The Malaysian stock market experienced a rise on Thursday, recovering from a previous dip that interrupted a modest two-day winning streak, during which the index accumulated nearly 10 points, or a 0.6% gain. Currently, the Kuala Lumpur Composite Index (KLCI) is positioned just above the 1,640 mark, and it is anticipated to hover around this level on Friday.
Globally, forecasts for Asian markets indicate a slight upward trend, driven by favorable earnings reports and positive economic news. While European markets showed gains, U.S. markets remained mixed and largely stable, suggesting Asian markets may exhibit a balanced performance between these trends.
On Thursday, the KLCI achieved a moderate increase, buoyed by gains in financial and plantation sectors, although telecom stocks displayed a mixed performance. Specifically, the index rose by 8.81 points or 0.54%, concluding the day at 1,641.44, after fluctuating between 1,633.72 and 1,642.93.
Notable market movements included: Axiata's decrease by 1.26%, an uptick of 0.28% for Celcomdigi, a slight rise of 0.12% for CIMB Group, a 1.48% decline for Genting, a 2.15% fall for Genting Malaysia, a 0.27% increase for IOI Corporation, a 0.95% rise for Kuala Lumpur Kepong, a 2.63% drop for Maxis, a 0.75% gain for Maybank, a 0.52% decrease for MISC, a 0.92% rise for MRDIY, a 1.25% increase for Petronas Chemicals, a 1.79% jump for Public Bank, an addition of 0.64% for QL Resources, and significant rises of 3.02% for RHB Bank, 1.68% for Sime Darby, 1.52% for SD Guthrie, 1.82% for Sunway, a 1.08% advance for Telekom Malaysia, a 1.38% climb for Tenaga Nasional. Conversely, YTL Corporation dropped 2.17%, YTL Power dipped 0.85%, with IHH Healthcare, PPB Group, and Petronas Gas remaining unchanged.
Wall Street's lead offers limited direction, as major indices opened positively on Thursday but fluctuated, ultimately closing with mixed and minor changes. The Dow Jones Industrial Average rose by 161.35 points or 0.37%, achieving a new record of 43,239.05. The NASDAQ increased slightly by 6.53 points or 0.04% to 18,373.61, while the S&P 500 fell by 1.00 point or 0.02%, landing at 5,841.47.
Semiconductor stocks provided strong support for the markets throughout much of the session, despite a late-session retreat, with the Philadelphia Semiconductor Index concluding with a 1.0% gain. The sector's strength was fueled by Taiwan Semiconductor Manufacturing Company (TSM) reporting substantial profit growth in the third quarter.
In economic news, the Commerce Department revealed a larger-than-expected rise in September retail sales. Additionally, the Labor Department noted a surprising decline in initial U.S. unemployment benefit claims last week.
Oil futures concluded a four-day decline on Thursday, aided by data showing an unexpected reduction in crude inventories. Specifically, West Texas Intermediate Crude oil futures for November rose by $0.28 or 0.4%, settling at $70.67 per barrel.
In regional developments, Malaysia is set to release its third-quarter gross domestic product figures and September data for imports, exports, and trade balance later today. In the second quarter, GDP increased by 5.9% year-on-year; imports in August surged by 26.2% year-on-year, and exports rose annually by 12.1%, resulting in a trade surplus of MYR 5.70 billion.
