Prior to the Thaipusam holiday on Thursday, the Malaysia stock market experienced an upward trend for four continuous sessions. This growth led to an almost 1.5 percent increase, or almost 25 points. Now, the Kuala Lumpur Composite Index hovers slightly above the 1,500-point threshold and its gains may continue into Friday.
Global predictions for Asian markets are upbeat due to promising economic data and a surge in crude oil prices. Markets in Europe and the U.S have set a positive precedent, leading us to expect that the Asian markets will follow this trend.
The KLCI ("Kuala Lumpur Composite Index") saw a moderate increase on Wednesday, due mostly to profits gained from financial and plantation stocks.
The index recorded a gain of 0.53 percent, or, 7.99 points on Wednesday, ending at 1,504.10 after a trading day fluctuating between 1,497.16 and 1,504.44.
Notable performances were seen from a number of active stocks on the day. Axiata fell by 0.38 percent, while Celcomdigi increased 0.24 percent. CIMB Group saw a significant rise of 1.66 percent, while Genting, Genting Malaysia, IHH Healthcare, IOI Corporation, and other stocks saw various degrees of gains. MRDIY and Petronas Chemicals, however, recorded losses.
From Wall Street, the news is positive as the major stock averages began on a high note, though they did slip slightly midday. Nonetheless, a strong finish resulted in an overall upward trend.
The Dow Jones Industrial Average jumped 242.74 points or 0.64 percent to end at 38,049.13, while the NASDAQ added 28.58 points or 0.18 percent to close at 15,510.50. The S&P 500 rose 0.53 percent or 25.61 points, resulting in a record high closing of 4,894.16.
The surge in Wall Street occurred following a report by the Commerce Department highlighting a stronger than predicted U.S. economic growth and a slowdown in inflation pace in the last quarter of 2023. However, traders have shown caution in anticipation of the report on personal income and spending to be released on Friday, which may significantly impact future interest rates.
Crude oil prices saw a sharp rise on Thursday, likely a result of Wednesday's data revealing a greater-than-expected drop in U.S. crude inventory. The West Texas Intermediate Crude oil futures for March surged $2.27 or 3 percent, ending at $77.36 per barrel.
