Rebound Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market on Thursday snapped 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 shy of the 1,550-point plateau although it figures to bounce higher again on Friday.

The global forecast for the Asian markets is positive thanks to better than expected U.S. employment data. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished barely lower on Thursday following weakness from the construction companies and mixed performances from the financial shares and plantations.

For the day, the index eased 1.22 points or 0.08 percent to finish at the daily high of 1,548.99 after moving as low as 1,540.35.

Among the actives, 99 Speed Mart Retail expanded 0.46 percent, while AMMB Holdings climbed 1.56 percent, Axiata gathered 0.43 percent, Celcomdigi was up 0.26 percent, CIMB Group solidified 0.15 percent, Gamuda retreated 1.18 percent, Hong Leong Bank fell 0.20 percent, IHH Healthcare perked 0.29 percent, IOI Corporation advanced 1.07 percent, Kuala Lumpur Kepong sank 0.67 percent, Maxis lost 0.27 percent, Maybank accelerated 0.41 percent, MISC added 0.90 percent, MRDIY tumbled 2.35 percent, Nestle Malaysia surged 3.23 percent, Petronas Chemicals gained 0.86 percent, Petronas Dagangan increased 1.20 percent, Petronas Gas spiked 2.25 percent, Press Metal rallied 1.96 percent, Public Bank shed 0.46 percent, QL Resources slumped 0.87 percent, RHB Bank collected 0.47 percent, Sime Darby soared 2.35 percent, SD Guthrie jumped 1.70 percent, Sunway rose 0.62 percent, Telekom Malaysia improved 1.34 percent, Tenaga Nasional plunged 3.97 percent, YTL Corporation strengthened 1.63 percent and YTL Power and PPB Group were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Thursday and remained in the green throughout the shortened session ahead of the July 4 holiday.

The Dow rallied 344.11 points or 0.77 percent to finish at 44,828.53, while the NASDAQ jumped 207.97 points or 1.02 percent to close at 20,601.10 and the S&P 500 gained 51.93 points or 0.83 percent to end at 6,279.35.

The continued strength on Wall Street followed the release of the Labor Department report showing U.S. employment increased more than expected in June. The Labor Department said non-farm payroll employment shot up by 147,000 jobs in June after jumping by an upwardly revised 144,000 jobs in May.

Traders reacted positively to the data even though the stronger than expected job growth is likely to reduce the chances of a near-term interest rate cut by the Federal Reserve.

Crude oil settled lower on Thursday as excess U.S. inventories and an upcoming OPEC+ meeting triggered supply side concerns. West Texas Intermediate crude for August delivery closed down by $0.45, to settle at $67 per barrel.