Malaysia Stock Market May Extend Winning Streak

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, gathering more than 6 points or 0.4 percent along the way. The Kuala Lumpur Composite Index new rests just beneath the 1,495-point plateau and it may tick higher again on Friday.

The global forecast for the Asian markets is mixed to higher, with support coming from technology, finance and oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Thursday as gains from the financials, plantations and telecoms were capped by weakness from the glove makers.

For the day, the index rose 3.38 points or 0.23 percent to finish at 1,494.73 after trading between 1,486.98 and 1,497.66. Volume was 2.392 billion shares worth 1.861 billion ringgit. There were 416 gainers and 372 decliners.

Among the actives, Axiata and Genting Malaysia both gained 0.34 percent, while Dialog Group and INARI both added 0.45 percent, Digi.com climbed 0.57 percent, Hartalega Holdings plunged 2.42 percent, IHH Healthcare rose 0.32 percent, Maybank collected 0.22 percent, Maxis surged 1.60 percent, MISC jumped 0.99 percent, MRDIY advanced 0.48 percent, Petronas Chemicals sank 0.56 percent, PPB Group fell 0.24 percent, Press Metal strengthened 0.60 percent, Sime Darby spiked 1.33 percent, Sime Darby Plantations perked 0.23 percent, Telekom Malaysia soared 1.55 percent, Tenaga Nasional rallied 1.14 percent, Top Glove tumbled 1.24 percent and IOI Corporation, Kuala Lumpur Kepong, CIMB Group, Public Bank, RHB Capital and Genting were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Thursday, using an afternoon rally to climb up into positive territory.

The Dow jumped 193.24 points or 0.61 percent to finish at 31,774.52, while the NASDAQ gained 70.23 points or 0.60 percent to end at 11,862.13 and the S&P 500 rose 26.31 points or 0.66 percent to close at 4,006.18.

The volatility on Wall Street came as traders digested comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank's commitment to aggressively fighting inflation.

Powell's comments are seen as reinforcing expectations that the Fed will raise interest rates by another 75 basis points at its next meeting later this month.

In economic news, the Labor Department unexpectedly reported a modest decrease in initial jobless claims last week.

Crude oil futures settled higher Thursday following Russia's threat to halt oil and gas exports to some buyers. West Texas Intermediate Crude oil futures for October ended higher by $1.60 or 2 percent at $83.54 a barrel.