Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has finished higher in five straight sessions, collecting more than 45 points or 2.7 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,715-point plateau and it may add to its winnings again on Friday.

The global forecast for the Asian markets is cautiously optimistic, although any upside is likely to be capped by profit taking and slumping oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Thursday following gains from the financials were offset by weakness from the plantation stocks and telecoms.

For the day, the index rose 4.25 points or 0.25 percent to finish at the daily high of 1,715.16 after moving as low as 1,701.83. Among the actives, 99 Speed Mart Retail stumbled 1.77 percent, while AMMB Holdings gained 0.31 percent, Axiata dropped 0.79 percent, Celcomdigi declined 1.16 percent, CIMB Group expanded 1.20 percent, Gamuda plummeted 3.12 percent, Hong Leong Bank soared 2.21 percent, IHH Healthcare fell 0.24 percent, IOI Corporation and Maxis both lost 0.25 percent, Kuala Lumpur Kepong dipped 0.19 percent, Maybank collected 0.54 percent, MISC rose 0.13 percent, MRDIY sank 0.58 percent, Nestle Malaysia plunged 2.11 percent, Petronas Chemicals advanced 0.92 percent, Petronas Dagangan retreated 1.43 percent, Petronas Gas shed 0.43 percent, PPB Group climbed 1.09 percent, Press Metal slumped 1.10 percent, Public Bank rallied 1.71 percent, QL Resources vaulted 1.52 percent, RHB Bank increased 0.62 percent, Sime Darby spiked 1.94 percent, SD Guthrie tumbled 1.75 percent, Sunway eased 0.18 percent, Telekom Malaysia skidded 1.02 percent, Tenaga Nasional added 0.72 percent, YTL Corporation surged 2.28 percent and YTL Power improved 0.86 percent.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.

The Dow jumped 292.81 points or 0.60 percent to finish at 49,442.44, while the NASDAQ added 58.27 points or 0.25 percent to close at 23,530.02 and the S&P 500 rose 17.87 points or 0.26 percent to end at 6,944.47.

The early strength on Wall Street reflected a positive reaction to earnings news from Taiwan Semiconductor (TSM), with the chipmaker surging by 4.4 percent.

Taiwan Semiconductor jumped after reporting a sharp increase in fourth quarter profits and announced larger-than-expected capital spending plans, contributing to renewed confidence in the artificial intelligence trade.

Positive sentiment may also have been generated by a Labor Department report showing first-time claims for U.S. unemployment benefits unexpectedly dipped last week.

Crude oil prices plummeted on Thursday as the potential for a U.S.-Iran confrontation diminished for the time being. West Texas Intermediate crude for February delivery was down $2.83 or 4.56 percent at $59.19 per barrel.

Closer to home, Malaysia will on Friday release preliminary Q4 figures for gross domestic product later today. In Q3, GDP was up 5.2 percent on year.