Malaysia Stock Market May Add To Its Winnings

(RTTNews) - The Malaysia stock market on Friday ended the seven-day losing streak in which it had slumped almost 45 points or 2.5 percent. The Kuala Lumpur Composite Index now sits just above the 1,710-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the U.S.-Iran war. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly higher on Friday following gains from the plantations and telecoms, while the financials and industrials were mixed.

For the day, the index rose 4.31 points or 0.25 percent to finish at 1,712.67 after trading between 1,710.30 and 1,715.71. Among the actives, 99 Speed Mart Retail soared 2.68 percent, while Axiata slumped 1.02 percent, Celcomdigi lost 0.33 percent, Gamuda vaulted 1.38 percent, IHH Healthcare added 0.45 percent, IOI Corporation expanded 1.24 percent, Kuala Lumpur Kepong perked 0.10 percent, Maxis dropped 0.57 percent, Maybank shed 0.36 percent, MISC gained 0.37 percent, Nestle Malaysia sank 0.42 percent, Petronas Chemicals surged 4.59 percent, Petronas Dagangan plummeted 5.11 percent, Petronas Gas improved 0.47 percent, PPB Group tumbled 1.37 percent, Press Metal rallied 2.48 percent, QL Resources dipped 0.27 percent, Sime Darby increased 0.48 percent, SD Guthrie rose 0.34 percent, Telekom Malaysia jumped 1.50 percent, Tenaga Nasional fell 0.28 percent, YTL Corporation skidded 0.94 percent, YTL Power advanced 0.98 percent and AMMB Holdings, CIMB Group, Public Bank, Sunway, RHB Bank and MRDIY were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained modestly in the green throughout the trading day.

The Dow climbed 294.00 points or 0.58 percent to finish at 50,579.70, while the NASDAQ rose 50.87 points or 0.19 percent to close at 26,343.97 and the S&P 500 added 27.75 points or 0.37 percent to end at 7,473.47.

For the week, the Dow surged 2.1 percent, the S&P 500 jumped 0.9 percent and the NASDAQ increased by 0.5 percent.

The strength on Wall Street came amid persistent optimism about an end to the U.S.-Iran war even as crude oil and gasoline prices remained elevated going into the busy Memorial Day weekend.

In economic news, a report from the University of Michigan showed that consumer sentiment in the U.S. deteriorated much more than previously estimated in the month of May.

Crude oil prices ticked higher on Friday as traders weighed concerns of an impending crude oil inventory shortage against the positive signals from U.S.-Iran peace talks. West Texas Intermediate crude for July delivery was up $0.10 or 0.10 percent at $96.45 per barrel.