Malaysia Stock Market Set To Find Traction On Friday

(RTTNews) - The Malaysia stock market has finished lower in back-to-back sessions, sinking more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,420-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is upbeat, with support expected from the oil and technology sectors. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly lower on Thursday as losses from the financials, industrials and telecoms were mitigated by bargain hunting among the plantations and glove makers.

For the day, the index dipped 2.16 points or 0.15 percent to finish at the daily low of 1,418.69 after peaking at 1,425.85. Volume was 1.945 billion shares worth 1.447 billion ringgit. There were 429 decliners and 364 gainers.

Among the actives, Axiata jumped 2.26 percent, while CIMB Group dipped 0.20 percent, Dialog Group sank 0.50 percent, Digi.com tumbled 0.86 percent, Genting added 0.44 percent, Genting Malaysia gained 0.35 percent, Hartalega Holdings soared 5.26 percent, IHH Healthcare retreated 0.78 percent, INARI advanced 0.78 percent, IOI Corporation declined 0.80 percent, Kuala Lumpur Kepong spiked 3.30 percent, Maybank shed 0.46 percent, Maxis rallied 2.45 percent, MISC dropped 0.57 percent, MRDIY climbed 0.98 percent, Petronas Chemicals plunge 3.68 percent, PPB Group strengthened 1.57 percent, Press Metal plummeted 5.32 percent, Public Bank skidded 0.68 percent, RHB Capital tanked 1.22 percent, Sime Darby Plantations surged 5.74 percent, Telekom Malaysia slumped 0.58 percent, Tenaga Nasional rose 0.25 percent, Top Glove skyrocketed 7.45 percent and Sime Darby and Petronas Gas were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and stayed that way throughout the session.

The Dow spiked 346.87 points or 1.12 percent to finish at 31,384.55, while the NASDAQ surged 259.49 points or 2.28 percent to end at 11,621.35 and the S&P 500 jumped 57.54 points or 1.50 percent to close at 3,902.62.

The higher open on Wall Street came as traders continued to digest the minutes from the Federal Reserve's June meeting, which all but assured another significant rate hike in the Fed's bid to bring down inflation.

In economic news, the Commerce Department said the U.S. trade deficit narrowed less than expected in May, while the Labor Department reported that initial jobless claims rose more than expected.

The closely watched non-farm payroll report for June is due out from the Labor Department later today.

Crude oil futures settled higher on Thursday, regaining ground after two days of losses. Data showing a decline in gasoline supply last week, and the dollar's weakness supported oil prices. West Texas Intermediate Crude oil futures for August ended higher by $4.20 or 4.3 percent at $102.73 a barrel.