Little Movement Anticipated For Malaysia Shares

(RTTNews) - The Malaysia stock market on Thursday ended the two-day winning streak in which it had risen almost 2 points or 0.1 percent. The Kuala Lumpur Composite Index now sits just above the 1,510-point plateau and it's expected to remain in that neighborhood again on Friday.

The global forecast for the Asian markets is mixed and flat ahead of the Lunar New Year holiday. The European shares were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished barely lower on Thursday following mixed performances from the financial shares, telecoms and plantations.

For the day, the index eased 0.75 points or 0.05 percent to finish at the daily low of 1,512.36 after peaking at 1,521.18.

Among the actives, Axiata rallied 1.48 percent, while Celcomdigi dropped 0.47 percent, CIMB Group added 0.48 percent, Genting plunged 2.24 percent, IHH Healthcare eased 0.16 percent, IOI Corporation perked 0.25 percent, Kuala Lumpur Kepong spiked 1.36 percent, Maxis slumped 0.53 percent, Maybank slid 0.32 percent, MISC rose 0.27 percent, MRDIY improved 0.70 percent, Petronas Chemicals gained 0.45 percent, PPB Group advanced 0.94 percent, Press Metal shed 0.43 percent, Public Bank sank 0.46 percent, QL Resources declined 0.86 percent, RHB Capital fell 0.36 percent, Sime Darby jumped 1.23 percent, Tenaga Nasional lost 0.37 percent, YTL Corporation surged 2.68 percent, YTL Power retreated 0.99 percent and Genting Malaysia, Telekom Malaysia, Sime Darby Plantations and AMMB Holdings were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened slightly higher on Thursday but spent much of the day in the red before finally settling with slight gains. Despite the choppy trading, the S&P 500 and the Dow reached new record closing highs.

The Dow added 48.91 points or 0.13 percent to finish at 38,726.33, while the NASDAQ gained 37.07 points or 0.24 percent to end at 15,793.71 and the S&P 500 rose 2.85 points or 0.06 percent to close at 4,997.91.

The choppy trading on Wall Street came as traders expressed some uncertainty about whether the markets can sustain their recent upward trend.

Traders also reacted to the latest earnings news as Arm Holdings (ARM) and entertainment giant Disney (DIS) surged after solid results, while PayPal (PYPL) tumbled after providing a disappointing forecast.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell by more than expected last week.

Crude oil prices rose sharply Thursday, gaining for a fourth straight session as escalating tensions in the Middle East raised concerns about potential trade and supply disruptions. West Texas Intermediate Crude oil futures for March ended higher by $2.36 or 2.1 percent at $76.22 a barrel.