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Malaysia Bourse May Hand Back Friday's Gains

The Malaysia stock market on Friday halted the six-day losing streak in which it had plummeted almost 230 points or 17.5 percent. The Kuala Lumpur Composite Index now rests just above the 1,300-point plateau although it's predicted to open in the red again on Monday.

The global forecast for the Asian markets suggests continued consolidation as the coronavirus continues to hammer away at world economies. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KLCI finished with large gains on Friday , thanks to bargain hunting across the board following brutal selling last week - especially among the financials, plantations and telecoms.

For the day, the index soared 83.56 points or 6.85 percent to finish at 1,303.28 after trading between 1,220.54 and 1,304.55. Volume was 5.021 billion shares worth 4.029 billion ringgit. There were 895 gainers and 145 decliners.

Among the actives, Malaysia Airports Holdings skyrocketed 17.20 percent, while RHB Capital surged 16.12 percent, CIMB Group soared 15.92 percent, Genting spiked 15.46 percent, Sime Darby Plantations accelerated 14.12 percent, Press Metal perked 14.04 percent, Maxis gathered 11.11 percent, Public Bank jumped 10.90 percent, Petronas Chemicals advanced 7.79 percent, Top Glove climbed 7.18 percent, Tenaga Nasional added 6.18 percent, Maybank collected 6.07 percent, Hartalega Holdings gained 4.58 percent, Dialog Group rose 4.48 percent, IOI Corporation increased 3.66 percent, Kuala Lumpur Kepong was up 3.56 percent, AMMB Group climbed 3.41 percent, Axiata jumped 3.23 percent, Genting Malaysia advanced 3.14 percent, Digi.com added 2.96 percent, MISC gained 1.78 percent, Sime Darby lost 1.16 percent and IHH Healthcare rose 0.39 percent.

The lead from Wall Street is negative as stocks shook off a higher open on Friday and sank into the red as the day progressed, offsetting gains from the previous session.

The Dow shed 913.21 points or 4.55 percent to finish at 19,173.98, while the NASDAQ sank 271.06 points or 3.79 percent to 6,879.52 and the S&P 500 lost 104.47 points or 4.34 percent to end at 2,304.92.

The early strength on Wall Street came on optimism that the relief and support packages announced by global central banks and several governments will help limit the impact of the virus outbreak.

But stocks turned lower in afternoon trade as the virus numbers and economic backlash continued to be worrisome.

Crude oil prices tanked on Friday despite several countries and central banks announcing relief packages to help limit the economic impact of the coronavirus pandemic. West Texas Intermediate Crude oil futures for April ended down $2.69 or 11 percent at $22.53 a barrel on expiration day.

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