Malaysia Shares Tipped To Open In The Green On Friday

(RTTNews) - The Malaysia stock market has moved higher in three straight sessions, advancing more than 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,430-point plateau and it may add to its winnings again on Friday.

The global forecast for the Asian markets is upbeat on optimism over the U.S. debt ceiling situation. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished modestly higher on Thursday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index rose 3.70 points or 0.26 percent to finish at the daily high of 1,428.04 after moving as low as 1,421.92.

Among the actives, Axiata tumbled 1.64 percent, while CIMB Group and Telekom Malaysia both climbed 0.60 percent, Dialog Group and INARI both gained 0.46 percent, Digi.com was up 0.23 percent, Genting rose 0.44 percent, Genting Malaysia rallied 0.75 percent, IHH Healthcare jumped 0.85 percent, IOI Corporation spiked 1.01 percent, Kuala Lumpur Kepong lost 0.26 percent, Maxis fell 0.23 percent, Maybank advanced 0.57 percent, MISC and Tenaga Nasional both increased 0.41 percent, MRDIY soared 1.92 percent, Petronas Chemicals gathered 0.43 percent, PPB Group surged 2.38 percent, Press Metal stumbled 1.46 percent, Public Bank collected 0.25 percent, RHB Capital and QL Resources both eased 0.18 percent, Sime Darby added 0.48 percent and Sime Darby Plantations shed 0.44 percent.

The lead from Wall Street is upbeat as the major averages shook off a flat open on Thursday, bounced up and down throughout the session before ending firmly higher.

The Dow climbed 115.14 points or 0.34 percent to finish at 33,535.91, while the NASDAQ surged 188.27 points or 1.51 percent to end at 12,688.84 and the S&P 500 added 39.28 points or 0.94 percent to close at 4,198.05.

Optimism lawmakers will eventually reach an agreement on raising the U.S. debt ceiling contributed to the continued strength on Wall Street.

Following a meeting earlier in the week, President Joe Biden and House Speaker Kevin McCarthy, R-Calif., both expressed optimism a deal will be reached.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. The National Association of Realtors also released a report unexpectedly showing a steep drop in U.S. existing home sales in April.

Crude oil prices drifted lower on Thursday amid concerns about the outlook for demand after recent data showed an increase in U.S. crude inventories last week, while a strong dollar weighed as well on oil prices. West Texas Intermediate crude oil futures for June ended lower by $0.97 or 1.3 percent at $71.86 a barrel.

Closer to home, Malaysia will see April figures for imports, exports and trade balance later today. Imports are expected to sink 4.0 percent on year after dipping 1.8 percent in March. Exports are called lower by an annual 4.9 percent after sinking 1.4 percent in the previous month. The trade surplus is pegged at NYR21.6 billion, down from MYR26.7 billion a month earlier.