(RTTNews) – The Malaysia stock market has climbed higher in four straight sessions, advancing almost 85 points or 6.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,345-point plateau although it’s expected to see some profit taking on Monday.
The global forecast for the Asian markets is soft on coronavirus concerns, with profit taking expected following recent sessions of stimulus-generated buying. The European and U.S. markets were sharply lower and the Asian bourses are tipped to open in the red.
The KLCI finished sharply higher on Friday following gains from the financial shares and plantation stocks.
For the day, the index rose 15.00 points or 1.13 percent to finish at 1,343.09 after trading between 1,335.57 and 1,353.35. Volume was 4.190 billion shares worth 2.721 billion ringgit. There were 711 gainers and 232 decliners.
Among the actives, Hong Leong Financial surged 4.29 percent, while Genting Malaysia soared 3.68 percent, Genting spiked 3.45 percent, Hartalega Holdings accelerated 3.10 percent, IOI Corporation jumped 2.63 percent, Press Metal climbed 2.35 percent, Digi.com gathered 2.33 percent, Public Bank perked 2.32 percent, Petronas Chemicals advanced 2.15 percent, CIMB Group added 2.00 percent, Top Glove gained 1.94 percent, IHH Healthcare tumbled 1.49 percent, Tenaga Nasional rose 1.47 percent, Maybank collected 1.38 percent, Sime Darby skidded 1.19 percent, AMMB Holdings increased 1.03 percent, Dialog Group sank 0.65 percent, Axiata dropped 0.59 percent, MISC fell 0.40 percent, Kuala Lumpur Kepong was up 0.39 percent and Sime Darby Plantations, Malaysia Airports Holdings and Hong Leong Bank were unchanged.
The lead from Wall Street is broadly negative as stocks opened lower on Friday, staged a mild recovery in the afternoon but saw the losses accelerate going into the close.
The Dow tumbled 915.39 points or 4.06 percent to finish at 21,636.78, while the NASDAQ sank 295.16 points or 3.79 percent to 7,502.38 and the S&P 500 lost 88.60 points or 3.37 percent to 2,541.47. For the week, the Dow added 12.8 percent, the NASDAQ gained 9.1 percent and the S&P rose 10.3 percent.
The recovery attempt in afternoon trading came after the House passed the massive $2 trillion stimulus bill designed to respond to the economic fallout from the coronavirus pandemic. Buying interest waned late in the session, however, leading traders to sell stocks once again amid uncertainty going into the weekend.
Lingering concerns about the economic impact of the coronavirus also weighed on the markets, as the number of confirmed cases in the U.S. surpassed the number of cases in China or Italy.
Crude oil prices drifted lower on Friday, losing for a second successive day on worries about the energy demand outlook. West Texas Intermediate Crude oil futures for May ended down $1.09 or 4.8 percent at $21.51 a barrel.
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