Win Streak May Continue For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has tracked higher in consecutive trading days, collecting almost 20 points or 1.1 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,715-point plateau and it's tipped to open in the green again on Friday.

The global forecast for the Asian markets is positive on easing geopolitical tensions regarding Greenland. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished modestly higher on Thursday following gains from the financial shares and plantation stocks, while the telecoms and industrials were mixed.

For the day, the index added 11.33 points or 0.66 percent to finish at 1,717.14 after trading between 1,711.29 and 1,717.66. Among the actives, 99 Speed Mart Retail perked 0.26 percent, while AMMB Holdings and Sime Darby vaulted 0.93 percent, Axiata slumped 1.21 percent, CIMB Group strengthened 0.97 percent, Gamuda advanced 0.66 percent, IHH Healthcare was up 0.35 percent, IOI Corporation and Kuala Lumpur Kepong both added 0.50 percent, Maxis lost 0.51 percent, Maybank jumped 1.08 percent, MISC improved 0.64 percent, MRDIY rallied 1.12 percent, Nestle Malaysia accelerated 1.21 percent, Petronas Chemicals expanded 0.90 percent, Petronas Dagangan climbed 0.86 percent, Petronas Gas sank 0.53 percent, PPB Group surged 1.82 percent, Press Metal spiked 1.35 percent, Public Bank collected 0.84 percent, RHB Bank soared 1.75 percent, SD Guthrie increased 0.53 percent, Telekom Malaysia gathered 0.39 percent, Tenaga Nasional rose 0.43 percent, YTL Corporation gained 0.44 percent, YTL Power tumbled 1.42 percent and Celcomdigi, QL Resources and Sunway were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Thursday and spent the entire session in the green.

The Dow jumped 306.78 points or 0.63 percent to finish at 49,384.01, while the NASDAQ climbed 211.20 points or 0.91 percent to end at 23,436.02 and the S&P 500 added 37.73 points or 0.55 percent to close at 6,913.35.

The extended rebound on Wall Street came as stocks continued to benefit from easing tensions after President Donald Trump ruled out the use of military force to acquire Greenland.

Some analysts see the strength on Wall Street as a return of the "TACO trade," meaning "Trump Always Chickens Out," as the president is often seen as backing down after scaring the markets with threats of new tariffs.

In economic news, the Labor Department noted a slight uptick in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said consumer prices increased in line with estimates in November.

Crude oil prices plunged on Thursday as investors assessed data on U.S. crude oil inventories, which shot up much more than expected last week. West Texas Intermediate crude for March delivery was down $1.29 or 2.13 percent at $59.33 per barrel.