Additional support expected for the Malaysian stock market

The Malaysian stock market has finished higher in consecutive sessions, amassing close to 15 points or 1 percent along the way. The new Kuala Lumpur Composite Index is just above the 1,505-point plateau and is expected to contribute to its gains on Monday.

The global forecast for the Asian markets is optimistic about the optimism about economic growth and declining inflation. European and US stocks were solidly higher on Friday and Asian stocks are expected to open similarly.

The KLCI ended barely higher after financial sector gains, mixed telecom and plantation performances and heavy damage to glovemakers.

For the day, the index rose 0.63 points or 0.04 percent to end at 1,506.19 after trading between 1,504.21 and 1,511.80. The volume was 2.084 billion shares worth 1.628 billion ringgit. There were 440 winners and 367 losers.

Among the actives, Axiata and INARI both fell 0.34 percent, while CIMB Group peaked 1.12 percent, Dialog Group rose 0.87 percent, Digi.com gained 0.55 percent, Genting rose 0.21 percent, Genting Malaysia 1, 00 percent fell, Hartalega Holdings plunged 12.28 percent, IHH Healthcare rose 0.15 percent, IOI Corporation improved 0.49 percent, Kuala Lumpur Kepong lost 0.27 percent, Maybank rallied 0.34 percent, MISC fell 0.69 percent , MRDIY fell 1.86 percent, Petronas Chemicals improved 0.23 percent, PPB Group climbed 0.85 percent, Press Metal fell 1.02 percent, RHB Capital rose 0.68 percent, Sime Darby fell 0.43 percent, Sime Darby Plantations rose 1.98 percent, Telekom Malaysia fell 0.18 percent, Tenaga Nasional added 0.58 percent, Top Glove fell 7.57 percent and Maxis, Public Bank, Nestle and Hong Leong Financial were unchanged.

Wall Street’s lead is generally positive as the big averages opened higher on Friday and accelerated as the session progressed, finishing near daily highs.

The Dow rose 424/35 points or 1.27 percent to end at 33,761.05, while the NASDAQ rose 267.29 points or 2.09 percent to end at 13,047.19 and the S&P 500 rose 72. 88 points or 1.73 percent to close at 4,280.15.

For the week, the S&P 500 shot up 3.3 percent for its fourth consecutive weekly gain, while the NASDAQ peaked 3.1 percent and the Dow gained 2.9 percent.

Optimism that inflation has peaked contributed to continued strength on Wall Street after tamer-than-expected results on consumer and producer prices last week.

In addition to positive sentiment on inflation, the Department of Labor said US import prices fell more than expected in July. Buying interest was also generated by a report from the University of Michigan showing that US consumer confidence improved much more than expected in August.

Crude oil prices fell sharply on Friday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for oil demand for 2022. West Texas Intermediate crude futures for September ended $2.25 or 2.4 percent at $92.09 a barrel. For the week, WHITE was up 3.5 percent.

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