Rally May Stall For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting more than 30 points or 2.2 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau although investors may lock in gains on Friday.

The global forecast for the Asian markets suggests mild downside ahead of key inflation data later in the day. The European and U.S. markets saw mild downside and the Asian bourses figure to follow that lead.

The KLCI finished sharply higher on Thursday following gains from the financial shares and industrials, while the plantations and telecoms were mixed.

For the day, the index rallied 17.68 points or 1.16 percent to finish at the daily high of 1,535.73 after moving as low as 1,512.81.

Among the actives, 99 Speed Mart Retail jumped 2.44 percent, while Axiata tumbled 1.60 percent, Celcomdigi strengthened 2.30 percent, CIMB Group increased 1.28 percent, Gamuda skyrocketed 7.73 percent, IHH Healthcare gathered 0.58 percent, IOI Corporation was up 0.27 percent, Kuala Lumpur Kepong gained 0.87 percent, Maxis advanced 1.19 percent, Maybank climbed 1.77 percent, MISC dipped 0.14 percent, MRDIY accelerated 2.78 percent, Nestle Malaysia spiked 3.65 percent, Petronas Chemicals rallied 2.74 percent, PPB Group shed 0.35 percent, Press Metal added 1.00 percent, Public Bank collected 0.45 percent, QL Resources rose 0.65 percent, RHB Bank improved 1.32 percent, Sime Darby surged 7.25 percent, SD Guthrie sank 0.41 percent, Sunway soared 3.83 percent, Telekom Malaysia dropped 0.91 percent, Tenaga Nasional fell 0.15 percent, YTL Corporation slumped 0.98 percent and YTL Power perked 0.29 percent.

The lead from Wall Street is weak as the major averages opened lower on Thursday and bounced back and forth across the line before finishing modestly lower.

The Dow dropped 155.09 points or 0.37 percent to finish at 42,299.70, while the NASDAQ slumped 94.98 points or 0.53 percent to close at 17,804.03 and the S&P 500 sank 18.89 points or 0.33 percent to end at 5,693.31.

The lower close on Wall Street came amid ongoing concerns about President Donald Trump's trade policies after he announced plans to impose 25 percent tariffs on auto imports.

Traders may also have been reluctant to make significant moves ahead of the release of the Federal Reserve's preferred readings on consumer price inflation later today.

On the U.S. economic front, the Commerce Department said the economy grew slightly faster than estimated in the fourth quarter of 2024. Also, the National Association of Realtors said pending home sales saw a significant rebound in February after plunging to an all-time low in January.

Oil prices moved higher Thursday on supply concerns after data showed a sharp drop in U.S. crude oil inventories last week. West Texas Intermediate Crude oil futures for May closed up $0.19 or about 0.27 percent at $69.84 a barrel.