Malaysia Stock Market May Extend Friday's Gains

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2023-05-28 23:30:01  • 3 mins

The Malaysia stock market picked up less than a single point on Friday. But that was enough to end the four-day losing streak in which it had dropped more than 25 points or 1.8 percent. The Kuala Lumpur Composite Index now rests just above the 1,400-point plateau and it's likely to accelerate on Monday.

The global forecast for the Asian markets is upbeat thanks to an apparent resolution to the U.S. debt ceiling crisis forged over the weekend. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The KLCI finished barely higher on Friday following mixed performances from the financial shares and telecoms, while the plantation stocks were soft.

For the day, the index perked 0.50 points or 0.04 percent to finish at 1,402.98 after trading between 1,397.98 and 1,405.45.

Among the actives, Axiata tumbled 1.53 percent, while CIMB Group skidded 1.21 percent, Dialog Group declined 1.43 percent, Genting dropped 1.15 percent, Genting Malaysia retreated 1.53 percent, INARI skyrocketed 9.29 percent, Kuala Lumpur Kepong sank 0.64 percent, Maxis rallied 1.18 percent, Maybank added 0.23 percent, MISC was down 0.28 percent, MRDIY slumped 1.23 percent, Petronas Chemicals and AMMB Holdings both slid 0.29 percent, PPB Group lost 0.50 percent, Press Metal spiked 1.28 percent, Public Bank collected 0.26 percent, Sime Darby fell 0.48 percent, Sime Darby Plantations stumbled 1.40 percent, Telekom Malaysia surged 1.60 percent, Tenaga Nasional jumped 1.15 percent and RHB Capital, IHH Healthcare, IOI Corporation, Celcomdigi and Nestle Malaysia were unchanged.

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