Malaysia Stock Market May See Additional Support

(RTTNews) - The Malaysia stock market has ticked higher in consecutive trading days, gathering almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,525-point plateau and it may add to its winnings again on Friday.

The global forecast for the Asian markets is murky amidst conflicting economic data, trade updates and geopolitical events. The European markets were down and the U.S. bourses were slightly higher and the Asian markets figure to follow the latter lead.

The KLCI finished slightly higher on Thursday following mixed performances from the financial shares, property stocks and plantations.

For the day, the index rose 2.78 points or 0.18 percent to finish at 1,526.62 after trading between 1,523.22 and 1,528.72.

The lead from Wall Street is cautiously optimistic as the major averages opened lower on Thursday before finally ticking up into the green to finish slightly higher.

The Dow climbed 101.85 points or 0.24 percent to finish at 42,967.62, while the NASDAQ added 46.61 points or 0.24 percent to close at 19,662.48 and the S&P 500 rose 23.02 points or 0.38 percent to end at 6,045.26.

The turnaround on Wall Street comes as traders digest the latest U.S. inflation data, with a report from the Labor Department showing producer prices crept up by less than expected in May.

Stocks moved lower earlier in the day due in part to lingering uncertainty about trade amid a lack of details about the U.S.-China trade deal announced on Wednesday.

Crude oil futures showed a modest move back to the downside during trading on Thursday, with profit taking limited by rising tensions between the U.S. and Iran over the latter's nuclear developments. West Texas Intermediate crude for July delivery eased $0.11 to $68.04 per barrel.

Closer to home, Malaysia will provide April figures for industrial production later today; in March, output was up 3.2 percent on year.