The Malaysia stock market has experienced a rebound, climbing in two of the last three trading sessions following a prior six-day losing streak during which it lost over 35 points or 2.3 percent. Currently, the Kuala Lumpur Composite Index (KLCI) rests just above the 1,600 mark, with potential for further gains at the start of the week.
Globally, Asian markets are expected to open on a positive note, driven by strong earnings reports and renewed optimism regarding interest rates. This sentiment follows upward trends seen in both European and U.S. markets.
On Friday, the KLCI finished slightly higher as gains in the plantation sector counterbalanced weaknesses in financial stocks, along with mixed results from telecom and industrial sectors. The index closed at 1,603.98, gaining 2.10 points or 0.13 percent after fluctuating between 1,589.27 and 1,607.04 during the session.
Key performance highlights include: Axiata surged by 2.21 percent, Celcomdigi fell by 1.17 percent, CIMB Group slipped by 0.50 percent, while Genting decreased by 0.25 percent. In contrast, IHH Healthcare edged up 0.41 percent, IOI Corporation improved by 1.86 percent, and Kuala Lumpur Kepong climbed 1.87 percent. Maxis saw a decline of 0.28 percent, Maybank dropped 0.95 percent, and MISC ticked up by 0.40 percent. Further, MRDIY rose by 1.83 percent, Nestle Malaysia increased slightly by 0.02 percent, and Petronas Chemicals dipped by 0.92 percent. PPB Group incremented 0.29 percent, whereas Press Metal dropped significantly by 1.47 percent. Public Bank experienced a 0.90 percent rise, QL Resources declined 0.21 percent, and RHB Bank decreased by 0.31 percent. Prominent movements included Sime Darby's 1.29 percent rise, SD Guthrie's notable 7.61 percent surge, while Sunway retreated by 0.23 percent. Telekom Malaysia advanced by 0.31 percent, Tenaga Nasional descended by 1.00 percent, YTL Power saw a robust increase of 2.89 percent, with YTL Corporation, Genting Malaysia, and Petronas Dagangan remaining unchanged.
Wall Street delivered an upbeat message as major averages opened on a positive note on Friday and maintained that trajectory throughout the session. The Dow Jones Industrial Average rose 288.73 points or 0.69 percent to finish at 42,052.19, while the NASDAQ gained 144.77 points or 0.80 percent to close at 18,239.92, and the S&P 500 increased by 23.35 points or 0.41 percent ending the day at 5,728.80.
Throughout the week, however, the Dow was down by 0.2 percent, with the S&P 500 and NASDAQ both encountering declines of 1.4 percent and 1.5 percent, respectively. Wall Street's resilience was fueled by favorable earnings from industry giants such as Intel (INTC) and Amazon (AMZN). Additionally, mixed sentiment arose from the Labor Department's employment report indicating weaker-than-expected job growth for October, sparking renewed optimism over potential interest rate adjustments.
Oil futures experienced moderate gains, primarily driven by geopolitical concerns following reports of possible additional attacks by Iran on Israel. As a result, West Texas Intermediate Crude oil futures for December concluded the day with a modest increase of $0.23 or 0.33 percent, reaching $69.49 a barrel.
