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Win Streak May Continue For Malaysia Shares

The Malaysia stock market has tracked higher in two straight sessions, gathering more than 6 points or 0.3 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,845-point plateau and it may add to its winnings again on Monday.

The global forecast for the Asian markets is broadly positive thanks to solid U.S. employment data and a spike in crude oil prices. The European and U.S. markets were higher and the Asian markets figure to follow suit.

The KLCI finished slightly higher on Friday following mixed performances from the financials, plantations and industrials.

For the day, the index picked up 4.30 points or 0.23 percent to finish at 1,843.92 after trading between 1,840.18 and 1,844.98. Volume was 2.25 billion shares worth 2.01 billion ringgit. There were 491 gainers and 459 decliners.

Among the actives, YTL Corporation surged 5.22 percent, while Genting soared 1.58 percent, IJM Corporation tumbled 1.54 percent, AMMB Holdings spiked 1.51 percent, Digi.com jumped 0.64 percent, Telekom Malaysia climbed 0.53 percent, Genting Malaysia advanced 0.39 percent, Tenaga Nasional dropped 0.38 percent, CIMB Group collected 0.28 percent, Petronas Chemicals gained 0.25 percent, IOI Corporation added 0.21 percent, Maybank dipped 0.19 percent and Axiata, Public Bank, Sime Darby and Petronas Gas all were unchanged.

The lead from Wall Street is solid as stocks moved sharply higher on Friday, adding the gains in the previous session as the NASDAQ closed higher for the sixth straight session to a record closing high.

The Dow spiked 440.53 points or 1.77 percent to 25,335.74, while the NASDAQ jumped 132.86 points or 1,79 percent to 7,560.81 and the S&P climbed 47.60 points or 1.74 percent to 2,786.57. For the week, the NASDAQ soared 4.2 percent, the Dow jumped 3.3 percent and the S&P gained 3.5 percent.

The rally followed the Labor Department report showing stronger than expected job growth in February.

The markets also benefited from easing geopolitical concerns amid news President Donald Trump has agreed to meet with North Korean leader Kim Jong-Un.

Crude oil prices rallied Friday on data showing the U.S. rig count dropped for the first time in seven weeks. April WTI crude added $1.92 or 3.2 percent to $62.04 a barrel on the New York Mercantile Exchange. Prices were up 1.3 percent for the week.

by RTT Staff Writer

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