(RTTNews) - The Malaysia stock market has moved lower in consecutive trading days, slipping almost 5 points or 0.3 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,745-point plateau although it may find traction on Friday.
The global forecast for the Asian markets is positive, with technology stocks expected to pull the markets higher. The European and U.S. markets were up and the Asian markets figure to follow that lead.
The KLCI finished barely lower on Thursday as losses from the financials and plantations were offset by support from the telecoms and industrials.
For the day, the index eased 0.73 points or 0.04 percent to finish at 1,745.58 after trading between 1,740.35 and 1,750.63. Among the actives, 99 Speed Mart Retail improved 0.90 percent, while AMMB Holdings perked 0.16 percent, Axiata jumped 1.81 percent, Celcomdigi surged 4.93 percent, CIMB Group lost 0.25 percent, Gamuda sank 0.43 percent, IHH Healthcare rose 0.33 percent, IOI Corporation tanked 2.14 percent, Kuala Lumpur Kepong eased 0.19 percent, Maxis added 0.56 percent, MISC and Sunway both increased 0.74 percent, MRDIY skyrocketed 10.69 percent, Nestle Malaysia soared 2.77 percent, Petronas Chemicals advanced 0.91 percent, Petronas Dagangan vaulted 1.33 percent, Petronas Gas rallied 1.34 percent, PPB Group gained 0.36 percent, Public Bank slumped 1.02 percent, RHB Bank dropped 0.48 percent, SD Guthrie shed 0.33 percent, Telekom Malaysia climbed 0.93 percent, Tenaga Nasional tumbled 1.63 percent, YTL Corporation plummeted 2.69 percent, YTL Power retreated 1.46 percent and Maybank, Press Metal, Sunway Healthcare and Sime Darby were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 370.26 points or 0.75 percent to finish at 50,063.46, while the NASDAQ rallied 232.88 points or 0.88 percent to end at a record 26,635.22 and the S&P 500 gained 56.99 points or 0.77 percent to close at 7,501.24, also a record.
Cisco Systems (CSCO) helped lead the markets higher after the company reported better than expected fiscal third quarter results and provided upbeat guidance.
Market leader and AI darling Nvidia (NVDA) also surged on reports that the U.S. has cleared around 10 Chinese firms to buy the company's second-most powerful AI chip, the H200.
In economic news, the Commerce Department said retail sales in the U.S. increased in line with estimates in April. Also, the Labor Department said first-time claims for U.S. unemployment benefits rose more than expected last week.
Crude oil prices inched higher on Thursday as the Strait of Hormuz remains effectively shut amid a lack of progress in U.S.-Iran peace efforts. West Texas Intermediate crude for June was up $0.29 or 0.29 percent at $101.31 per barrel.
Closer to home, Malaysia will provide Q1 data for GDP and current account later today. GDP is expected to climb 5.3 percent on year, down from 6.3 percent in the three months prior; the current account surplus in Q4 was MYR2.00 billion.
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