Renewed Support Predicted For Malaysia Stock Market

The Malaysia stock market headed south again on Friday, one day after halting the two-day slide in which it had slipped almost 6 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,525-point plateau although it figures to bounce higher again on Monday.

The global forecast for the Asian markets is upbeat, with support expected from oil, technology and utility stocks. The European and U.S. markets were firmly higher and the Asian markets are tipped to open in similar fashion.

The KLCI finished slightly lower on Friday following losses from the financials and mixed performances from the plantations and glove makers.

For the day, the index dipped 4.18 points or 0.27 percent to finish at 1,523.44 after trading between 1,523.16 and 1,529.65. Volume was 5.416 billion shares worth 3.207 billion ringgit. There were 559 gainers and 443 decliners.

Among the actives, CIMB Group skidded 0.88 percent, while Dialog Group added 0.35 percent, Digi.com plummeted 1.41 percent, Genting dropped 0.42 percent, Genting Malaysia fell 0.36 percent, Hartalega Holdings declined 0.65 percent, IHH Healthcare was up 0.17 percent, IOI Corporation climbed 0.82 percent, Kuala Lumpur Kepong sank 0.51 percent, Maybank was down 0.12 percent, Maxis rose 0.23 percent, MISC dipped 0.15 percent, MRDIY advanced 0.58 percent, Petronas Chemicals lost 0.37 percent, PPB Group retreated 0.76 percent, Press Metal tumbled 1.02 percent, RHB Capital and Petronas Gas both shed 0.38 percent, Sime Darby plunged 1.80 percent, Sime Darby Plantations tanked 1.08 percent, Telekom Malaysia and Hong Leong Bank both slid 0.33 percent, Tenaga Nasional eased 0.10 percent, Top Glove jumped 0.98 percent and Axiata and Public Bank were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Friday and picked up steam as the day progressed, accelerating to fresh record closing highs.

The Dow jumped 238.20 points or 0.68 percent to finish at 35,061.55, while the NASDAQ climbed 152.39 points or 1.04 percent to end at 14,836.99 and the S&P 500 gained 44.31 points or 1.01 percent to close at 4,411.79. For the week, the Dow jumped 1.1 percent, the NASDAQ spiked 2.8 percent and the S&P rose 2 percent.

The four-day winning streak represents a remarkable turnaround for the markets following the sell-off on Monday, which dragged the major averages down to their lowest closing levels in almost a month.

The continued strength on Wall Street reflected a positive reaction to upbeat earnings news from several big-name companies, including Snap (SNAP), Twitter (TWTR) and American Express (AXP), although Intel (INTC) disappointed.

Crude oil futures settled modestly higher Friday, extending gains to a fourth straight session on hopes demand will see a significant increase in coming months. West Texas Intermediate Crude oil futures for September ended up by $0.16 or 0.2 percent at $72.07 a barrel. WTI Crude futures gained 0.4 percent in the week.

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