Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in five straight sessions, gathering almost 30 points or 2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,490-point plateau and it's tipped to open in the green again on Friday.

The global forecast for the oversold Asian markets is upbeat, with bargain hunting on the docket as window dressing before the end of the year. The European and U.S. markets were firmly higher and the Asian markets are tipped to follow suit.

The KLCI finished modestly higher on Thursday as gains from the financials and plantations were dente by weakness from the telecoms.

For the day, the index advanced 11.52 points or 0.78 percent to finish at the daily high of 1,491.63 after moving as low as 1,472.54.

Among the actives, AMMB Holdings rallied 1.70 percent, while Axiata surged 2.99 percent, CIMB Group spiked 2.65 percent, Dialog Group tumbled 2.42 percent, Digi.com slumped 0.75 percent, Genting gathered 0.45 percent, Genting Malaysia gained 0.75 percent, IHH Healthcare strengthened 1.63 percent, INARI added 0.76 percent, Kuala Lumpur Kepong improved 1.20 percent, Maybank rose 0.34 percent, Maxis advanced 1.04 percent, MISC climbed 1.37 percent, MRDIY lost 0.49 percent, Petronas Chemicals fell 0.23 percent, PPB Group sank 0.57 percent, Press Metal perked 0.41 percent, Public Bank collected 1.16 percent, RHB Capital soared 2.68 percent, Sime Darby increased 0.91 percent, Sime Darby Plantations accelerated 1.75 percent, Telekom Malaysia declined 1.85 percent, Tenaga Nasional jumped 1.72 percent and IOI Corporation, Petronas Gas and Petronas Dagangan were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher and remained firmly elevated throughout the day, ending near session highs.

The Dow jumped 345.09 points or 1.05 percent to finish at 33,220.80, while the NASDAQ spiked 264.80 points or 2.59 percent to end at 10,478.09 and the S&P 500 advanced 66.06 points or 1.75 percent to close at 3,849.28.

The rally on Wall Street partly reflected bargain hunting, particularly among tech stocks, which moved sharply lower over the two preceding sessions.

Overall trading activity remained subdued amid the holidays, however, with below average volume potentially exaggerating recent moves.

In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits rose by slightly more than expected in the week ended December 24.

Crude oil prices drifted lower Thursday, weighed down by data showing an increase in U.S. crude inventories last week, although a weak dollar limited oil's downside. West Texas Intermediate Crude oil futures for February ended lower by $0.56 at $78.40 a barrel.