Plus   Neg

Malaysia Bourse May Find Traction On Friday

The Malaysia stock market has moved lower in three straight sessions, sliding almost a dozen points or 0.7 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,645-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is upbeat on rising oil prices and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The KLCI finished modestly lower on Thursday following weakness from the industrials and mixed performances from the financials and plantations.

For the day, the index slid 7.00 points or 0.42 percent to finish at 1,643.74 after trading between 1,640.30 and 1,646.22. Volume was 2 billion shares worth 2 billion ringgit. There were 397 gainers and 379 decliners.

Among the actives, Genting plummeted 2.11 percent, while Sime Darby Plantations surged 1.98 percent, Tenaga Nasional plunged 1.75 percent, IOI Corporation tumbled 1.40 percent, IHH Healthcare skidded 0.88 percent, Genting Malaysia retreated 0.62 percent, Maybank declined 0.44 percent, Sime Darby sank 0.43 percent, CIMB Group collected 0.38 percent, Dialog Group dropped 0.30 percent, Public Bank shed 0.26 percent, Petronas Chemicals lost 0.24 percent, Axiata Group fell 0.21 percent, Digi.com and Top Glove both dipped 0.20 percent, Maxis and RHB Capital both eased 0.18 percent, Kuala Lumpur Kepong was down 0.16 percent and Hartalega Holdings and Malaysia Airports Holdings were unchanged.

The lead from Wall Street is positive as stocks bounced higher Thursday following two days of weakness, although the buying interest was somewhat subdued.

The Dow added 101.94 points or 0.39 percent to 26,106.77, while the NASDAQ gained 44.41 points or 0.57 percent to 7,837.13 and the S&P 500 rose 11.80 points or 0.41 percent to 2,891.64.

Continued optimism tame inflation will lead the Federal Reserve to cut interest rates contributed to the strength on Wall Street after a Labor Department report showed bigger than expected decreases in U.S. import and export prices.

Crude oil prices rebounded Thursday from five-month lows, as reports of an attack on oil tankers in the Gulf of Oman suggested a likely fall in crude supply in the international market. West Texas Intermediate Crude oil futures for July ended up $1.14 or 2.2 percent at $52.28 a barrel.

Closer to home, Malaysia will release April data for unemployment later today; in March, the jobless rate was 3.4 percent and the participation rate was 68.2 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT