Malaysia Stock Market Tipped To End Losing Streak

(RTTNews) - The Malaysia stock market has moved lower in four straight sessions, slipping more than 15 points or 1.1 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,520-point plateau although it's due for support on Friday.

The global forecast for the Asian markets is mixed, with tariff concerns continuing to linger. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.

The KLCI finished slightly lower again on Thursday following losses from the plantations and telecoms, while the financials and industrials were mixed.

For the day, the index dipped 4.50 points or 0.30 percent to finish at 1,518.98 after trading between 1,518.38 and 1,526.94.

Among the actives, 99 Speed Mart Retail tanked 1.84 percent, while Axiata skidded 0.48 percent, Celcomdigi rose 0.26 percent, CIMB Group perked 0.15 percent, Gamuda retreated 0.85 percent, Hong Leong Financial stumbled 2.63 percent, IOI Corporation and YTL Corporation both were up 0.55 percent, Kuala Lumpur Kepong declined 0.80 percent, Maxis improved 0.83 percent, Maybank collected 0.30 percent, MISC eased 0.13 percent, MRDIY added 0.63 percent, Nestle Malaysia fell 0.17 percent, Petronas Chemicals advanced 0.88 percent, Petronas Dagangan rallied 1.49 percent, Press Metal gained 0.60 percent, Public Bank dropped 0.46 percent, QL Resources tumbled 1.09 percent, RHB Bank plunged 2.25 percent, Sime Darby slumped 0.56 percent, SD Guthrie sank 0.43 percent, Sunway lost 0.21 percent, Telekom Malaysia plummeted 3.80 percent, Tenaga Nasional dipped 0.14 percent, YTL Power shed 0.31 percent and IHH Healthcare and PPB Group were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday, faded midday but bounced higher into the close.

The Dow climbed 117.03 points or 0.28 percent to finish at 42,215.73, while the NASDAQ added 74.93 points or 0.39 percent to close at 19,175.87 and the S&P 500 rose 23.62 points or 0.40 percent to end at 5,912.17.

Early buying interest was generated in reaction to news that a federal court blocked President Donald Trump's reciprocal tariffs on imports from U.S. trade partners from going into effect.

But the Trump administration immediately appealed the decision, and an appeals court temporarily paused the lower court's ruling later in the day.

A positive reaction to earnings news from Nvidia (NVDA) also contributed to initial strength on Wall Street after the company reported fiscal first quarter results that exceeded analyst estimates on both the top and bottom lines.

Crude oil futures moved sharply lower Thursday amid lingering supply concerns amid the possibility OPEC may accelerate oil production hikes in July. West Texas Intermediate crude for July delivery tumbled $0.90 or 1.5 percent to $60.94 a barrel.