Win Streak May Continue For Malaysia Stock Market

(RTTNews) - Ahead of Friday's holiday for the Islamic New Year, the Malaysia stock market had tracked higher in back-to-back sessions, gathering almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now sits just shy of the 1,530-point plateau and it may dd to its winnings again on Monday.

The global forecast for the Asian markets is positive on optimism over a possible resolution to tariff talks. The European and U.S. markets finished higher and the Asian bourses are expected to follow that lead.

The KLCI finished modestly higher on Thursday following gains from the financial shares, plantation stocks and industrials.

For the day, the index added 8.37 points or 0.55 percent to finish at the daily high of 1,528.16 after trading as low as 1,520.24.

Among the actives, AMMB Holdings improved 0.80 percent, while Axiata advanced 0.91 percent, Celcomdigi added 0.52 percent, CIMB Group gained 0.44 percent, Gamuda dropped 0.85 percent, IHH Healthcare rose 0.30 percent, IOI Corporation jumped 1.37 percent, Kuala Lumpur Kepong rallied 4.85 percent, Maxis tumbled 1.09 percent, Maybank and Press Metal both gathered 0.20 percent, MISC shed 0.39 percent, Nestle Malaysia fell 0.15 percent, Petronas Chemicals spiked 5.18 percent, PPB Group lost 0.20 percent, Public Bank climbed 0.93 percent, QL Resources sank 0.43 percent, RHB Bank collected 0.48 percent, Sime Darby plummeted 3.51 percent, SD Guthrie strengthened 1.10 percent, Sunway increased 0.65 percent, Telekom Malaysia slumped 1.06 percent, Tenaga Nasional perked 0.14 percent, YTL Corporation surged 6.07 percent, YTL Power soared 5.41 percent and 99 Speed Mart Retail, MRDIY and Hong Leong Bank were unchanged.

The lead from Wall Street is upbeat as the major averages spent most of Friday in the green, shaking off a late slump to finish solidly in positive territory.

The Dow jumped 432.47 points or 1.00 percent to finish at 43,819.27, while the NASDAQ gained 105.56 points or 0.52 percent to end at 20,273.46 and the S&P 500 added 32.05 points or 0.52 percent to end at 6,173.07. For the week, the NASDAQ surged 4.3 percent, the Dow jumped 3.8 percent and the S&P 500 shot up 3.4 percent.

Optimism about new trade deals contributed to the early rally on Wall Street after President Donald Trump indicated the U.S. had signed an agreement with China.

However, stocks pulled back sharply in afternoon trading after Trump said he is ending trade talks with Canada due to the country imposing a digital services tax on U.S. technology companies.

In economic news, the Commerce Department released a closely watched report that included the Federal Reserve's preferred readings on consumer price inflation - which said overall inflation rose in line with expectations.

Crude oil posted gains on Friday in the wake of the U.S. confirming readiness to sign trade deals with China and multiple other trading partners, plus indications of strong summer demand. West Texas Intermediate crude for August delivery rose $0.28 to settle at $65.52 per barrel.