Malaysia Stock Market May Hand Back Thursday's Gains

(RTTNews) - The Malaysia stock market bounced higher again on Thursday, one day after ending the four-day winning streak in which it had rallied almost 40 points or 2.4 percent. The Kuala Lumpur Composite Index now sits just above the 1,720-point plateau although it may head south again on Friday.

The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.

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

For the day, the index added 11.31 points or 0.66 percent to finish at 1,721.70 after trading between 1,714.41 and 1,723.51. Among the actives, 99 Speed Mart Retail lost 0.28 percent, while AMMB Holdings expanded 0.63 percent, Axiata strengthened 1.33 percent, Celcomdigi perked 0.34 percent, CIMB Group gained 0.52 percent, IHH Healthcare gathered 0.45 percent, Kuala Lumpur Kepong rose 0.48 percent, Maxis slumped 1.13 percent, MISC plunged 2.41 percent, MRDIY soared 4.37 percent, Nestle Malaysia dropped 0.75 percent, Petronas Chemicals surged 6.32 percent, Petronas Dagangan fell 0.10 percent, PPB Group added 0.53 percent, Press Metal spiked 2.67 percent, Public Bank jumped 1.68 percent, RHB Bank sank 0.48 percent, Sime Darby tumbled 2.23 percent, SD Guthrie shed 0.33 percent, Sunway climbed 0.56 percent, Sunway Healthcare skidded 1.05 percent, Telekom Malaysia vaulted 1.29 percent, Tenaga Nasional improved 0.55 percent, YTL Corporation rallied 2.02 percent, YTL Power accelerated 2.34 percent and Gamuda, IOI Corporation, Maybank and Petronas Gas were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.

The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.

Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.

A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.

Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.