Malaysia Stock Exchange May Extend Friday Gains
(RTTNews) – The Malaysian stock market rebounded on Friday, a session after ending a two-day winning streak in which it climbed more than 20 points or 1.2%. The Kuala Lumpur Composite Index is now just above the 1,515 point plateau and it could increase its gains on Monday.
Global forecasts for Asian markets are positive, although the rise in tech stocks may be tempered by weakness in oil companies. The European and US markets were up and Asian stock exchanges are expected to open similarly.
The KLCI ended slightly higher on Friday following mixed performance in financial stocks and plantation stocks.
For the day, the index rose 3.08 points or 0.20% to end at 1,518.03 after trading between 1,515.79 and 1,522.68.
Among assets, Axiata and MRDIY both lost 0.26%, while CIMB Group jumped 0.87%, Dialog Group plunged 1.15%, Digi.com climbed 1.41%, Genting rose 0.85%, Genting Malaysia added 0.72%, IHH Healthcare fell 0.86%, IOI Corporation fell 0.53%, Kuala Lumpur Kepong rose 0.10%, Maybank a collected 0.37%, Maxis rose 2.27%, MISC rose 0.15%, Petronas Chemicals lost 0.38%, PPB Group fell 0.11%, Press Metal slipped 0, 61%, Public Bank rose 0.26 percent, RHB Capital gained 0.57%, Sime Darby Plantations jumped 3.43%, Telekom Malaysia fell 0.17%, Tenaga Nasional fell 0 , 51%, Top Glove gained 0.80% and Hartalega Holdings and Sime Darby were unchanged.
Wall Street’s lead is solid as major averages opened firmly to the upside on Friday and stayed that way throughout the session.
The Dow Jones jumped 225.98 points or 0.65% to close at 35,120.08, while the NASDAQ climbed 172.86 points or 1.19% to end at 14,714.66 and the S&P 500 climbed 35.87 points or 0.81% to close at 4,441.67. For the week, the Dow Jones lost 1.1%, the NASDAQ slipped 0.7% and the S&P fell 0.6%.
With the bullish movement, stocks are gaining ground after the sharp decline at the start of the week. Major averages fell to their lowest levels in nearly a month amid concerns about the outlook for monetary policy following the release of the minutes of the last Federal Reserve meeting.
But tech stocks have helped markets rally, especially among software and biotech stocks.
Crude oil futures fell on Friday amid concerns about the outlook for energy demand amid spikes in coronavirus cases and possible new restrictions in several countries. West Texas Intermediate crude oil futures for September ended down $ 1.37 or 2.2% 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.