The Malaysian stock market has experienced a positive trend over the last two sessions, gaining nearly 15 points or 1 percent. The Kuala Lumpur Composite Index (KLCI) is currently positioned just above the 1,615 mark, although this upward momentum might slow on Monday.
The forecast for Asian markets remains uncertain, with potential profit-taking potentially limiting gains. European markets showed weakness, while U.S. markets ended mixed and largely unchanged, suggesting a similar mixed outlook for Asian markets.
On Friday, the KLCI saw a modest increase, driven by gains in telecommunications, while financial and plantation stocks presented mixed results. The index rose by 5.51 points or 0.34 percent, ending the day at 1,616.62 after fluctuating between 1,611.93 and 1,619.45.
Among active stocks, Celcomdigi increased by 0.50 percent, CIMB Group by 0.29 percent, Genting by 0.64 percent, and Genting Malaysia by 0.74 percent. IHH Healthcare rallied by 0.97 percent, IOI Corporation fell by 0.98 percent, Kuala Lumpur Kepong dropped by 0.53 percent, and both Maxis and MR DIY spiked by 2.76 percent. MISC rose by 0.36 percent and Petronas Chemicals surged 1.45 percent. Conversely, PPB Group shed 0.39 percent, Press Metal tumbled by 2.99 percent, QL Resources declined by 0.15 percent, and RHB Capital gained 0.18 percent. Sime Darby Plantations increased by 0.45 percent, while Tenaga Nasional fell by 0.47 percent. YTL Corporation and YTL Power surged by 4.66 percent and 4.05 percent, respectively, while Sime Darby, Public Bank, Maybank, Telekom Malaysia, Axiata, and Nestle Malaysia remained unchanged.
Wall Street provided minimal direction, with major averages opening mixed and remaining fairly flat. The Dow Jones Industrial Average climbed 134.19 points or 0.34 percent to a record 40,003.59, the NASDAQ slipped 12.33 points or 0.07 percent to close at 16,685.97, and the S&P 500 rose 6.17 points or 0.12 percent to end at 5,303.27. Over the week, the NASDAQ surged by 2.1 percent, the S&P 500 by 1.5 percent, and the Dow by 1.2 percent.
The choppy trading on Wall Street was attributed to traders' reluctance to make major moves as they assessed the markets' recent strength, which had pushed major averages to new record highs.
In economic news, the Conference Board reported a continued decline in its index of leading U.S. economic indicators for April.
Oil prices increased on Friday due to easing inflation, a decrease in inventories, and hopes for interest rate cuts. West Texas Intermediate (WTI) crude oil futures for June rose to $80.06 a barrel, gaining $0.79 or over 1 percent, with WTI crude futures up 2.3 percent for the week.
Closer to home, Malaysia will release April figures for imports, exports, and trade balance later today. Imports are anticipated to rise 16.4 percent year-on-year, up from March's 12.5 percent increase. Exports are forecasted to grow by 13.4 percent annually after a 0.8 percent contraction in the previous month. The trade surplus is expected to be MYR11.70 billion, down from MYR12.80 billion the previous month.