Malaysia Bourse Tipped To Extend Winning Streak

(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, collecting more than 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,455-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is positive on growing optimism over the outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The KLCI finished slightly higher again on Friday following gains from the financials and mixed performances from the telecoms and plantations.

For the day, the index rose 3.64 points or 0.25 percent to finish at 1,456.38 after trading between 1,450.09 and 1,456.52.

Among the actives, AMMB Holdings soared 2.53 percent, while Axiata surged 3.10 percent, Celcomdigi tumbled 2.30 percent, CIMB Group spiked 2.12 percent, Dialog Group plummeted 5.31 percent, Genting sank 0.43 percent, Genting Malaysia improved 0.75 percent, IHH Healthcare perked 0.17 percent, IOI Corporation declined 1.00 percent, Kuala Lumpur Kepong plunged 2.65 percent, Maxis strengthened 1.54 percent, Maybank and Sime Darby Plantations both rose 0.22 percent, MISC advanced 0.83 percent, MRDIY jumped 1.96 percent, Petronas Chemicals fell 0.28 percent, PPB Group retreated 1.42 percent, Press Metal increased 0.62 percent, Public Bank rallied 1.17 percent, RHB Capital collected 0.37 percent, Sime Darby tanked 2.43 percent, Telekom Malaysia added 0.57 percent, Tenaga Nasional gained 0.30 percent, Westports Holdings climbed 1.14 percent and Petronas Gas and Petronas Dagangan were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Friday, quickly moving firmly into the green and staying that way for the remainder of the session.

The Dow spiked 294.61 points or 0.82 percent to finish at 36,245.50, while the NASDAQ rallied 78.83 points or 0.55 percent to close at 14,305.03 and the S&P 500 added 26.83 points or 0.59 percent to end at 4,594.63.

For the week, the Dow surged 2.4 percent, the S&P 500 increased 0.8 percent and the NASDAQ rose 0.4 percent.

The strength on Wall Street reflected ongoing optimism about the outlook for interest rates following a report from the Institute for Supply Management showing continued contraction in U.S. manufacturing activity last month.

Some analysts suggested that the weaker-than-expected ISM survey may spur expectations that the Fed's next move is an interest rate cut.

Crude oil prices fell sharply on Friday, extending losses from the previous session amid mounting skepticism over OPEC output cuts. West Texas Intermediate Crude oil futures for January ended lower by $1.89 or 2.5 percent at $74.07 a barrel. Oil prices have now fallen in six straight weeks.