The Malaysian stock market has experienced an upward trend in the last two trading sessions, accumulating nearly 10 points or 0.6 percent. As a result, the Kuala Lumpur Composite Index (KLCI) now stands slightly above the 1,615-point mark, although it may face a subdued opening on Monday.
The outlook for Asian markets appears pessimistic, influenced by Friday's U.S. jobs report, which bred uncertainty regarding future interest rates. Both European and U.S. markets recorded modest losses, suggesting similar trends for Asian markets.
On Friday, the KLCI saw a minor rise, driven by gains in the plantation sector, amid a mixed performance from financial and telecommunications stocks. The index added 3.13 points or 0.19 percent, closing at 1,617.86 after fluctuating between 1,614.93 and 1,622.49.
Key movements among active stocks included Axiata's surge of 1.82 percent and Celcomdigi's decline by 1.55 percent. CIMB Group increased 0.14 percent, while Genting fell 0.21 percent, and Genting Malaysia advanced by 0.38 percent. IOI Corporation rose 0.52 percent, Kuala Lumpur Kepong gained 0.57 percent, and Maxis edged up 0.27 percent. Additionally, Maybank grew by 0.20 percent, MISC rose 0.94 percent, and PPB Group saw a 1.09 percent increase. Conversely, Petronas Chemicals dropped 1.48 percent. Press Metal jumped 1.55 percent, and Public Bank declined 0.48 percent. Both QL Resources and Telekom Malaysia strengthened by 0.16 percent. RHB Capital added 0.55 percent, while Sime Darby increased 0.73 percent, and SD Guthrie accrued a 0.23 percent rise. Tenaga Nasional grew by 0.44 percent, YTL Corporation advanced 0.83 percent, with YTL Power slightly declining by 0.20 percent. IHH Healthcare, MRDIY, and Petronas Gas remained unchanged.
From Wall Street, the picture is somewhat bleak. Major averages opened lower on Friday, saw a midday rebound, but eventually ended with minor losses. The Dow dropped 87.21 points or 0.22 percent to close at 38,798.99, while the NASDAQ fell 39.97 points or 0.23 percent to 17,133.12, and the S&P 500 declined by 5.97 points or 0.11 percent to finish at 5,346.99.
For the week, the NASDAQ surged by 2.4 percent, the S&P increased 1.3 percent, and the Dow edged up 0.3 percent.
The turbulent trading on Wall Street was a response to the Labor Department's closely monitored monthly jobs report. The report indicated an unexpected rise in employment for May, accompanied by an unforeseen increase in the unemployment rate.
Oil futures ended flat on Friday amid concerns that the Federal Reserve might maintain higher interest rates for an extended period following a robust U.S. non-farm payroll report for May. Specifically, West Texas Intermediate (WTI) Crude oil futures for July concluded at $75.53 per barrel, down marginally by $0.02. WTI crude futures declined approximately 2 percent over the week.
