Additional Support Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in back-to-back sessions, gathering almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index new rests just above the 1,505-point plateau and it's expected to add to its winnings on Monday.

The global forecast for the Asian markets is upbeat on optimism for economic growth and easing inflation. The European and U.S. markets were firmly higher on Friday and the Asian bourses are tipped to open in similar fashion.

The KLCI finished barely higher following gains from the financials, mixed performances from the telecoms and plantations and heavy damage among the glove makers.

For the day, the index rose 0.63 points or 0.04 percent to finish at 1,506.19 after trading between 1,504.21 and 1,511.80. Volume was 2.084 billion shares worth 1.628 billion ringgit. There were 440 gainers and 367 decliners.

Among the actives, Axiata and INARI both sank 0.34 percent, while CIMB Group spiked 1.12 percent, Dialog Group jumped 0.87 percent, Digi.com gained 0.55 percent, Genting rose 0.21 percent, Genting Malaysia declined 1.00 percent, Hartalega Holdings plummeted 12.28 percent, IHH Healthcare was up 0.15 percent, IOI Corporation improved 0.49 percent, Kuala Lumpur Kepong lost 0.27 percent, Maybank collected 0.34 percent, MISC skidded 0.69 percent, MRDIY tumbled 1.86 percent, Petronas Chemicals perked 0.23 percent, PPB Group climbed 0.85 percent, Press Metal retreated 1.02 percent, RHB Capital advanced 0.68 percent, Sime Darby slumped 0.43 percent, Sime Darby Plantations surged 1.98 percent, Telekom Malaysia dipped 0.18 percent, Tenaga Nasional added 0.58 percent, Top Glove plunged 7.57 percent and Maxis, Public Bank, Nestle and Hong Leong Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and accelerated as the session progressed, ending near daily highs.

The Dow surged 424/35 points or 1.27 percent to finish at 33,761.05, while the NASDAQ soared 267.29 points or 2.09 percent to end at 13,047.19 and the S&P 500 jumped 72.88 points or 1.73 percent to close at 4,280.15.

For the week, the S&P 500 skyrocketed 3.3 percent for its fourth straight weekly gain, while the NASDAQ spiked 3.1 percent and the Dow gained 2.9 percent.

Optimism that inflation has peaked contributed to the continued strength on Wall Street following tamer than expected readings last week on consumer and producer prices.

Adding to the positive sentiment about inflation, the Labor Department said U.S. import prices fell more than expected in July. Buying interest was also generated by a report from the University of Michigan showing U.S. consumer sentiment has improved much more than expected in August.

Crude oil prices fell sharply on Friday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its oil demand forecast for 2022. West Texas Intermediate Crude oil futures for September ended lower by $2.25 or 2.4 percent at $92.09 a barrel. For the week, WIT rose 3.5 percent.