Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in five straight sessions, collecting more than 35 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,635-point plateau and it's expected to tick higher again on Friday.

The global forecast for the Asian markets is mixed to higher, with gains from the technology stocks likely offset by weakness from the oil companies. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished sharply higher on Thursday following gains from the financial shares and telecoms, while the plantations were mixed and the industrials were soft.

For the day, the index climbed 16.93 points or 1.04 percent to finish at 1,637.80 after trading between 1,621.68 and 1,640.17. Among the actives, 99 Speed Mart Retail spiked 2.49 percent, while AMMB Holdings accelerated 2.27 percent, Axiata perked 0.37 percent, Celcomdigi expanded 0.27 percent, CIMB Group strengthened 2.01 percent, Gamuda slumped 0.72 percent, IHH Healthcare surged 4.03 percent, IOI Corporation dipped 0.25 percent, Kuala Lumpur Kepong fell 0.39 percent, Maxis gathered 0.54 percent, Maybank collected 0.30 percent, MISC gained 0.68 percent, MRDIY advanced 1.84 percent, Nestle Malaysia slipped 0.29 percent, Petronas Chemicals was down 0.24 percent, Petronas Dagangan eased 0.17 percent, Petronas Gas shed 0.54 percent, Press Metal increased 1.35 percent, Public Bank was up 0.23 percent, QL Resources slid 0.23 percent, RHB Bank jumped 2.10 percent, Sime Darby lost 0.45 percent, SD Guthrie rose 0.57 percent, Sunway climbed 1.93 percent, Telekom Malaysia added 1.27 percent, Tenaga Nasional soared 2.75 percent, YTL Corporation improved 1.45 percent, YTL Power rallied 2.13 percent and PPB Group was unchanged.

The lead from Wall Street continues to be cautiously optimistic as the major averages recovered from a midday slump on Thursday to finish with mild gains at fresh record highs.

The Dow added 78.62 points or 0.17 percent to finish at 46,519.72, while the NASDAQ gained 88.89 points or 0.39 percent to end at 22,844.05 and the S&P 500 perked 4.15 points or 0.06 percent to close at 6,715.35.

The continued advance by the major averages reflected optimism about the artificial intelligence trade, which contributed to strength among tech stocks, especially Nvidia (NVDA) and Advanced Micro Devices (AMD).

Meanwhile, traders continued to shrug off concerns about the economic impact of the ongoing U.S. government shutdown, which entered its second day with no signs of an imminent resolution.

Due to the shutdown, the releases of reports on weekly jobless claims and factory orders that were scheduled for this week have been indefinitely postponed.

Crude oil prices tumbled on Thursday on anxiety about the long-term impact of the ongoing U.S. government shutdown, which enters the second day today. West Texas Intermediate crude for November delivery was down $1.23 or 1.99 percent at $60.55 per barrel.