Little Movement Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market has tracked higher in two straight sessions, collecting almost 15 points or 1 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,490-point plateau and it's expected to see a steady start on Friday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data later in the day. The European and U.S. bourses were mixed and little changed and the Asian bourses are tipped to follow suit.

The KLCI finished slightly higher on Thursday as gains from plantations were offset by weakness from the financials and glove makers.

For the day, the index perked 2.71 points or 0.18 percent to finish at 1,491.51 after trading between 1,487.34 and 1,497.24.

Among the actives, Axiata tumbled 1.54 percent, while CIMB Group and Hong Leong Bank both retreated 0.86 percent, Dialog Group jumped 1.76 percent, Digi.com fell 0.25 percent, Genting rose 0.23 percent, Genting Malaysia slumped 0.75 percent, Hartalega Holdings plummeted 4.05 percent, IHH Healthcare dipped 0.17 percent, INARI surged 6.02 percent, IOI Corporation added 0.79 percent, Kuala Lumpur Kepong rallied 2.39 percent, Maybank eased 0.12 percent, Maxis accelerated 2.86 percent, MISC climbed 1.12 percent, MRDIY soared 4.76 percent, Petronas Chemicals strengthened 1.52 percent, PPB Group shed 0.58 percent, Public Bank sank 0.67 percent, RHB Capital lost 0.36 percent, Sime Darby advanced 0.93 percent, Sime Darby Plantations spiked 3.52 percent, Telekom Malaysia gained 0.71 percent, Tenaga Nasional improved 0.85 percent, Top Glove plunged 2.87 percent and Press Metal was unchanged.

The lead from Wall Street is murky as the major averages were unable to hold early gains on Thursday, with only the NASDAQ able to break back into the green.

The Dow stumbled 194.76 points or 0.56 percent to finish at 34,395.01, while the NASDAQ added 14.45 points or 0.13 percent to close at 11,482.45 and the S&P 500 eased 3.54 points or 0.09 percent to end at 4,076.57.

The lack of direction shown by the broader markets came as traders looked ahead to the Labor Department's closely watched monthly jobs report later today.

The data could affect the outlook for interest rates, although the impact may be somewhat muted following Federal Reserve Chair Jerome Powell's remarks on Wednesday hinting at a slowdown in the pace of rate hikes as soon as next month.

In economic news, the Institute for Supply Management said manufacturing activity contracted for the first time in over two years in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

Crude oil futures settled higher Thursday on easing concerns about the outlook for energy demand, while a weaker dollar amid rising prospects of smaller rate hikes by the Fed also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for January gained $0.67 or 0.8 percent at $81.22 a barrel.