(RTTNews) – The Malaysian stock market has risen in consecutive trading days, reaping almost 25 points or 1.4% along the way. The Kuala Lumpur Composite Index is now just below the 1,620-point plateau, although it may be stuck at neutral on Friday.
The global outlook for Asian markets is negative and volatile, in response to the ongoing Russian invasion of Ukraine and resulting sanctions. European and American markets were down and Asian stock exchanges are expected to follow suit.
KLCI ended sharply higher on Thursday after gains in plantations and financials stocks, while telecoms and glove makers were mixed.
For the day, the index advanced 20.44 points or 1.28% to end at the daily high of 1,618.54 after falling to 1,600.18. The volume was 3.434 billion shares worth 3.761 billion ringgit. There were 531 refusals and 433 winners.
Among assets, Axiata accelerated 2.38%, while CIMB Group gained 1.39%, Dialog Group gained 0.74%, Digi.com gained 1.25%, Genting climbed 2, 64%, Genting Malaysia rose 1.34%, Hartalega Holdings gained 1.06%, IHH Healthcare rose 0.15%. percent, INARI plunged 2.88 percent, IOI Corporation rose 0.43 percent, Kuala Lumpur Kepong soared 5.84 percent, Maybank strengthened 2.01 percent, Maxis surged 3.24 percent, MISC climbed 1.94 percent, MRDIY added 0.25 percent, Petronas Chemicals rose 2.35 percent, PPB Group and Sime Darby Plantations rose 0.77 percent , Press Metal jumped 2.12%, Public Bank collected 0.45%, RHB Capital rose 1.55%, Sime Darby climbed 2.63%, Telekom Malaysia fell 0.97%, Tenaga Nasional added 1.44%, Top Glove fell 0.98% and Hong Leong Financial was unchanged.
Wall Street’s lead is weak as major averages opened higher on Thursday and bounced off the unchanged line before late selling pressure saw them end firmly in the red.
The Dow Jones lost 96.69 points or 0.29% to end at 33,794.66, while the NASDAQ fell 214.08 points or 1.56% to end at 13,537.94 and the S&P 500 fell 23.05 points or 0.53% to close at 4,363.49.
The day’s volatility came as traders monitored developments in Ukraine as Russian forces continued to intensify their attacks, forcing thousands of Ukrainians to flee the country.
Traders fear that the sanctions imposed on Russia, and the resulting spike in oil prices, could derail the economic recovery even as the Federal Reserve prepares to start raising interest rates.
Fed Chairman Jerome Powell appeared before the Senate Banking Committee and reiterated that the central bank would likely raise rates by at least 25 basis points at its meeting later this month.
In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Institute for Supply Management reported a continued slowdown in the pace of growth in U.S. service sector activity in February.
U.S. crude oil prices fell on Thursday, pulling back from multi-year highs on speculation over a possible nuclear deal with Iran. West Texas Intermediate crude oil futures for April ended down 2.6% at $107.67 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.