Malaysia Stock Market May Be Stuck In Neutral On Friday

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, collecting more than 20 points or 1.5 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,550-point plateau although it's due for consolidation on Friday.

The global forecast for the Asian markets is murky, clouded by conflicting reports on U.S. tariffs. The European and U.S. markets were mixed and the Asian bourses figure to tick lower on profit taking.

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

For the day, the index rose 7.63 points or 0.49 percent to finish at the daily high of 1,549.11 after trading as low as 1,537.74.

Among the actives, 99 Speed Mart Retail slumped 0.42 percent, while Axiata lost 0.38 percent, Celcomdigi climbed 0.79 percent, CIMB Group dropped 0.44 percent, IOI Corporation rose 0.27 percent, Kuala Lumpur Kepong and Hong Leong Bank both sank 0.93 percent, Maxis rallied 1.16 percent, MISC dipped 0.13 percent, MRDIY tumbled 1.23 percent, Nestle Malaysia gained 0.40 percent, Petronas Chemicals advanced 0.78 percent, Petronas Dagangan shed 9.43 percent, Petronas Gas eased 0.11 percent, PPB Group soared 3.56 percent, Press Metal spiked 1.31 percent, Public Bank fell 0.23 percent, Sime Darby improved 0.61 percent, SD Guthrie added 0.42 percent, Sunway slid 0.21 percent, Tenaga Nasional surged 4.40 percent, YTL Corporation jumped 1.20 percent, YTL Power was up 0.24 percent and QL Resources, RHB Bank, Gamuda, IHH Healthcare, Telekom Malaysia, AMMB Holdings and Maybank were unchanged.

The lead from Wall Street offers little clarity as the major averages opened higher but quickly slumped and then spent the day hugging the line, ending little changed and on opposite sides.

The Dow stumbled 224.48 points or 0.51 percent to finish at 43,968.64, while the NASDAQ gained 73.27 points or 0.35 percent to close at 21,242.70 and the S&P 500 fell 5.06 points or 0.08 percent to end at 6,340.00.

The early strength on Wall Street came after President Donald Trump announced a 100 percent tariff on imports of semiconductors and chips but said companies that are building in the United States would be exempt.

Buying interest waned over the course of the session, however, as traders continued to express concerns about the economic impact of Trump's trade policies as new tariffs on dozens of countries took effect on Thursday.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits rose more than expected last week. Also, the Labor Department noted a significant rebound by labor productivity in the second quarter.

Crude oil prices fell Thursday on inconsistency in the U.S. stance on Russia and it's invasion on Ukraine. West Texas Intermediate crude for September delivery was down $0.49 or 0.76 percent at $63.86 per barrel.