Malaysia Bourse May Extend Winning Streak

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, gathering more than 20 points or 1.2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,505-point plateau and it's expected to open to the upside again on Friday.

The global forecast for the Asian markets is upbeat, with oil and technology stocks expected to lead the way higher. The European and U.S. markets finished solidly higher and the Asian bourses are also expected to open in the green.

The KLCI finished modestly higher again on Thursday following gains from the telecoms and mixed performances from the financials and plantations.

For the day, the index added 5.33 points or 0.36 percent to finish at 1,506.52 after trading between 1,500.40 and 1,507.45.

Among the actives, 99 Speed Mart Retail fell 0.45 percent, while Axiata surged 1.97 percent, Celcomdigi slid 0.27 percent, CIMB Group soared 1.90 percent, Gamuda climbed 1.03 percent, IHH Healthcare rose 0.29 percent, Kuala Lumpur Kepong retreated 1.71 percent, MISC declined 1.10 percent, MRDIY stumbled 1.76 percent, Nestle Malaysia skidded 0.74 percent, Petronas Chemicals jumped 1.52 percent, PPB Group dropped 0.67 percent, Press Metal eased 0.21 percent, Public Bank sank 0.68 percent, QL Resources gained 0.63 percent, RHB Bank collected 0.62 percent, Sime Darby lost 0.49 percent, SD Guthrie perked 0.22 percent, Sunway spiked 1.83 percent, Telekom Malaysia rallied 1.79 percent, Tenaga Nasional added 0.74 percent, YTL Corporation shed 0.55 percent, YTL Power advanced 0.93 percent and IOI Corporation, Maxis and Maybank were unchanged.

The lead from Wall Street is broadly positive as the major averages opened mixed but quickly moved sharply higher, finishing near daily highs.

The Dow spiked 486.83 points or 1.23 percent to finish at 40,093.40, while the NASDAQ rallied 457.99 points or 2.74 percent to close at 17,166.04 and the S&P 500 jumped 108.91 points or 2.03 percent to end at 5,484.77.

Semiconductor stocks turned in some of the best performances on the day, resulting in a 5.6 percent spike by Philadelphia Semiconductor Index. Texas Instruments (TXN) and Lam Research (LRCX) fueled the rally on better than expected quarterly earnings.

Later in the day, Treasury Secretary Scott Bessent said the U.S. may reach "an agreement on understanding" on trade with South Korea "as soon as next week."

On the economic front, the Labor Department said first-time claims for U.S. unemployment benefits edged modestly higher last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods surged much more than expected in March

Crude oil showed a modest move back to the upside on Thursday following the steep drop in the previous session. West Texas Intermediate crude for June delivery rose $0.16 or 0.3 percent to $62.43 a barrel after plunging $1.40 or 2.2 percent to $62.27 a barrel a day earlier.