Higher Open Predicted For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Thursday snapped the two-day slide in which it had dropped more than 25 points or 1.6 percent. The Kuala Lumpur Composite Index now sits just above the 1,520-point plateau and it's expected to open to the upside again on Friday.

The global forecast for the Asian markets is positive, with oil, technology and financial shares likely to lead the way higher. The European and U.S. markets were up and the Asian markets figure to follow that lead.

The KLCI finished modestly higher on Thursday following gains from industrials and mixed performances from the financials and plantations.

For the day, the index added 9.44 points or 0.62 percent to finish at 1,520.94 after trading between 1,511.64 and 1,521.15.

Among the actives, 99 Speed Mart Retail strengthened 0.90 percent, while Celcomdigi rallied 2.11 percent, Gamuda accelerated 2.39 percent, IHH Healthcare perked 0.15 percent, IOI Corporation spiked 2.67 percent, Kuala Lumpur Kepong stumbled 1.47 percent, MISC jumped 1.07 percent, MRDIY increased 0.62 percent, Nestle Malaysia dipped 0.03 percent, Petronas Chemicals surged 4.08 percent, Petronas Dagangan was up 0.09 percent, Petronas Gas rose 0.45 percent, PPB Group sank 0.83 percent, Press Metal advanced 0.80 percent, Public Bank gained 0.47 percent, QL Resources lost 0.44 percent, RHB Bank collected 0.49 percent, Sime Darby soared 3.03 percent, Sunway climbed 0.81 percent, Telekom Malaysia added 0.60 percent, Tenaga Nasional improved 0.73 percent, YTL Corporation gathered 0.41 percent and YTL Power, Maxis, Maybank, Axiata, CIMB Group and SD Guthrie were unchanged.

The lead from Wall Street is upbeat as the major averages opened solidly in the green on Thursday and extended their gains throughout the day.

The Dow jumped 229.71 points or 0.52 percent to finish at 44,484.49, while the NASDAQ rallied 155.16 points or 0.75 percent to close at a record 20,855.65 and the S&P 500 gained 33.66 points or 0.54 percent to end at 6,297.36, also a record.

The continued strength on Wall Street followed the release of a batch of upbeat U.S. economic data, including a Commerce Department report showing retail sales rebounded by much more than expected in the month of June.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly dipped to a three-month low last month, while import prices in the U.S. inched up less than expected in June.

Crude oil prices increased on Thursday as fresh tension brewing in the Middle East generated demand, while a drop in U.S. inventories was seen as reflecting robust summer demand. West Texas Intermediate crude for August delivery surged $1.16 to settle at $67.54 per barrel.

Closer to home, Malaysia will release preliminary Q2 numbers for gross domestic product later today; in the first quarter, GDP was up 4.4 percent on year. Malaysia also will see June figures for imports, exports and trade balance; in May, imports rose 6.6 percent on year and exports were down an annual 1.1 percent for a trade surplus of MYR0.80 billion.