The Malaysian stock market has experienced a downward trend over the last few trading sessions, shedding over a dozen points, equivalent to a 0.7 percent decrease. The Kuala Lumpur Composite Index (KLCI) is currently poised just below the 1,630 mark, although there is potential for a turnaround when markets reopen on Monday.
Globally, the outlook is positive for Asian markets, buoyed by optimism surrounding technology and oil stocks. While European markets faced declines, U.S. markets showed upward momentum, which Asian markets are expected to emulate.
On Friday, the KLCI closed slightly lower, driven by downturns in the financial, telecom, and plantation sectors, although losses were somewhat cushioned by gains in industrials. The index slipped 3.41 points, or 0.21 percent, landing at 1,629.46, within a trading range of 1,626.04 to 1,636.08.
Notably, 99 Speed Mart Retail fell 1.63 percent, Axiata increased by 0.42 percent, and CelcomDigi advanced 1.37 percent. Meanwhile, CIMB Group decreased by 0.25 percent, IHH Healthcare by 0.27 percent, and IOI Corporation by 0.52 percent. Kuala Lumpur Kepong dropped 0.74 percent, Maybank 0.39 percent, MISC eased by 0.13 percent, while MRDIY rose 1.07 percent. Nestle Malaysia registered a 1.72 percent decline, whereas Petronas Chemicals rose significantly by 2.67 percent and Petronas Dagangan by 4.39 percent. Additionally, PPB Group added 0.16 percent, Press Metal gained 0.41 percent, but Public Bank fell 0.88 percent. QL Resources declined 0.84 percent, RHB Bank by 0.31 percent, Sime Darby slipped 0.85 percent, and SD Guthrie edged down 0.20 percent. Sunway dipped 1.27 percent, Telekom Malaysia 1.18 percent, Tenaga Nasional 1.08 percent, while YTL Corporation surged 3.40 percent and YTL Power rose 1.59 percent. Maxis and Gamuda remained unchanged.
Wall Street provided a positive lead with major averages opening higher on Friday, maintaining their upward trajectory throughout the session to close near the day’s highs. The Dow gained 339.83 points, or 0.80 percent, closing at 42,732.13. The NASDAQ surged 340.88 points, or 1.77 percent, to end at 19,621.68, and the S&P 500 increased by 73.92 points, or 1.26 percent, closing at 5,942.47. For the holiday-shortened week, the Dow saw a reduction of 0.6 percent, while the NASDAQ and the S&P 500 both recorded a 0.5 percent decline.
The upward movement on Wall Street was driven by traders capitalizing on comparatively lower stock prices after a period of weakness, alongside reduced trading activity following the New Year's Day holiday.
In economic updates from the U.S., the Institute for Supply Management reported that manufacturing activity contracted at a slower rate in December. Oil prices witnessed a rise on Friday, supported by optimism for demand prospects after recent data indicated a decrease in U.S. crude oil inventories. West Texas Intermediate Crude oil futures for February concluded the session up by $0.83, or 1.13 percent, settling at $73.96 per barrel.
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