(RTTNews) – The Malaysia stock market rebounded on Thursday, one session after ending the two-day slide in which it had stumbled more than 40 points or 2.5 percent. The Kuala Lumpur Composite Index now rests just above the 1,600-point plateau although they’re likely to head south again on Friday.
The global forecast for the Asian markets suggests consolidation after the markets responded yesterday to the positive catalysts and are now overbought. The European and U.S. markets were up and the Asian bourses are due for profit taking.
The KLCI finished modestly higher on Thursday following gains from the plantations and glove makers, while the financials came in mixed.
For the day, the index advanced 10.98 points or 0.69 percent to finish at the daily high of 1,602.95 after trading as low as 1,572.62. Volume was 6.510 billion shares worth 5.028 billion ringgit. There were 889 decliners and 360 gainers.
Among the actives, Maxis surged 4.35 percent, while Genting plummeted 3.67 percent, Genting Malaysia plunged 3.44 percent, Sime Darby Plantations soared 3.21 percent, Hartalega Holdings spiked 2.83 percent, Supermax accelerated 2.72 percent, IHH Healthcare rallied 2.70 percent, Axiata tanked 2.00 percent, Press Metal perked 1.95 percent, RHB Capital skidded 1.09 percent, Tenaga Nasional gathered 0.96 percent, Dialog Group and Hong Leong Bank both jumped 0.90 percent, Petronas Chemicals sank 0.70 percent, Top Glove climbed 0.69 percent, MISC advanced 0.60 percent, Kuala Lumpur Kepong added 0.59 percent, Telekom Malaysia lost 0.55 percent, Maybank collected 0.49 percent, Digi.com gained 0.48 percent, CIMB Group fell 0.48 percent, IOI Corporation rose 0.45 percent, Sime Darby increased 0.43 percent, Public Bank was up 0.29 percent and Hong Leong Financial was unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Thursday and reached fresh record closing highs.
The Dow climbed 211.73 points or 0.69 percent to finish at 31,041.13, while the NASDAQ surged 326.69 points or 2.56 percent to end at 13.067.48 and the S&P 500 gained 55.65 points or 1.48 percent to close at 3,803.79.
The strength on Wall Street came as U.S. lawmakers certified President-elect Joe Biden’s victory after the process was delayed by several hours as supporters of President Donald Trump stormed the U.S. Capitol building.
The certification of Biden’s victory along with Democratic victories in Georgia’s Senate runoff elections will give Democrats control of the House, Senate and the White House, which is expected to lead to additional stimulus.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, The Institute for Supply Management said service sector activity in the U.S. unexpectedly grew at a faster pace in December.
Crude oil futures ended higher on Thursday, extending gains to a third straight session, with the recent data showing a drop in stockpiles continuing to support prices. West Texas Intermediate Crude oil futures for February ended up $0.20 or 0.4 percent at $50.83 a barrel.
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