Malaysian bourse poised to build on Wednesday’s rebound, eyeing the 1,500‑point mark

The Malaysian stock market halted a two‑day decline on Wednesday, snapping a drop of almost 10 points (0.7%). The Kuala Lumpur Composite Index now sits just above the 1,500‑point level and may extend its gains on Thursday.

Positive sentiment across Asian markets persists as worries over the Omicron variant ease and crude oil prices provide support. European and U.S. markets closed higher, hinting that Asian bourses will likely open with a similar upward bias.

The KLCI ended modestly higher on Wednesday, driven by gains in financial shares and glove manufacturers, while plantation stocks were mixed.

For the session, the index rose 7.73 points, or 0.52%, to close at 1,500.32, after trading between 1,492.74 and 1,502.19. Trading volume reached 3.123 billion shares valued at 1.597 billion ringgit. Advancing issues outnumbered decliners, with 450 gainers and 347 losers.

Key movers included Axiata down 1.36%, CIMB Group up 0.94%, Dialog Group down 1.67%, Digi.com down 0.26%, Genting up 1.12%, Genting Malaysia up 0.72%, Hartalega Holdings soaring 3.21%, IHH Healthcare up 0.31%, INARI up 1.05%, IOI Corporation up 0.28%, Kuala Lumpur Kepong down 0.28%, Maybank up 0.98%, Maxis up 0.47%, MISC spiking 1.91%, MRDIY accelerating 1.79%, Petronas Chemicals down 0.23%, PPB Group jumping 1.21%, Press Metal up 0.19%, Public Bank up 0.49%, Sime Darby up 0.46%, Telekom Malaysia up 0.38%, Tenaga Nasional up 0.65%, and Top Glove surging 3.81%. Sime Darby Plantations, RHB Capital, and Petronas Gas closed unchanged.

Wall Street delivered solid leadership as major averages reversed a sluggish start and finished in positive territory.

The Dow surged 261.19 points (0.74%) to 35,753.89, the NASDAQ rose 180.81 points (1.18%), and the S&P 500 added 47.33 points (1.02%) to close at 4,696.56.

Markets drew strength from easing Omicron concerns and President Biden’s remarks that a deal with Senator Manchin on the $2 trillion Build Back Better bill remains possible.

Additional bullish sentiment came from the Conference Board’s report that consumer confidence improved more than expected in December.

Crude oil futures rose sharply on Wednesday after data revealed a larger‑than‑expected decline in U.S. crude inventories. West Texas Intermediate for February advanced $1.64 (2.3%) to $72.76 per barrel.

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