Rebound Expected For Malaysia Stock Market

RTTNews | 884天前
Rebound Expected For Malaysia Stock Market

(RTTNews) - The Malaysia stock market headed south again on Friday, one session after snapping the two-day slide in which it had dropped more than 25 points or 1.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,480-point plateau, although it figures to bounce higher again on Monday.

The global forecast for the Asian markets is broadly positive on optimism over the outlook for interest rates. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished barely lower on Friday following losses from the plantation stocks and mixed performances from the financials and telecoms.

For the day, the index eased 0.38 points or 0.03 percent to finish at 1,480.55 after trading between 1,474.48 and 1,482.39.

Among the actives, Axiata advanced 1.02 percent, while CIMB Group skidded 1.05 percent, Digi.com soared 2.59 percent, Genting gained 0.64 percent, Genting Malaysia and QL Resources both lost 0.36 percent, IHH Healthcare improved 0.83 percent, INARI jumped 1.11 percent, IOI Corporation plunged 2.25 percent, Kuala Lumpur Kepong slumped 0.64 percent, Maybank and Tenaga Nasional both eased 0.11 percent, Maxis climbed 1.07 percent, MISC sank 0.69 percent, MRDIY spiked 2.51 percent, PPB Group fell 0.34 percent, Press Metal shed 0.41 percent, RHB Capital collected 0.35 percent, Sime Darby surged 2.68 percent, Sime Darby Plantations tumbled 1.80 percent, Telekom Malaysia added 0.76 percent and Petronas Chemicals, Dialog Group, Public Bank, Nestle Malaysia and AMMB Holdings were unchanged.

The lead from Wall Street is solid as the major averages opened slightly higher on Friday but only accelerated as the day continued, ending near session highs.

The Dow surged 700.51 points or 2.13 percent to finish at 33,630.61, while the NASDAQ soared 264.09 points or 2.56 percent to end at 10,569.29 and the S&P 500 jumped 86.98 points or 2.28 percent to close at 3,895.08.

Stocks rallied as investors hoped that the report from the Institute for Supply Management showing U.S. service sector activity unexpectedly contracted in December will convince the Federal Reserve to slow its aggressive pace on interest rate hikes.

Adding to the positive sentiment, the Labor Department reported that employment increased more than expected in December, while the jobless rate fell to a 50-year low.

Crude oil prices settled flat on Friday as fears of a global recession raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $73.77 a barrel, up just 10 cents from the previous close.

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