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Malaysia Stock Market May Test Resistance At 1,500 Points

The Malaysia stock market has climbed higher in three straight sessions, gathering more than 30 points or 2 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,490-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on optimism over corporate earnings, plus support from the energy and technology sectors. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.

The KLCI finished barely higher on Friday following mixed performances from the financial shares, plantation stocks, telecoms and glove makers.

For the day, the index rose 1.03 points or 0.07 percent to finish at 1,492.23 after trading between 1,488.07 and 1,497.53. Volume was 2.792 billion shares worth 1.980 billion ringgit. There were 557 gainers and 383 decliners.

Among the actives, Axiata advanced 0.70 percent, while CIMB Group declined 1.33 percent, Dialog Group tumbled 1.78 percent, Digi.com climbed 0.83 percent, Genting surrendered 1.66 percent, Genting Malaysia retreated 0.68 percent, Hartalega Holdings rallied 1.48 percent, INARI and Telekom Malaysia both lost 0.35 percent, IOI Corporation dipped 0.25 percent, Kuala Lumpur Kepong shed 0.36 percent, Maybank collected 0.11 percent, Maxis jumped 1.38 percent, MISC slumped 0.55 percent, MRDIY gained 0.45 percent, Petronas Chemicals fell 0.34 percent, PPB Group perked 0.25 percent, Press Metal added 0.62 percent, RHB Capital eased 0.17 percent, Sime Darby dropped 0.43 percent, Sime Darby Plantations surged 3.07 percent, Tenaga Nasional spared 2.48 percent, Top Glove sank 0.52 percent and IHH Healthcare, Public Bank and Hong Leong Financial were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow spiked 315.53 points or 0.97 percent to finish at 32,845.13, while the NASDAQ jumped 228.09 points or 1.88 percent to end at 12,390.69 and the S&P 500 gained 57.86 points or 1.42 percent to close at 4,130.29.

For the week, the NASDAQ spiked 4.7 percent, the S&P climbed 4.3 percent and the Dow gained 3.0 percent. The three-day rally also capped off a strong month for stocks, with the major averages recording their best monthly gains since 2020.

The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from big-name companies like Amazon (AMZN) and tech giant Apple (AAPL) - although others like Intel (INTC) and Proctor & Gamble (PG) disappointed.

Crude oil prices rose sharply after the Energy Information Administration said U.S. crude inventories tumbled last week. West Texas Intermediate Crude oil futures for September ended higher by $2.20 or 2.3 percent at $98.62 a barrel. WTI crude futures gained 4.1 percent in the week but fell 6.8 percent in the month.

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