The Malaysian stock market has been on a progressive rise, marking success in four continuous sessions and accumulating over 20 points, a 1.4% increase in all. The Kuala Lumpur Composite Index is just below the 1,555-point mark, and it is expected to further increase on Wednesday.
The global prediction for Asian markets also seems positive, fueled by the prospect of changes in interest rates. In line with this, European and US markets ended on a high, projecting a promising start for the Asian markets.
On Tuesday, the KLCI observed a slight increase fostered by the success of shares in finances, plantations, and telecommunications. For the day, the index rose by 9.85 points or 0.64%, ending at 1,554.56 after trading fluctuated between 1,541.36 and 1,556.71.
Exceptional performances were noted from Axiata showing a 3.64% increase, CIMB Group by 0.75%, IOI Corporation by 1.01%, and others like Maxis and PPB Group. Some companies however, such as MRDIY and Genting, saw a downturn.
Wall Street presented an encouraging lead, with all the main averages indicating a strong surge. The Dow closed at 39,005.49, marking a rise of 235.83 points, and NASDAQ ended the day at 16,265.64, with a surge of 246.36 points. While there was a slower growth than expected in core prices, it amplifies hopes of the Federal Reserve reducing the interest rates in June.
Meanwhile, oil futures fell on Tuesday, reflecting the influence of the recent US inflation data and the continuing uncertainties in demand. West Texas Intermediate Crude dropped by $0.37, ending week at $77.56 a barrel.
