Malaysia Stock Market Poised To Halt Losing Streak

(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, although it has eased just 2 points in that span. The Kuala Lumpur Composite Index now rests just beneath the 1,500-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat after solid economic data helped to allay fears of an economic slowdown. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Thursday following losses from the financials, gains from the plantations and a mixed picture from the telecoms.

For the day, the index eased 1.06 points or 0.07 percent to finish at the daily high of 1,498.39 after moving as low as 1,494.03.

Among the actives, Axiata shed 0.33 percent, while CIMB Group retreated 1.04 percent, Dialog Group tumbled 2.93 percent, Digi.com soared 1.91 percent, Genting rallied 0.79 percent, Genting Malaysia improved 0.70 percent, IHH Healthcare added 0.51 percent, INARI climbed 0.75 percent, Kuala Lumpur Kepong jumped 1.32 percent, Maybank dropped 0.34 percent, Maxis surged 3.03 percent, MISC gained 0.28 percent, MRDIY declined 1.52 percent, Petronas Chemicals perked 0.12 percent, Press Metal skidded 0.75 percent, Public Bank lost 0.23 percent, RHB Capital slumped 0.52 percent, Sime Darby sank 0.43 percent, Sime Darby Plantations rose 0.23 percent, Telekom Malaysia and Hong Leong Bank both advanced 0.58 percent and Tenaga Nasional, IOI Corporation, PPB Group and Hong Leong Financial were unchanged.

The lead from Wall Street is positive as the major averages shook off early volatility, moving solidly higher as the day progressed to end near session highs.

The Dow jumped 205.57 points or 0.61 percent to finish at 33,949.41, while the NASDAQ spiked 199.06 points or 1.76 percent to end at 11,512.41 and the S&P 500 climbed 44.21 points or 1.10 percent to close at 4,060.43.

The strength on Wall Street came following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

Also, the Labor Department also said initial jobless claims unexpectedly dipped to a nine-month low last week, while the Commerce Department noted a spike in durable goods orders and a continued increase in new home sales.

The data paints a relatively positive picture of the economy but has also raised concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

Crude oil prices showed a strong move to the upside on Thursday, benefitting from optimism about the outlook for demand following the release of upbeat U.S. economic data. West Texas Intermediate Crude for March delivery jumped $0.86 or 1.1 percent to $81.01 a barrel.