Malaysia Bourse May Spin Its Wheels On Friday

(RTTNews) - The Malaysia stock market has moved higher in two straight sessions, gathering more than 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,540-point plateau although it may be stuck in neutral on Friday.

The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.

The KLCI finished modestly higher on Thursday following gains from the financial shares, telecoms, industrials and plantations.

For the day, the index improved 10.53 points or 0.69 percent to finish at the daily high of 1,540.32 after trading as low as 1,529.71.

Among the actives, 99 Speed Mart Retail rose 0.43 percent, while AMMB Holdings was up 0.19 percent, Axiata improved 0.79 percent, CIMB Group and IHH Healthcare both gained 0.45 percent, Gamuda added 0.57 percent, IOI Corporation expanded 0.78 percent, Kuala Lumpur Kepong advanced 0.91 percent, Maxis skidded 1.13 percent, Maybank gathered 0.42 percent, MISC perked 0.40 percent, MRDIY strengthened 1.22 percent, Nestle Malaysia surged 7.05 percent, Petronas Chemicals skyrocketed 9.50 percent, Petronas Dagangan spiked 2.38 percent, Petronas Gas rallied 1.24 percent, PPB Group soared 3.44 percent, Press Metal climbed 1.14 percent, Public Bank collected 0.47 percent, QL Resources fell 0.23 percent, Sime Darby sank 0.61 percent, SD Guthrie accelerated 1.26 percent, Sunway increased 0.62 percent, YTL Corporation jumped 1.23 percent and YTL Power, Telekom Malaysia, Tenaga Nasional, RHB Bank and Celcomdigi were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.

The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.

The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.

As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were "going better than they had been," and that progress was being made.

In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.

Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.