The Malaysia stock market broke a two-day losing streak on Wednesday, recovering nearly 10 points or 0.7 percent that had been shed in prior sessions.
The Kuala Lumpur Composite Index climbed back above the key 1,500-point level, a threshold watched closely by traders and analysts in the region.
Positive momentum in global markets is expected to carry into Thursday’s session, with easing concerns about the Omicron coronavirus variant lifting sentiment across Asia.
European and U.S. markets both closed higher on Wednesday, and Asian bourses are widely expected to open in a similar fashion when trading begins.
The KLCI added 7.73 points or 0.52 percent on Wednesday, finishing at 1,500.32 after trading between 1,492.74 and 1,502.19 throughout the session.
Volume reached 3.123 billion shares worth 1.597 billion ringgit, with 450 gainers outpacing 347 decliners across the broader market.
Financial shares and glove makers provided the primary upward push, while plantation stocks delivered a more mixed performance on the day.
Top Glove surged 3.81 percent and Hartalega Holdings soared 3.21 percent, making glove manufacturers among the standout performers in Wednesday’s session.
MISC spiked 1.91 percent, MRDIY accelerated 1.79 percent, Dialog Group tumbled 1.67 percent, and Axiata retreated 1.36 percent among the most active names.
Genting rallied 1.12 percent, PPB Group jumped 1.21 percent, INARI climbed 1.05 percent, and CIMB Group perked 0.94 percent, while Maybank gathered 0.98 percent.
Sime Darby Plantations, RHB Capital, and Petronas Gas all closed unchanged, while Digi.com fell 0.26 percent and Petronas Chemicals dipped 0.23 percent.
Wall Street delivered a firm lead for Asian markets, with the major U.S. averages shaking off a sluggish start to finish solidly in positive territory.
The Dow jumped 261.19 points or 0.74 percent to finish at 35,753.89, while the NASDAQ spiked 180.81 points or 1.18 percent on the session.
The S&P 500 climbed 47.33 points or 1.02 percent to end at 4,696.56, supported by improving investor sentiment around the pandemic and domestic policy developments.
U.S. President Joe Biden remarked that it remains possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress.
The Conference Board added to the positive tone, reporting that consumer confidence improved by much more than expected during the month of December.
Crude oil prices also strengthened sharply, with West Texas Intermediate Crude futures for February spiking $1.64 or 2.3 percent to settle at $72.76 a barrel.
The jump in oil prices followed data showing a larger than expected drop in U.S. crude inventories last week, a development that bolstered energy market confidence.
