Malaysian stocks set to receive support on Friday

(RTTNews) – Malaysia’s stock market fell in three consecutive sessions, losing more than 15 points or 0.9 percent during this period. The Kuala Lumpur Composite Index now sits just below the 1,590-point plateau, although it is expected to open in the green on Friday.

Global forecasts for Asian markets are optimistic thanks to strong results and support from crude oil. European and American markets finished higher and Asian stock markets are expected to continue this trend.

The KLCI ended slightly lower on Thursday following losses in plantation and industrial stocks, while financials and telecommunications were also mostly in the red.

For the day, the index lost 9.50 points or 0.59 percent to end at the daily low of 1,588.68 after hitting a high of 1,599.94.

Among assets, Axiata jumped 1.75 percent, while Celcomdigi added 0.57 percent, Genting fell 1.57 percent, Genting Malaysia fell 0.46 percent, IHH Healthcare fell by 1.24 percent, IOI Corporation stumbled by 2.03 percent, Kuala Lumpur Kepong fell by 0.18 percent, Maxis fell by 1.10 percent, Maybank collected 0.79 percent, MISC rose 0.13 percent, MRDIY climbed 2.69 percent, Nestle Malaysia slipped 0.20 percent, Petronas Chemicals jumped 2.69 percent, 5.69 percent, PPB Group fell 2.17 percent, Press Metal lost 0.43 percent, Public Bank lost 0.23 percent, QL Resources lost 0.42 percent, RHB Bank fell 0.15 percent, SD Guthrie gave up 2.04 percent, Sunway rebounded 1.43 percent, Telekom Malaysia fell 0.53 percent. cent, Tenaga Nasional fell 3.50 percent, YTL Corporation fell 6.63 percent, YTL Power plunged 5.40 percent and CIMB Group and Sime Darby remained unchanged.

Wall Street’s lead is positive since the main averages opened slightly lower on Thursday, but gradually increased and finished in the green.

The Dow rose 461.88 points or 1.06 percent to end at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the S&P 500 advanced 31.60 points or 0.53 percent to finish at 5,948.71.

The Dow’s sharp rise came amid strong gains in IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).

The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better-than-expected third-quarter earnings and revenue – but some traders expressed concerns about the slowdown in revenue growth.

In U.S. economic news, the Labor Department said last week that initial jobless claims unexpectedly fell to their lowest level in more than six months. Additionally, the Conference Board’s leading economic index fell more than expected in October.

Oil prices climbed Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine offset recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.

Closer to home, Malaysia will provide October consumer price figures later today; In September, inflation was stable month-on-month and up 1.8 percent year-on-year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.