The Malaysian stock market has experienced positive momentum over the past two trading sessions, amassing nearly 15 points or an increase of 0.9%. The Kuala Lumpur Composite Index (KLCI) is currently positioned just above the 1,645-point threshold, with potential for continued gains on Monday.
The global outlook for Asian markets is optimistic, driven by generally favorable earnings reports. While European markets showed mixed results, U.S. markets displayed upward trends, suggesting that Asian markets may follow suit with an upward trajectory.
On Friday, the KLCI closed with modest gains, propelled by upward movements in the plantations and telecommunications sectors, whereas financial stocks demonstrated mixed performance and industrial stocks showed some weaknesses.
The index advanced by 4.55 points, or 0.28%, concluding at 1,645.99, after fluctuating between 1,641.71 and 1,649.31 throughout the trading day.
Prominent stock movements included Axiata climbing 2.13%, Celcomdigi rising 0.56%, Genting advancing 1.50%, and Genting Malaysia jumping 1.75%. Meanwhile, CIMB Group experienced a minor dip of 0.12%, and other notable shifts included Kuala Lumpur Kepong with a 0.66% rise, Maxis' 0.81% gain, and Maybank's slight decline by 0.19%. Stocks such as Press Metal and YTL Corporation saw significant increases of 1.69% and 2.67% respectively, while stocks like Sime Darby and Sunway remained unchanged.
In the United States, Wall Street provided positive direction, as major averages opened mixed but gained strength throughout the trading day, closing near the day's highs. The Dow Jones Industrial Average added 36.86 points, or 0.09%, closing at a new record of 43,275.91. The NASDAQ saw gains of 115.94 points, or 0.63%, ending at 18,489.55, while the S&P 500 increased by 23.20 points, or 0.40%, finishing at 5,864.67. Over the week, the Dow advanced by 1.0%, the S&P by 0.9%, and the NASDAQ by 0.8%.
A notable boost for the NASDAQ was Netflix (NFLX), which surged by 11.1% to a record high following Q3 earnings that surpassed market expectations.
However, the Dow's upward trajectory was restrained by a significant decline in American Express (AXP), which dropped 3.2% despite posting better-than-expected Q3 earnings, due to weaker-than-anticipated revenue results.
In U.S. economic reports, the Commerce Department indicated modest declines in housing starts and building permits for September.
On the energy front, oil prices dropped following OPEC and the International Energy Agency's downward revisions of oil demand forecasts. West Texas Intermediate (WTI) crude oil futures for November decreased by $1.45, or 2.05%, settling at $69.22 per barrel, marking an over 8% fall during the week.
Back in Malaysia, preliminary third-quarter gross domestic product (GDP) figures are expected to be released today. In the preceding quarter, the GDP had risen by 5.9% year-over-year.
