The Malaysian stock market saw a rebound on Friday, recovering after a brief pause in a three-day winning streak where it gained nearly 40 points or 2.4 percent. The Kuala Lumpur Composite Index (KLCI) now resides just under the 1,680 mark and is poised for another upward trend in Monday’s session.The global outlook for Asian markets appears optimistic, driven by positive sentiment regarding potential adjustments in interest rates. While European markets ended slightly lower, U.S. indices closed higher, suggesting that Asian markets are likely to follow suit.On Friday, the KLCI closed sharply higher, buoyed by gains across various sectors including financials, telecommunications, energy, and plantations.The index surged 25.25 points or 1.53 percent, closing at 1,678.80 after fluctuating between 1,651.10 and 1,679.85 throughout the day.Among active stocks, Axiata rose by 0.39 percent, Celcomdigi advanced 1.04 percent, CIMB Group jumped 2.50 percent, and IOI Corporation climbed 2.03 percent. Conversely, Hong Leong Bank and Petronas Dagangan both declined by 0.28 percent, and IHH Healthcare dipped 0.32 percent. Additionally, MISC sank 0.71 percent, Maxis fell 0.26 percent, and Press Metal plunged by 3.50 percent.On a positive note, Public Bank rallied 2.55 percent, Sime Darby strengthened 2.06 percent, and YTL Corporation soared 5.45 percent. Telekom Malaysia added 0.75 percent, while Tenaga Nasional experienced a significant gain of 5.02 percent.The positive lead from Wall Street was apparent, as major indices opened strong on Friday, experienced mid-day volatility, but ultimately rallied by the close.The Dow Jones Industrial Average climbed 228.03 points or 0.55 percent to close at a record high of 41,563.08. The NASDAQ jumped 197.20 points or 1.13 percent to finish at 17,713.62, and the S&P 500 gained 56.44 points or 1.01 percent to close at 5,648.40. For the week, the NASDAQ decreased by 0.9 percent, whereas the Dow added 0.9 percent, and the S&P 500 rose by 0.2 percent.This higher close on Wall Street came after the U.S. Commerce Department released a report on consumer price inflation, a metric closely monitored by the Federal Reserve. The data revealed that consumer prices for July increased in line with expectations, while the annual rate of price growth remained flat, prompting speculation of a potential interest rate cut by the Fed this month.Though prospects of a rate cut are strengthened, traders remained uncertain about the frequency and magnitude of future cuts, leading to some market volatility.According to CME Group’s FedWatch Tool, there is a 69.5 percent probability of a quarter-point rate cut next month, and a 30.5 percent likelihood of a half-point rate cut.In commodities, crude oil prices took a notable downturn on reports that OPEC plans to proceed with an oil output increase in October. West Texas Intermediate crude for October delivery plummeted $2.36 or 3.1 percent, settling at $73.55 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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