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Market Update: Malaysia Stocks Rise for 3rd Session
The FTSE KLCI added 7 points or 0.4% to 1,585 in early trade on Thursday, rising for the third straight session and trading at a near two-week high, as traders returned from a holiday, amid reports that Federal Reserve officials supported current ultra-accommodative stance while maintaining views that higher inflation is transitory. News that China’s industrial profits stayed robust in January-April also encouraged investors to buy stocks. On the pandemic front, Malaysia’s health authorities said that the nation should prepare for the worst COVID-19 situations following an exponential trend since early April. On Wednesday, infections stayed above 6,000 for seven straight days, with a record 7,289 new cases were added on Tuesday. Market participants now await the release of US weekly jobless claims and GDP data later in the day and Malaysia’s trade data for April on Friday. Hap Seng Consolidated Bhd jumped 4%, while Axiata Group Bhd climbed 2%. [/s2If]
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