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Slight Upside Seen For Malaysia Stock Market

The Malaysia stock market on Friday snapped the three-day slide in which it had fallen more than a dozen points or 0.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,620-point plateau and it may inch higher again on Monday.

The global forecast for the Asian markets is likely all about inertia, since most of the European and U.S. markets were closed Friday for the long Easter weekend. Little movement is expected for the Asian bourses.

The KLCI finished slightly higher on Friday following mixed performances from the financials, plantations and telecoms.

For the day, the index rose 2.34 points or 0.14 percent to finish at 1,622.07 after trading between 1,618.69 and 1,625.22.

Among the actives, Genting Malaysia surged 5.19 percent, while MISC plummeted 1.63 percent, IHH Healthcare soared 1.46 percent, Top Glove spiked 1.12 percent, Maybank jumped 1.00 percent, Axiata tumbled 0.98 percent, Dialog Group climbed 0.63 percent, Genting gathered 0.59 percent, Sime Darby perked 0.45 percent, Malaysia Airports Holdings skidded 0.44 percent, Digi.com dropped 0.43 percent, CIMB Group collected 0.40 percent, RHB Capital sank 0.34 percent, Public Bank shed 0.27 percent, IOI Corporation and Petronas Chemicals both added 0.22 percent, Tenaga Nasional and Petronas Dagangan both lost 0.16 percent, Kuala Lumpur Kepong eased 0.08 percent and Press Metal and Sime Darby Plantations were unchanged.

There are precious few catalysts for trade on Monday as the U.S. and most major European was closed for Good Friday. The European markets remain closed for Easter Monday as well, while Wall Street returns to action later today.

The geopolitical scene remained blissfully quiet and many traders are expected to remain away from their desks today, so the Asian markets are setting up for a quiet session.

In U.S. economic news, the Commerce Department reported an unexpected drop in new residential construction and building permits in March.

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