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Lower Open Predicted For Malaysia Stock Market

The Malaysia stock market has moved higher in four straight sessions, advancing more than 45 points or 2.7 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,680-point plateau although it's looking at a soft start on Monday.

The global forecast for the Asian markets suggests mild consolidation on geopolitical and trade concerns. The European and U.S. markets were slightly lower and the Asian markets are expected to open in similar fashion.

The KLCI finished modestly higher on Friday following mixed performances from the plantation stocks and financial shares.

For the day, the index picked up 6.80 points or 0.41 percent to finish at the daily high of 1,682.23 after moving as low as 1,672.09. Volume was 2.2 billion shares worth 3 billion ringgit. There were 476 gainers and 336 decliners.

Among the actives, Sime Darby Plantations surged 3.77 percent, while Petronas Chemicals soared 2.27 percent, IOI Corporation plummeted 1.85 percent, Top Glove spiked 1.83 percent, Genting jumped 1.45 percent, Maxis climbed 1.04 percent, Genting Malaysia skidded 0.89 percent, Sime Darby gathered 0.88 percent, Dialog Group dropped 0.61 percent, Malaysia Airports Holdings perked 0.59 percent, RHB Capital collected 0.54 percent, IHH Healthcare advanced 0.52 percent, AMMB Holdings added 0.46 percent, Kuala Lumpur Kepong shed 0.16 percent, Tenaga Nasional rose 0.14 percent, Public Bank fell 0.09 percent and Digi.com., Axiata Group, Maybank and CIMB Group were unchanged.

The lead from Wall Street is soft as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending lower.

The Dow shed 34.04 points or 0.13 percent to end at 26,719.13, while the NASDAQ lost 19.63 points or 0.24 percent to 8,031.71 and the S&P 500 fell 3.72 points or 0.13 percent to 2,950. For the week, the Dow added 2.4 percent, the NASDAQ jumped 3 percent and the S&P perked 2.2 percent.

Traders were looking ahead to this week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Traders were also cautious amid escalating tensions between the U.S. and Iran after Iran's Revolutionary Guard shot down an unmanned U.S. surveillance drone on Thursday.

Crude oil prices moved higher on Friday, extending gains from previous session as escalating tensions between the U.S. and Iran raised concerns about a disruption in global crude supplies. West Texas Intermediate crude oil futures for August ended up $0.36 or 0.6 percent at $57.43 a barrel.

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