Positive Bounce Predicted For Malaysia Shares

(RTTNews) - The Malaysia stock market has finished lower in two straight sessions, although it has given up just over 3 points or 0.2 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,530-point plateau although it's got a positive lead for Friday's trade.

The global forecast for the Asian markets is positive as soft U.S. economic data reinforced the case for an interest rate cut in June. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly lower on Thursday following losses from the plantations and telecoms, while the financial shares were mixed.

For the day, the index eased 0.95 points or 0.06 percent to finish at 1,528.38 after trading between 1,525.39 and 1,532.66.

Among the actives, Axiata dropped 0.36 percent, while Celcomdigi retreated 0.70 percent, CIMB Group eased 0.16 percent, Genting fell 0.20 percent, IHH Healthcare advanced 0.65 percent, IOI Corporation tumbled 1.00 percent, Kuala Lumpur Kepong dipped 0.18 percent, Maxis shed 0.26 percent, MISC rallied 0.67 percent, MRDIY declined 0.68 percent, Petronas Chemicals jumped 1.03 percent, PPB Group perked 0.13 percent, Press Metal skidded 0.43 percent, Public Bank lost 0.23 percent, QL Resources surged 2.09 percent, RHB Capital slumped 0.53 percent, Sime Darby Plantations stumbled 0.89 percent, Telekom Malaysia sank 0.34 percent, Tenaga Nasional added 0.36 percent, YTL Corporation improved 0.44 percent, YTL Power surrendered 0.76 percent and Sime Darby, Maybank, Genting Malaysia and Hong Leong Bank were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Thursday but climbed steadily throughout the day so that they all ended in the green.

The Dow jumped 348.85 points or 0.91 percent to finish at 38,773.12, while the NASDAQ added 47.03 points or 0.30 percent to close at 15,906.17 and the S&P 500 rose 29.11 points or 0.58 percent to end at 5,029.73.

The higher close on Wall Street came after a Commerce Department report showing a much bigger than expected decrease in U.S. retail sales in January led to renewed optimism about the outlook for interest rates.

The Federal Reserve also released a report showing industrial production in the U.S. unexpectedly edged slightly lower in January.

Crude oil futures ended higher on Thursday as the dollar weakened after the weak retail sales data raised hopes of a rate cut by the Federal Reserve in June. West Texas Intermediate Crude oil futures for March rallied $1.39 or 1.8 percent at $78.03 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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