Additional Support Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, gathering almost 25 points or 1.4 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,510-point plateau and it's expected to add to its winnings again on Monday.

The global forecast for the Asian markets is positive on easing tariff tensions between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KLCI finished slightly higher on Friday as gains from the industrials and plantations were capped by weakness from the financial sector.

For the day, the index rose 2.68 points or 0.18 percent to finish at 1,509.20 after trading between 1,505.68 and 1,512.29.

Among the actives, 99 Speed Mart Retail rose 0.45 percent, while Axiata tumbled 2.42 percent, CIMB Group perked 0.14 percent, Gamuda jumped 1.53 percent, IHH Healthcare eased 0.15 percent, IOI Corporation gained 0.82 percent, Kuala Lumpur Kepong increased 0.61 percent, Maxis and MISC both climbed 1.12 percent, Maybank dropped 0.80 percent, MRDIY slumped 1.20 percent, Petronas Chemicals soared 3.28 percent, PPB Group added 0.84 percent, Press Metal spiked 2.11 percent, Public Bank slid 0.23 percent, QL Resources sank 0.63 percent, RHB Bank lost 0.31 percent, Sime Darby rallied 1.47 percent, SD Guthrie advanced 0.86 percent, Sunway improved 0.67 percent, Telekom Malaysia shed 0.59 percent, Tenaga Nasional fell 0.29 percent, YTL Corporation surged 3.87 percent, YTL Power accelerated 1.83 percent and Celcomdigi and Nestle Malaysia were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Friday but a late rally pushed them all into the green by the close.

The Dow rose 20.10 points or 0.05 percent to finish at 40,113.50, while the NASDAQ rallied 216.94 points or 1.26 percent to close at 17,382.94 and the S&P 500 climbed 40.44 points or 0.74 percent to end at 5,525.21. For the week, the NASDAQ spiked 6.7 percent, the S&P 500 surged 4.6 percent and the Dow shot up by 2.5 percent.

The volatility on the day came as traders kept a close eye on the developments on the trade front, with President Donald Trump refuting China's claims that the two countries have not held any trade negotiations.

Several reports citing U.S. businesses also said China has exempted some U.S. imports from its 125 percent tariffs.

In U.S. economic news, the University of Michigan said consumer sentiment in the U.S. deteriorated less than previously estimated in the month of April.

Crude oil futures moved modestly higher on Friday amid signs of easing trade tensions between the U.S. and China. West Texas Intermediate crude for June delivery rose $0.23 or 0.4 percent to $63.02 a barrel. For the week, crude for June delivery tumbled $0.99 a barrel or 1.6 percent.