Malaysian stock market could stay neutral

(RTTNews) – The Malaysian stock market had finished higher in three consecutive sessions, collecting more than 30 points or 2% along the way. Kuala’s composite index now sits just above the 1,590 point plateau, although it could spin its wheels on Friday.

Global forecasts for Asian markets are mixed and stable ahead of key US inflation data later today. The European and American markets were mixed and little changed and the Asian markets followed suit.

The KLCI ended sharply higher on Thursday following gains in telecoms and finance, as plantings were mixed and glove makers were limp.

For the day, the index added 16.08 points or 1.02 percent to end the daily high of 1,593.90 after hitting a low of 1,576.77. The volume was 8.613 billion shares worth 7.339 billion ringgits. There were 555 winners and 491 decline.

Among assets, Axiata climbed 5.14%, while CIMB Group collected 0.24%, Dialog Group climbed 2.37%, Digi.com increased 0.70%, Genting fell 1 , 63%, Genting Malaysia harvested 1.82%, Hap Seng Consolidated jumped 6.33%, Hartalega Holdings fell 2.49%, Hong Leong Financial soared 7.29%, IHH Healthcare gained 0 , 77%, IOI Corporation gained 1.45%, Kuala Lumpur Kepong lost 0.27%, Maxis increased 4.55%, MISC accelerated 2.78%, Petronas Chemicals increased 2.13%, PPB Group fell 1.07%, Press Metal lost 0.19%, Public Bank jumped 2.40%, RHB Capital slipped 1.34%, Sime Darby gained 1.32%, Sime Darby Plantations added 1.11%, Supermax fell 1.80%, Telekom Malaysia fell 0.17%, Tenaga Nasional fell 0.10%, Top Glove fell 1.54% and Maybank remained unchanged.

Wall Street’s lead is in conflict as the Dow and the S&P both opened in the green on Friday and ended similarly, while the NASDAQ saw a soft start and ended only slightly lower. .

The Dow Jones climbed 141.59 points or 0.41% to close at 34,464.64, while the NASDAQ released 1.72 points or 0.01% to close at 13,736.28 and the S&P 500 rose by 4.89 points or 0.12% to finish at 4200.88.

The poor performance came as traders continued to expect a much anticipated inflation reading later today. Reading inflation would be preferred by the Federal Reserve and could have a significant impact on the outlook for monetary policy.

Traders were also digesting a report from the Ministry of Labor showing that weekly unemployment claims had again fallen to a new low in the era of the pandemic. The continued decline in jobless claims paints a positive picture of the job market, but has also raised concerns that the Fed is getting closer to reducing its asset purchases in the near future.

In addition, the Commerce Department showed an unexpected decline in durable goods orders in April, and another report noted that the pace of US economic growth in the first quarter was not revised from the anticipated estimate. .

Crude oil prices rose Thursday, extending gains to a fifth straight session after crude inventories fell in the United States. West Texas Intermediate crude oil futures for July ended up $ 0.64 or 1% at $ 66.85 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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