Win Streak May Continue For Malaysia Stock Market

The Malaysia stock market has finished higher in two straight sessions, spiking more than 40 points or 2.7 percent along the way, The Kuala Lumpur Composite Index now rests just above the 1,530-point plateau and it may add to its winnings again on Monday.

The global forecast for the Asian markets is cautiously optimistic, with optimism for stimulus tempered by weakness from the oil markets. The European and U.S. bourses were up and the Asian markets are tipped to open in similar fashion.

The KLCI finished modestly higher on Friday as gains from the financials, plantations and glove makers were capped by weakness from the industrials.

For the day, the index climbed 10.92 points or 0.72 percent to finish at 1,530,35 after trading between 1,512.74 and 1,532.53. Volume was 6.601 billion shares worth 2.892 billion ringgit. There were 717 gainers and 307 decliners.

Among the actives, Malaysia Airports Holdings plummeted 3.72 percent, while Petronas Gas plunged 3.42 percent, Axiata surged 2.76 percent, MISC soared 2.45 percent, Hartalega Holdings spiked 2.35 percent, Sime Darby Plantations accelerated 2.18 percent, Sime Darby rallied 2.07 percent, CIMB Group jumped 1.61 percent, PPB Group climbed 1.59 percent, Petronas Dagangan tumbled 1.53 percent, Maybank collected 1.37 percent, Tenaga Nasional gathered 1.36 percent, IHH Healthcare perked 1.20 percent, Press Metal skidded 0.96 percent, Kuala Lumpur Kepong and RHB Capital both sank 0.88 percent, Public Bank advanced 0.87 percent, Maxis dropped 0.79 percent, Genting added 0.62 percent, Digi.com gained 0.48 percent, Petronas Chemicals rose 0.33 percent, Dialog Group lost 0.26 percent, IOI Corporation increased 0.23 percent, Top Glove was up 0.11 percent and AMMB Holdings, Hap Seng and Genting Malaysia were unchanged.

The lead from Wall Street is solid as stocks opened higher on Friday and remained in the green throughout the session to finish higher for the third straight day.

The Dow climbed 161.40 points or 0.57 percent to finish at 28,586.90, while the NASDAQ spiked 158.94 points or 1.39 percent to end at 11,579.94 and the S&P 500 jumped 30.30 points or 0.88 percent to close at 3,477.13. For the week, the Dow surged 3.8 percent, the NASDAQ spiked 4.6 percent and the S&P gained 3.3 percent.

Continued optimism about a new stimulus bill contributed to the strength on Wall Street, as traders kept a close eye on the latest developments in Washington. The major averages spiked after President Donald Trump suggested he was once again in favor of a broad relief package.

Trump's comments came amid reports that the White House was planning to offer a $1.8 trillion package, which is up from the administration's previous $1.6 trillion proposal but still below the $2.2 trillion bill passed by House Democrats.

House Speaker Nancy Pelosi's deputy chief of staff Drew Hammill later said Treasury Secretary Steven Mnuchin had "returned to the table with a proposal that attempted to address some of the concerns Democrats have."

Crude oil prices drifted lower on Friday as traders made largely cautious moves, weighing demand and supply positions in the market. West Texas Intermediate Crude oil futures for November were lower by $0.59 or 1.4 percent at $40.60 a barrel.