Malaysia Bourse May Test Resistance At 1,500 Points

(RTTNews) - The Malaysia stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had eased just 3 points. The Kuala Lumpur Composite Index now rests just beneath the 1,490-point plateau and it's expected to tick higher again on Friday.

The global forecast for the Asian markets is mixed to higher, fueled by gains from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Thursday following gains from the plantations, weakness from the financials and a mixed performance from the telecoms.

For the day, the index perked 4.30 points or 0.29 percent to finish at 1,489.80 after trading between 1,485.90 and 1,493.21.

Among the actives, Axiata strengthened 1.32 percent, while CIMB Group dropped 0.87 percent, Dialog Group declined 1.54 percent, Digi.com accelerated 2.14 percent, Genting soared 2.63 percent, Genting Malaysia improved 0.70 percent, IHH Healthcare gained 0.51 percent, INARI and Press Metal both spiked 2.32 percent, Kuala Lumpur Kepong jumped 1.59 percent, Maybank fell 0.23 percent, Maxis rallied 2.02 percent, MISC rose 0.27 percent, MRDIY plunged 2.63 percent, Petronas Chemicals tumbled 1.56 percent, PPB Group added 0.57 percent, Public Bank sank 0.71 percent, RHB Capital skidded 1.04 percent, Sime Darby climbed 1.30 percent, Sime Darby Plantations surged 2.77 percent, Telekom Malaysia retreated 1.15 percent, Tenaga Nasional advanced 1.17 percent and IOI Corporation was unchanged.

The lead from Wall Street is a dichotomy as the Dow opened sharply lower on Thursday and remained in the red throughout, while the NASDAQ and S&P opened higher and stayed solidly in the green.

The Dow dipped 39.02 points or 0.11 percent to finish at 34,053.94, while the NASDAQ surged 384.50 points or 3.25 percent to end at 12,200.82 and the S&P 500 soared 60.55 points or 1.47 percent to end at 4,179.76.

The surge by the NASDAQ came as Meta Platforms (META) led a tech sector rally, with the Facebook parent skyrocketing by 23.3 percent to a nearly eight-month closing high after reporting better than expected Q4 revenues.

Stocks also continued to benefit from a positive reaction to the Federal Reserve's interest rate announcement on Wednesday, with traders expressing optimism the Fed is nearing the end of its rate hiking cycle.

At the same time, the Dow bucked the uptrend due partly to a notable decline by shares of Merck (MRK), which tumbled by 3.3 percent after the drug giant provided disappointing guidance.

Crude oil prices drifted lower Thursday, weighed down by data showing an increase in U.S. crude inventories last week. The dollar's recovery and uncertainty about the outlook for energy demand due to concerns about a global recession also hurt. West Texas Intermediate Crude oil futures for March fell $0.53 or 0.7 percent at $75.88 a barrel.