The Malaysian stock market halted its two-day plummet on Thursday, in which it’d lost almost 20 points or an equivalent of 1.2 percent. The Kuala Lumpur Composite Index now hovers just over the 1,540-point level and it’s projected to continue its upward trend on Friday.Markets across the globe project positivity for Asian markets, fueled by optimism over interest rate outlooks. The European and U.S. markets have seen an uptick, and it’s anticipated that Asian counterparts will follow a similar trajectory.On Thursday, the KLCI ended with modest gains, buoyed by the telecoms and plantations sectors, despite mixed results from financial services.During the day, the index increased by 5.62 points or 0.37 percent to end at 1,541.41, after fluctuating between 1,534.66 and 1,542.33.Among active participants, Axiata gained 1.44 percent, Celcomdigi surged by 2.60 percent, CIMB Group rose by 1.08 percent, and Genting soared by 1.87 percent. Other companies such as IHH Healthcare, IOI Corporation, Kuala Lumpur Kepong, and Genting Malaysia also made gains.On Wall Street, the major averages opened slightly higher on Thursday and steadily remained in the positive territory, closing at new record highs. The Dow soared 269.24 points or 0.68 percent to finish at 39,781.37, while the NASDAQ and the S&P 500 saw similar gains.The early surge in Wall Street can be attributed to a positive reaction to the Federal Reserve’s Wednesday’s monetary policy announcement. Although interest rates remained unchanged, the institution maintained its forecast for three interest rate cuts this year.In U.S. economic developments, there was a slight decrease in initial claims for U.S. unemployment benefits last week. The National Association of Realtors also reported a surprising rise in existing home sales in February.However, crude oil futures settled lower on Thursday, driven down by a stronger dollar and low gasoline demand in the U.S. The West Texas Intermediate Crude oil futures for May declined by $0.20 to settle at $81.07 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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