The Malaysia stock market has climbed higher in three straight trading days, advancing more than 35 points or 1.9 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,815-point plateau and it's called higher again on Monday.
The global forecast for the Asian markets is positive, despite weaker than expected jobs data from the U.S. and a drop in crude oil prices. The European and U.S. markets were higher on Friday and the Asian markets figure to at least open in similar fashion.
The KLCI finished modestly higher on Friday following gains from the financials and utilities, while the industrials were mixed and the telecoms were soft.
For the day, the index jumped 14.52 points or 0.81 percent to finish at the daily high of 1,817.97 after moving as low as 1,803.81. Volume was 5.83 billion shares worth 3.94 billion ringgit. There were 696 gainers and 405 decliners.
Among the actives, Axiata surged 4.21 percent, while Sime Darby soared 3.36 percent, YTL Corporation spiked 2.99 percent, Genting Malaysia jumped 2.65 percent, CIMB Group climbed 2.29 percent, IHH Healthcare tumbled 1.36 percent, Astro Malaysia Holdings advanced 1.12 percent, Petronas Chemicals shed 0.49 percent, RHB Capital lost 0.38 percent, Digi.com fell 0.20 percent, Telekom Malaysia eased 0.17 percent, Tenaga Nasional added 0.13 percent and Maybank and IOI Corporation were unchanged.
The lead from Wall Street is upbeat as stocks extended a recent upward move on Friday as the major averages closed higher for the fourth straight session and again hit record closing highs.
The Dow gained 220.74 points or 0.88 percent to 25,295.87, while the NASDAQ climbed 58.64 points or 0.83 percent to 7,136.56 and the S&P rose 19.16 points or 0.70 percent to 2,743.15. For the week, the Dow added 2.3 percent, the NASDAQ soared 3.4 percent and the S&P jumped 2.6 percent.
The continued strength came even though the Labor Department noted weaker than expected job growth in December. Traders largely shrugged off the report, as analysts suggested that recent data points to overall strength in the labor market.
In other economic news, the Institute for Supply Management reported an unexpected slowdown in service sector activity in November. The Commerce Department noted the widest trade deficit in nearly six years in November, and factory orders jumped more than expected during the month.
Oil prices fell on Friday, slipping from highs last seen in 2015 thanks to soaring U.S. production. West Texas Intermediate crude futures fell 57 cents to $61.44 a barrel.
by RTT Staff Writer
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