Malaysia Bourse May Extend Thursday's Gains

(RTTNews) - The Malaysia stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had given up more than 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,625-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets suggests mild upside on optimism over earnings news, although weakness from the technology and oil companies may limit the upside. The European markets were up and the U.S. bourses were mostly in the green and the Asian markets figure to follow that lead.

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

For the day, the index added 14.39 points or 0.89 percent to finish at the daily high of 1,625.39 after trading as low as 1,609.96. Among the actives, 99 Speed Mart Retail was up 0.28 percent, while AMMB Holdings strengthened 1.83 percent, Axiata surged 4.74 percent, Celcomdigi expanded 1.85 percent, CIMB Group advanced 1.66 percent, Gamuda plummeted 4.68 percent, IOI Corporation gained 1.23 percent, Kuala Lumpur Kepong climbed 1.67 percent, Maxis added 1.32 percent, Maybank increased 1.38 percent, MISC rose 1.08 percent, MRDIY soared 2.74 percent, Nestle Malaysia sank 0.70 percent, Petronas Chemicals accelerated 2.12 percent, Petronas Dagangan eased 0.10 percent, Petronas Gas perked 0.12 percent, Press Metal improved 1.48 percent, Public Bank collected 1.14 percent, QL Resources gathered 0.76 percent, RHB Bank rallied 1.90 percent, Sime Darby vaulted 2.09 percent, SD Guthrie spiked 2.66 percent, Sunway lost 0.53 percent, Telekom Malaysia jumped 2.07 percent, YTL Corporation stumbled 1.95 percent, YTL Power shed 0.62 percent and IHH Healthcare, PPB Group and Tenaga Nasional were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed but trended steadily higher as the day progressed.

The Dow jumped 646.26 points or 1.34 percent to finish at a record 48,704.01, while the NASDAQ dipped 60.30 points or 0.25 percent to close at 23,593.86 and the &P 500 rose 14.32 points or 0.21 percent to end at 6,901.00.

The surge by the Dow reflected a spike by shares of Visa (V) after Bank of American upgraded its rating on the stock to Buy from Neutral. Strong gains by Nike (NKE), UnitedHealth (UNH) and American Express (AXP) also contributed to the jump by the blue chip index.

On the other hand shares of Oracle (ORCL) weighed on the NASDAQ after the company reported fiscal Q2 earnings that beat estimates but on weaker than expected revenues - reflecting renewed valuation concerns.

On the U.S. economic front, the Labor Department said first-time claims for U.S. unemployment benefits rebounded more than expected last week.

Crude oil prices dropped on Thursday on oversupply concerns even as OPEC prepares to pause output hikes in early 2026. West Texas Intermediate crude for January delivery was down $0.88 or 1.51 percent at $57.58 per barrel.

Closer to home, Malayia will release October figures for industrial production later today; in September, production was up 5.7 percent on year.