The Malaysian stock market has experienced a downward trend over the last three sessions, losing over 15 points, equating to a 0.9 percent decline. Consequently, the Kuala Lumpur Composite Index (KLCI) now sits just below the 1,590 mark. However, indications suggest a positive opening on Friday.
Positive earnings reports and support from rising crude oil prices have created an optimistic outlook for Asian markets globally. Following strong performances by both European and U.S. markets, it is anticipated that Asian exchanges will follow suit.
On Thursday, the KLCI ended modestly lower, hindered by declines in the plantation sector and industrial stocks, while financial and telecom sectors saw similar downward trends.
At the close of trading, the index had fallen by 9.50 points or 0.59 percent, reaching a low of 1,588.68 after peaking at 1,599.94.
Among active stocks, Axiata saw an increase of 1.75 percent, while Celcomdigi rose by 0.57 percent. In contrast, Genting dropped by 1.57 percent, and Genting Malaysia decreased by 0.46 percent. IHH Healthcare fell by 1.24 percent, IOI Corporation declined by 2.03 percent, and Kuala Lumpur Kepong marginally dipped by 0.18 percent. Maxis experienced a 1.10 percent drop, while Maybank gained 0.79 percent, MISC climbed 0.13 percent, and MRDIY surged by 2.69 percent. Nestle Malaysia decreased marginally by 0.20 percent, and Petronas Chemicals made a significant gain of 5.69 percent. In contrast, PPB Group decreased by 2.17 percent, Press Metal slipped by 0.43 percent, and Public Bank underwent a 0.23 percent fall. Additionally, QL Resources fell by 0.42 percent, RHB Bank eased by 0.15 percent, and SD Guthrie decreased by 2.04 percent. Meanwhile, Sunway advanced by 1.43 percent, Telekom Malaysia tapered off by 0.53 percent, Tenaga Nasional saw a significant decrease of 3.50 percent, YTL Corporation saw a substantial decline of 6.63 percent, and YTL Power fell by 5.40 percent. CIMB Group and Sime Darby remained unchanged.
Wall Street provided a positive lead, with major averages starting Thursday slightly lower but eventually closing in positive territory.
The Dow Jones Industrial Average surged 461.88 points or 1.06 percent to conclude at 43,870.35. The NASDAQ edged up by 6.28 points or 0.03 percent to close at 18,972.42, and the S&P 500 increased by 31.60 points or 0.53 percent, ending at 5,948.71.
The Dow's robust increase was bolstered by significant gains from IBM Corp., Sherwin-Williams, and Salesforce.
The NASDAQ witnessed a lack of clear direction as investors monitored the performance of Nvidia, following its better-than-expected third-quarter earnings and revenues. However, some concerns arose regarding slowing revenue growth.
In U.S. economic developments, the Labor Department reported that initial jobless claims unexpectedly fell to their lowest level in over six months last week. Meanwhile, the Conference Board’s leading economic index declined more than anticipated in October.
Oil prices rose on Thursday due to escalating geopolitical tensions from the ongoing war between Russia and Ukraine, outweighing recent data showing ample market supply. West Texas Intermediate crude oil futures for December concluded at $70.10 per barrel, up $1.35 or 1.96 percent.
Domestically, Malaysia is set to release its October consumer price figures later today. The month of September saw inflation remain flat compared to the previous month, with an annual increase of 1.8 percent.
