Win Streak May Continue For Malaysia Stock Market

(RTTNews) - Win Streak May Continue For Malaysia Stock Market The Malaysia stock market has finished higher in back-to-back sessions, collecting 4 points or 0.25 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,680-point plateau and it may see additional support on Friday.

The global forecast for the Asian markets is upbeat after the United States said it would hold off on fresh attacks in Iran. The European and U.S. markets were up and the Asian bourses are expected to follow them to the upside.

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

For the day, the index rose 0.57 points or 0.03 percent to finish at 1,679.53 after trading between 1,674.65 and 1,680.53. Among the actives, 99 Speed Mart Retail retreated 1.19 percent, while AMMB Holdings and Nestle Malaysia improved 0.77 percent, Axiata sank 0.52 percent, Celcomdigi fell 0.37 percent, CIMB Group tumbled 1.35 percent, Gamuda and Petronas Gas both improved 0.70 percent, IOI Corporation declined 1.17 percent, Kuala Lumpur Kepong rallied 2.25 percent, Maxis dropped 0.61 percent, Maybank eased 0.19 percent, MISC climbed 0.98 percent, MRDIY vaulted 1.27 percent, Petronas Chemicals soared 3.94 percent, Petronas Dagangan plummeted 4.94 percent, PPB Group tanked 2.00 percent, Press Metal and Tenaga Nasional both added 0.56 percent, Public Bank lost 0.42 percent, RHB Bank slumped 0.83 percent, Sime Darby spiked 2.46 percent, SD Guthrie rose 0.33 percent, Sunway advanced 0.78 percent, Sunway Healthcare stumbled 1.12 percent, Telekom Malaysia gained 0.41 percent, YTL Corporation shed 0.51 percent, YTL Power jumped 1.76 percent and IHH Healthcare was unchanged.

The lead from Wall Street is positive as the major averages opened modestly higher on Thursday but accelerated late in the day to finish sharply higher.

The Dow soared 929.97 points or 1.86 percent to finish at 60,848.75, while the NASDAQ rallied 640.16 points or 2.54 percent to end at 25,809.66 and the S&P 500 jumped 127.31 points or 1.75 percent to end at 7,394.30.

The late-day rally on Wall Street came as crude oil prices plunged after President Donald Trump called off previously announced attacks against Iran.

Bargain hunting also contributed to the surge following the weakness seen during Wednesday's session, which dragged the NASDAQ and S&P 500 down to their lowest closing levels in a month.

Meanwhile, traders seemed to shrug off a report from the Labor Department showing producer prices increased by more than expected in May.

Crude oil prices plunged on Thursday after Trump recalled his earlier orders to attack Iran. West Texas Intermediate crude for July delivery was down $2.81 or 3.12 percent at $87.22 per barrel.

Closer to home, Malaysia will provide April figures for industrial production later today, with forecasts suggesting an increase of 4.0 percent on year - up from 3.1 percent in March.