Malaysia Stock Market Due For Support On Friday

(RTTNews) - The Malaysia stock market has moved lower in three straight sessions, slumping more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,385-point plateau although it's expected to see bargain hunting on Friday.

The global forecast for the Asian markets is upbeat on progress to end the debt ceiling situation in the United States. The European and U.S. markets mere up and the Asian bourses figure to follow that lead.

The KLCI finished slightly lower on Thursday following losses from the telecoms, support from the plantations and a mixed picture from the financial sector.

For the day, the index slipped 4.11 points or 0.30 percent to finish at 1,383.01 after trading between 1,378.58 and 1,386.41.

Among the actives, Axiata added 0.72 percent, while Celcomdigi tumbled 2.01 percent, CIMB Group advanced 0.83 percent, Dialog Group plummeted 3.24 percent, Genting slumped 1.19 percent, IHH Healthcare shed 0.52 percent, Inari declined 1.59 percent, IOI Corporation rose 0.54 percent, Kuala Lumpur Kepong gained 0.67 percent, Maxis rallied 2.19 percent, Maybank dropped 0.58 percent, MISC tanked 2.05 percent, MRDIY stumbled 1.27 percent, Petronas Chemicals skidded 1.07 percent, PPB Group plunged 2.21 percent, Press Metal jumped 1.95 percent, Public Bank collected 0.52 percent, RHB Capital lost 0.37 percent, Sime Darby retreated 1.45 percent, Tenaga Nasional sank 0.53 percent and Sime Darby Plantations, Telekom Malaysia, Genting Malaysia and AMMB Holdings were unchanged.

The lead from Wall Street is solid as the major averages quickly shook off a sluggish start and moved firmly into the green.

The Dow climbed 153.30 points or 0.47 percent to finish at 33,061.57, while the NASDAQ surged 165.70 points or 1.28 percent to end at 13,100.98 and the S&P 500 advanced 41.19 points or 0.99 percent to close at 4,221.02.

The strength that emerged on Wall Street came after the House voted Wednesday night to approve the bill raising the U.S. debt ceiling.

The legislation now heads to the Senate, where Majority Leader Chuck Schumer, D-N.Y., said he hopes lawmakers can work quickly and bring the bill to the president's desk "as soon as possible."

In economic news, payroll processor ADP said private sector employment in the U.S. jumped more than expected in May. Also, the Labor Department noted a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices rose sharply Thursday on hopes OPEC will announce a cut in production. Oil prices were also supported by a weak U.S. dollar and the passage of the debt ceiling bill. West Texas Intermediate crude futures for July ended higher by $2.01 or 3 percent at $70.10 per barrel.