Malaysia Bourse Expected To Remain Rangebound

(RTTNews) - The Malaysia stock market ticked higher again on Friday, one day after ending the five-day winning streak in which it had collected more than 35 points or 2.1 percent. The Kuala Lumpur Composite Index now sits just above the 1,550-point plateau although it figures to turn lower again on Monday.

The global forecast for the Asian markets is soft thanks to ongoing tariff concerns. The European markets were down and the U.S. bourses were closed for the July 4 holiday, and the Asian markets also figure to open in the red.

The KLCI finished slightly higher on Friday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index perked 1.20 points or 0.08 percent to finish at 1,550.19 after trading between 1,547.70 and 1,551.78.

Among the actives, 99 Speed Mart Retail rallied 1.38 percent, while AMMB Holdings perked 0.19 percent, Axiata declined 1.27 percent, Celcomdigi lost 0.51 percent, CIMB Group fell 0.29 percent, Gamuda climbed 1.19 percent, IHH Healthcare stumbled 1.46 percent, IOI Corporation retreated 1.32 percent, Kuala Lumpur Kepong eased 0.10 percent, Maybank sank 0.61 percent, MISC skidded 0.77 percent, MRDIY surged 2.41 percent, Nestle Malaysia plummeted 3.10 percent, Petronas Chemicals shed 0.57 percent, Petronas Dagangan tanked 1.82 percent, Petronas Gas dropped 0.66 percent, PPB Group gained 0.58 percent, Press Metal jumped 1.73 percent, Public Bank soared 1.86 percent, RHB Bank collected 0.78 percent, Sime Darby plunged 2.87 percent, SD Guthrie advanced 0.63 percent, Sunway added 0.62 percent, Tenaga Nasional gathered 0.29 percent, YTL Corporation slumped 0.80 percent, YTL Power rose 0.49 percent and Maxis, QL Resources and Telekom Malaysia were unchanged.

There is no lead from Wall Street, but the European stock markets were down amid concerns about U.S. tariffs.

With the July 9 deadline to strike deals with the U.S. just a few days away, U.S. President Donald Trump has announced that his government will send letters to trading partners outlining unilateral tariffs that will take effect on August 1.

The EU, which is pushing for an agreement in principle ahead of July 9, has acknowledged that a comprehensive deal is unlikely to be reached by the deadline.

There is also concern over Trump's "Big, Beautiful Bill," which will add at least $3.3 trillion to the country's already-mammoth national debt.

Crude oil prices slumped on Friday on easing geopolitical concerns in the Middle East. West Texas Intermediate crude for August delivery was down $0.51 or 0.76 percent to finish at $66.49 per barrel.