasts for Asian markets are upbeat following stronger-than-expected US jobs data. European and US markets were solidly higher and Asian exchanges are expected to follow suit.

KLCI ended sharply higher on Friday after gains in glove makers and telecoms, while financials were also mostly up.

For the day, the index jumped 17.90 points or 1.26% to end at the daily high of 1,438.28 after falling to 1,422.08. The volume was 2.386 billion shares worth 1.719 billion ringgit. There were 588 winners and 269 decliners.

Among assets, Axiata strengthened 2.93%, while CIMB Group and PPB Group both rose 0.37%, Dialog Group jumped 5.08%, Digi.com jumped 3.54%, Genting Malaysia added 1.88%, Hartalega Holdings accelerated 4.69%, IHH Healthcare gained 2.20%. percent, INARI climbed 5.79 percent, IOI Corporation rose 2.56 percent, Kuala Lumpur Kepong fell 0.19 percent, Maybank collected 0.48 percent, Maxis rose 2 .43 percent, MISC gained 1.12 percent, MRDIY rose 3.59 percent, Petronas Chemicals rose 0.12 percent, Genting, Press Metal and Sime Darby all rose 0.92 percent , RHB Capital lost 0.55%, Sime Darby Plantations rose 2.59%, Tenaga Nasional climbed 2.79%, Top Glove jumped 6.25% and Public Bank and Telekom Malaysia were unchanged.

Wall Street’s lead is bullish as major averages opened sharply higher on Friday, faded at midday but rebounded late in the session.

The Dow Jones jumped 402.02 points or 1.26% to end at 32,403.22, while the NASDAQ jumped 132.35 points or 1.28% to close at 10,475.25 and the S&P 500 climbed 50.66 points or 1.36% to end at 3,770.55.

For the week, the NASDAQ fell 5.7%, the S&P fell 3.4% and the Dow fell 1.4%.

The volatility followed the release of the Labor Department’s closely watched monthly jobs report for October.

The report showed that non-farm payroll employment jumped 261,000 jobs in October after jumping an upwardly revised 315,000 jobs in September.

The report drew a mixed reaction among traders, creating uncertainty about the prospects for future interest rate hikes.

Crude oil prices rose on Friday amid easing concerns about the outlook for energy demand. Dollar weakness and fears of an EU ban on Russian oil also supported crude oil prices. West Texas Intermediate crude oil futures for December ended up $4.44 or 5% at $92.61 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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