(RTTNews) – The Malaysian stock market has moved higher in successive sessions, gaining almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index is now just below the 1,450-point plateau and expects additional support on Monday.
The global forecast for Asian markets is positive due to the improved outlook for interest rates. European markets were mixed and US markets rose, while Asian markets would split the difference.
The KLCI ended modestly higher on Friday after gains in financial stocks, plantation stocks and telecom companies.
For the day, the index improved 10.16 points or 0.71 percent to end at 1,449.93 after trading between 1,444.79 and 1,453.19.
Among active companies, Axiata rose 2.62 percent, while Celcomdigi and Tenaga Nasional both rose 0.71 percent, CIMB Group added 0.53 percent, Dialog Group accelerated 1.92 percent, Genting rose 2.22 percent, Genting Malaysia rose 1.65 percent, IHH Healthcare rose 0.17 percent, IOI Corporation added 0.76 percent, Maxis gained 0.75 percent, Maybank rose 0.22 percent, MISC improved 1.25 percent, MRDIY climbed 1.33 percent, Petronas Chemicals advanced 0.84 percent, PPB Group rose 1.73 percent, Press Metal rose 1.03 percent, Public Bank rallied 0.24 percent, RHB Capital rose 0.18 percent, Sime Darby rose 2.18 percent, Sime Darby Plantations strengthened 1.62 percent, Telekom Malaysia gained 0.59 percent, Westports Holdings fell 1.19 percent and Kuala Lumpur Kepong was unchanged.
Wall Street’s lead is generally positive as the major averages opened higher on Friday and remained in the green throughout the session.
The Dow Jones rose 222.22 points or 0.66 percent to end at 34,061.32, while the NASDAQ rose 184.08 points or 1.38 percent to end at 13,478.28 and the S&P 600 rose 40.56 points or gained 0.95 percent to close at 4,358.34.
This week, the NASDAQ rose 6.6 percent, the S&P 500 rose 5.9 percent and the Dow Jones rose 5.1 percent.
The continued strength on Wall Street reflected a positive reaction to a Labor Department report showing that U.S. employment rose less than expected in October.
The data added to optimism that the Federal Reserve is done raising rates after the central bank left rates unchanged for the third time in four meetings last week.
Treasury yields also continued their recent decline following the release of the report, boosting buying interest on Wall Street.
Crude oil fell sharply on Friday on concerns about the outlook for energy demand. West Texas Intermediate for December fell $1.95, or 2.4 percent, to $80.51 a barrel.
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