(RTTNews) – The Malaysian stock market rebounded higher on Friday, a session after ending the seven-day winning streak in which it had climbed nearly 75 points or 4.9%. The Kuala Lumpur Composite Index now sits just below the 1,600 point plateau and is expected to extend its gains on Monday.
Global forecasts for Asian markets are bullish thanks to strong earnings news and continued support from crude oil prices. The European and American markets were on the rise and Asian stock markets should follow suit.
The KLCI ended slightly higher on Friday as gains in plantations and telecommunications were limited by weakness from glove makers and a mixed picture in finances.
For the day, the index added 5.76 points or 0.36% to end at 1,598.28 after trading between 1,592.67 and 1,599.76. The volume was 4.961 billion shares worth 3,004 billion ringgit. There were 627 winners and 419 losers.
Among assets, Axiata jumped 2.24%, while CIMB Group and Petronas Gas both gained 0.59%, Digi.com rose 1.38%, Genting gained 1.16%, Genting Malaysia jumped 1.58%, Hartalega Holdings fell 3.22%, IHH Healthcare fell 0.59%, IOI Corporation gained 1.00%, Maxis added 0.63%, MISC climbed 1.54 percent, MRDIY increased 0.54 percent, Petronas Chemicals and Hong Leong Bank both decreased 0.11 percent, PPB Group increased 0.33 percent, Press Metal increased fell 0.16 percent, Public Bank collected 0.24 percent, RHB Capital jumped 1.59%, Sime Darby climbed 1.73%, Sime Darby Plantations gained 0.93%, Tenaga Nasional improved 0.21%, Top Glove fell 1.08% and Dialog Group, Kuala Lumpur Kepong, Maybank and Telekom Malaysia remained unchanged.
Wall Street’s lead is generally positive as the major averages opened solidly in the green on Friday and stayed that way throughout the session.
The Dow Jones jumped 382.20 points or 1.09% to close at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50% to close at 14,897.34 and the S&P a increased 33.11 points or 0.75% to end at 4,471.37. For the week, the Dow Jones gained 1.6%, the NASDAQ rose 2.2% and the S&P gained 1.8%.
Another batch of positive earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.
Buying interest was also generated in response to a Commerce Department report showing an unexpected increase in retail sales in the United States in September. Additionally, the Labor Department said U.S. import prices rose less than expected last month.
Crude oil futures stabilized considerably higher on Friday after the International Energy Agency said demand for oil is likely to rise significantly due to the energy crisis supporting price. West Texas Intermediate crude oil futures for November rose $ 0.97 or 1.2% to $ 82.28 a barrel. For the week, WTI crude oil futures gained 3.7%, up for the eighth consecutive week.
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