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Win Streak May Continue For Malaysia Stock Market

The Malaysia stock market has climbed higher in three straight sessions, advancing more than 25 points or 1.8 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,400-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets suggests mild upside on optimism that some countries are taking steps to reopen following the Covid-19 pandemic. The European and U.S. markets were up on Friday amid considerable volatility and the Asian bourses are tipped to follow suit.

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

For the day, the index added 6.19 points or 0.44 percent to finish at 1,403.44 after trading between 1,398.71 and 1,408.19. Volume was 9.182 billion shares worth 3.850 billion ringgit. There were 592 gainers and 316 decliners.

Among the actives, Dialog Group surged 3.30 percent, while Petronas Chemicals soared 2.96 percent, Sime Darby Plantations plummeted 2.95 percent, PPB Group spiked 2.67 percent, Sime Darby accelerated 2.63 percent, MISC jumped 2.56 percent, Press Metal climbed 2.23 percent, Malaysia Airports Holdings gathered 2.11 percent, AMMB Holdings and Kuala Lumpur Kepong both perked 1.72 percent, CIMB Group collected 1.47 percent, Axiata Group tumbled 1.27 percent, IOI Corporation advanced 1.01 percent, Hartalega Holdings skidded 0.87 percent, Top Glove added 0.78 percent, Digi.com sank 0.68 percent, Public Bank dropped 0.52 percent, Genting Malaysia gained 0.44 percent, IHH Healthcare rose 0.37 percent, Tenaga Nasional increased 0.33 percent, RHB Capital was up 0.21 percent and Genting and Maybank were unchanged.

The lead from Wall Street is cautiously optimistic as stocks saw considerable volatility Friday after coming under pressure early in the session. The major averages bounced back and forth across the unchanged line before eventually ending higher.

The Dow added 60.08 points or 0.25 percent to 23,685.42, while the NASDAQ climbed 70.84 points or 0.79 percent to 9,014.56 and the S&P 500 rose 11.20 points or 0.39 percent to 2,863.70. For the week, the Dow shed 2.7 percent, the S&P fell 2.3 percent and the NASDAQ lost 1.2 percent.

The higher close on Wall Street came as traders shrugged off some dismal U.S. economic data, including reports showing record decreases in retail sales and industrial production in April.

Concerns about the economy were offset by a University of Michigan report showing an unexpected improvement in consumer sentiment in May, as well as ongoing plans for states and countries to reopen.

Crude oil futures ended sharply higher on Friday, extending recent gains amid hopes for some gains in energy demand, and on hopes the output cuts from major producers will support prices. West Texas Intermediate Crude oil futures for June ended up $1.87 or 6.8 percent at $29.43 a barrel.

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