(RTTNews) - The Malaysia stock market rebounded on Friday, one session after ending the two-day winning streak in which it had climbed more than 20 points or 1.2 percent. The Kuala Lumpur Composite Index now rests just above the 1,515-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is positive, although upside from the technology stocks may be tempered by weakness from the oil companies. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The KLCI finished slightly higher on Friday following mixed performances from the financial shares and plantation stocks.
For the day, the index rose 3.08 points or 0.20 percent to finish at 1,518.03 after trading between 1,515.79 and 1,522.68.
Among the actives, Axiata and MRDIY both lost 0.26 percent, while CIMB Group jumped 0.87 percent, Dialog Group plunged 1.15 percent, Digi.com spiked 1.41 percent, Genting climbed 0.85 percent, Genting Malaysia added 0.72 percent, IHH Healthcare tanked 0.86 percent, IOI Corporation sank 0.53 percent, Kuala Lumpur Kepong was up 0.10 percent, Maybank collected 0.37 percent, Maxis soared 2.27 percent, MISC rose 0.15 percent, Petronas Chemicals shed 0.38 percent, PPB Group eased 0.11 percent, Press Metal skidded 0.61 percent, Public Bank perked 0.26 percent, RHB Capital gained 0.57 percent, Sime Darby Plantations surged 3.43 percent, Telekom Malaysia dipped 0.17 percent, Tenaga Nasional dropped 0.51 percent, Top Glove advanced 0.80 percent and Hartalega Holdings and Sime Darby were unchanged.
The lead from Wall Street is solid as the major averages opened firmly higher on Friday and stayed that way throughout the session.
The Dow jumped 225.98 points or 0.65 percent to finish at 35.120.08, while the NASDAQ spiked 172.86 points or 1.19 percent to end at 14.714.66 and the S&P 500 climbed 35.87 points or 0.81 percent to close at 4,441.67. For the week, the Dow shed 1.1 percent, the NASDAQ slid 0.7 percent and the S&P fell 0.6 percent.
With the upward move, stocks regain grounded following the sharp pullback earlier in the week. The major averages fell to their lowest levels in almost a month on concerns about the outlook for monetary policy following the release of the minutes of the latest Federal Reserve meeting.
But technology stocks helped the markets to recover, particularly among software and biotech stocks.
Crude oil futures drifted lower Friday on worries about outlook for energy demand due to spikes in coronavirus cases and possible fresh restrictions in several countries. West Texas Intermediate Crude oil futures for September ended down $1.37 or 2.2 percent at $62.32 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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