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Malaysia Shares Tipped To See Additional Support On Monday

The Malaysia stock market has climbed higher in three straight sessions, gathering more than 10 points or 0.6 percent along the way. The Kuala Composite Index now rests just beneath the 1,610-point plateau and it's looking at another green light for Monday's trade.

The global forecast for the Asian markets suggests mild upside on continued optimism for economic recovery. The European and U.S. markets were up on Friday and the Asian bourses are tipped to open in similar fashion.

The KLCI finished barely higher on Friday as gains from the glove makers were capped by weakness from the financials and plantations.

For the day, the index rose 0.13 points or 0.01 percent to finish at 1,608.38 after trading between 1,600.30 and 1,609.76. Volume was 6.569 billion shares worth 4.39 billion ringgit. There were 516 gainers and 501 decliners.

Among the actives, Axiata plunged 1.30 percent, while CIMB Group and Digi.com both dipped 0.23 percent, Genting shed 0.41 percent, Genting Malaysia fell 0.34 percent, Hartalega Holdings accelerated 1.20 percent, IHH Healthcare rallied 0.75 percent, IOI Corporation plummeted 1.45 percent, Kuala Lumpur Kepong tumbled 1.07 percent, Maybank slid 0.24 percent, Maxis spiked 1.73 percent, MISC skidded 0.73 percent, Petronas Chemicals advanced 0.25 percent, PPB Group dropped 0.43 percent, Press Metal perked 0.93 percent, Public Bank sank 0.71 percent, RHB Capital collected 0.19 percent, Sime Darby Plantations tanked 1.10 percent, Supermax surged 4.12 percent, Telekom Malaysia jumped 0.51 percent, Tenaga Nasional lost 0.40 percent, Top Glove soared 2.39 percent and Dialog Group and Sime Darby were unchanged.

The lead from Wall Street ends up being positive as the major averages shook off a mixed open on Friday to finish modestly in the green.

The Dow jumped 164.68 points or 0.48 percent to finish at 34,200.67, while the NASDAQ rose 13.58 points or 0.10 percent to end at 14,052.34 and the S&P 500 gained 15.05 points or 0.36 percent to close at 4,185.47. For the week, the S&P spiked 1.4 percent, the Dow rose 1.2 percent and the NASDAQ gained 1.1 percent.

Upbeat earnings news generated continued buying interest, as Morgan Stanley (MS) joined other financial giants in reporting better than expected first quarter earnings.

In economic news, the Commerce Department noted a substantial rebound in new residential construction in March, while the University of Michigan said sentiment has continued to improve in April.

Crude oil prices drifted lower on Friday, snapping a four-session winning streak but still finishing sharply higher for the week. West Texas Intermediate Crude oil futures for May were down $0.33 or 0.5 percent at $63.13 a barrel, although the contract gained nearly 6.5 percent in the week.

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