Rebound Anticipated For Malaysia Stock Market
(RTTNews) - The Malaysia stock market on Thursday ended the two-day winning streak in which it had collected just 3 points or 0.2 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,515-point plateau although it's likely to bounce higher again on Friday.
The global forecast for the Asian markets is firm, supported by crude oil and optimism over interest rates. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The KLCI finished slightly lower on Thursday as losses from the glove makers were mitigated by support from the plantations and a mixed picture from the financials.
For the day, the index dipped 2.46 points or 0.16 percent to finish at 1,512.93 after trading between 1,511.51 and 1,520.04. Volume was 4.476 billion shares worth 2.857 billion ringgit. There were 636 decliners and 350 gainers.
Among the actives, Axiata gained 0.52 percent, while CIMB Group advanced 0.89 percent, Dialog Group declined 0.70 percent, Genting sank 0.62 percent, Genting Malaysia lost 0.36 percent, Hartalega Holdings plummeted 2.59 percent, IHH Healthcare eased 0.17 percent, IOI Corporation rose 0.27 percent, Kuala Lumpur Kepong added 0.63 percent, MISC tumbled 1.18 percent, MRDIY plunged 2.00 percent, Petronas Chemicals spiked 1.50 percent, PPB Group skidded 0.87 percent, Press Metal perked 0.21 percent, Public Bank shed 0.50 percent, RHB Capital was down 0.19 percent, Sime Darby tanked 1.37 percent, Sime Darby Plantations surged 1.97 percent, Telekom Malaysia fell 0.33 percent, Tenaga Nasional dropped 0.51 percent, Top Glove retreated 0.75 percent and Maybank, Maxis and Digi.com were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the session.
The Dow jumped 153.60 points or 0.44 percent to finish at 35,084.53, while the NASDAQ rose 15.68 points or 0.11 percent to end at 14,778.26 and the S&P 500 added 18.51 points or 0.42 percent to close at 4,419.15.
The strength on Wall Street came despite some disappointing U.S. economic data, including a Commerce Department report showing economic growth fell well short of estimates in Q2.
The weaker than expected data may have added to optimism the Federal Reserve will not be in a hurry to begin scaling back its asset purchases.
Also, the Labor Department noted a modest pullback in initial jobless claims last week, while the National Association of Realtors reported an unexpected fall in pending home sales in June.
Crude oil futures settled higher Thursday as data showing a drop in U.S. crude inventories continued to support oil prices - while a weak dollar also contributed. West Texas Intermediate Crude oil futures for September ended up $1.23 or 1.7 percent at $73.62 a barrel.
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