Malaysia Stock Market May Find Continued Support
(RTTNews.com) - The Malaysia stock market has finished higher in five straight sessions, gathering almost 55 points or 3.3 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,720-point plateau and it's tipped to open higher again on Monday.
The global forecast for the Asian markets suggests mild upside thanks to a bump is crude oil prices and optimism ahead of quarterly earnings. The European and U.S. markets were up om Friday and the Asian markets are tipped to follow that lead.
The KLCI finished sharply higher on Friday following gains from the telecoms, financials and plantations.
For the day, the index jumped 18.36 points or 1.08 percent to finish at the daily high of 1,721.93 after moving as low as 1,706.61. Volume was 3.3 billion shares worth 2.9 billion ringgit. There were 605 gainers and 315 decliners.
Among the actives, YTL Corporation surged 5.83 percent, while Telekom Malaysia soared 4.62 percent, Axiata spiked 2.71 percent, IJM Corporation tumbled 1.66 percent, CIMB Group jumped 1.60 percent, Genting Malaysia climbed 1.43 percent, Tenaga Nasional advanced 1.10 percent, Petronas Chemicals perked 1.06 percent, IOI Corporation added 0.89 percent, Sime Darby gained 0.84 percent, IHH Healthcare was up 0.50 percent, Kuala Lumpur Kepong gathered 0.17 percent, Maybank collected 0.11 percent and Public Bank and Astro Malaysia Holdings were unchanged.
The lead from Wall Street is cautiously optimistic as stocks turned in a lackluster performance on Friday, although the NASDAQ hit a fresh record high and the S&P 500 reached its best closing level in five months.
The Dow ro se 94.52 points or 0.38 percent to 25,019.41, the NASDAQ added 2.06 points or 0.03 percent to 7,825.98 and the S&P 500 gained 3.02 points or 0.11 percent to 2,801.31. For the week, the Dow surged 2.3 percent, the NASDAQ jumped 1.8 percent and the S&P climbed 1.5 percent.
The choppy trading came as traders hesitated to make significant moves following the considerable volatility of the past few sessions. Traders also digested mixed quarterly results from financial giants JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC).
In economic news, the Federal Reserve delivered its semi-annual monetary policy to Congress, calling economic growth in the first half of the year solid and reiterating it expects further increases in interest rates.
The University of Michigan noted a decrease in consumer sentiment in July due to concerns about potential impact of tariffs. The Labor Department note a drop in import prices in June but a slightl y bigger than expected increase in export prices.
Energy stocks saw some strength amid a rebound by the price of crude oil, while weakness was visible in the telecom and banking sectors.
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This article appears in: Politics , World Markets , US Markets , StocksSource: Google News Malaysia | Netizen 24 Malaysia