Malaysia Bourse May Extend Winning Streak

The Malaysia stock market has finished higher in back-to-back trading days, rising almost 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index remains just beneath the 1,400-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat on renewed optimism that countries will soon reopen their economies. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The KLCI finished barely higher on Thursday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index rose 0.12 points or 0.01 percent to finish at 1,397.25 after trading between 1,388.80 and 1,411.08. Volume was 6.979 billion shares worth 4.031 billion ringgit. There were 614 decliners and 344 gainers.

Among the actives, Top Glove skyrocketed 10.63 percent, while Malaysia Airports Holdings plummeted 5.00 percent, Kuala Lumpur Kepong plunged 3.97 percent, Hartalega Holdings surged 3.72 percent, MISC tumbled 3.11 percent, Genting Malaysia tanked 2.60 percent, CIMB Group skidded 2.57 percent, IHH Healthcare soared 2.24 percent, Digi.com retreated 2.00 percent, Press Metal declined 1.91 percent, Genting stumbled 1.75 percent, RHB Capital spiked 1.30 percent, Public Bank sank 1.15 percent, IOI Corporation dropped 1.00 percent, Dialog Group shed 0.60 percent, Axiata climbed 0.51 percent, Tenaga Nasional jumped 0.50 percent, Sime Darby Plantations advanced 0.42 percent, Maxis added 0.38 percent, Petronas Chemicals and PPN Group both lost 0.37 percent, Maybank collected 0.14 percent and Petronas Dagangan, Sime Darby and AMMB Holdings were unchanged.

The lead from Wall Street is positive as stocks shrugged off a sharply lower open on Thursday, rebounding to finish firmly in the green.

The Dow spiked 377.37 points or 1.62 percent to finish at 23,625.34, while the NASDAQ climbed 80.56 points or 0.91 percent to 8,943.72 and the S&P 500 rose 32.50 points or 1.15 percent to end at 2,852.50.

The rebound on Wall Street came as traders again were optimistic about states partially reopening amid the coronavirus pandemic. Adding to the positive sentiment, New York Governor Andrew Cuomo expanded the state's phased reopening to five regions.

The early sell-off on Wall Street reflected renewed concerns about the economic outlook after Federal Reserve Chair Jerome Powell warned of "significant downside risks" during a speech on Wednesday.

Crude oil prices rose sharply and settled at six-week high on Thursday, on hopes energy demand will see an increase as some states in America are opening up businesses. West Texas Intermediate Crude oil futures for June ended up $2.27 or 9 percent at $27.56 a barrel, the highest close for a front-month contract since April 3.