Malaysia Shares Tipped To Open In The Green

(RTTNews) - The Malaysia stock market on Friday ended the two-day winning streak in which it had gathered more than 20 points or 1.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,530-point plateau although it's expected to move back to the upside again on Monday.

The global forecast for the Asian markets is upbeat after the U.S. and the European Union ratified a trade agreement over the weekend. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

The KLCI finished modestly lower on Friday following missed performances from the financial shares, plantations, industrials and telecoms.

For the day, the index shed 6.56 points or 0.43 percent to finish at 1,533.76 after trading between 1,525.98 and 1,539.82.

Among the actives, 99 Speed Mart Retail retreated 1.28 percent, AMMB Holdings fell 0.39 percent, Axiata surged 5.49 percent, Celcomdigi gathered 0.26 percent, CIMB Group improved 0.75 percent, Gamuda and YTL Power both declined 0.95 percent, IHH Healthcare gathered 0.15 percent, IOI Corporation stumbled 2.07 percent, Kuala Lumpur Kepong rose 0.20 percent, Maxis added 0.57 percent, Maybank slumped 0.93 percent, MISC was up 0.13 percent, MRDIY tanked 2.41 percent, Nestle Malaysia soared 3.86 percent, Petronas Chemicals plummeted 4.34 percent, Petronas Dagangan jumped 0.93 percent, Petronas Gas gained 0.45 percent, PPB Group surrendered 1.56 percent, Press Metal perked 0.19 percent, Public Bank and QL Resources both lost 0.46 percent, RHB Bank sank 0.48 percent, Sime Darby spiked 1.23 percent, SD Guthrie and Sunway both dropped 0.62 percent, Telekom Malaysia slipped 0.15 percent, Tenaga Nasional plunged 2.44 percent and YTL Corporation advanced 0.81 percent.

The lead from Wall Street is positive as the major averages opened higher on Friday and tracked mostly higher throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 208.02 points or 0.47 percent to finish at 44,901.92, while the NASDAQ added 50.32 points or 0.24 percent to close at 21,108.32 and the S&P 500 gained 25.29 points or 0.40 percent to end at 6,388.64.

The strength on Wall Street came on optimism that a number of trade deals will be worked out prior to President Donald Trump's August 1 deadline for the extension of his "reciprocal tariffs."

With only a few days left, several trading partners are trying to reach an agreement with the U.S. to avoid high tariff imposition on their exports to the U.S. from August 1; the U.S. and the EU have since reached an agreement over the weekend.

Crude oil fell on Friday on reports that the U.S. might allow partners of Venezuela's state-run PDVSA to resume operations, sparking concerns of over-supply. West Texas Intermediate crude for September delivery closed, down $0.88 or 1.33 percent to $65.15 per barrel.