Rebound Anticipated For Malaysia Stock Market

(RTTNews) - The Malaysia stock market turned lower again on Friday, one session after ending the six-day losing streak in which it had slumped more than 20 points or 1.5 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,455-point plateau although it's expected to bounce higher again on Monday.

The global forecast for the Asian markets is positive, supported by oil and technology stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KLCI finished slightly lower on Friday following mixed performances from the financials, plantations and telecoms.

For the day, the index dipped 1.94 points or 0.13 percent to finish at 1,453.55 after trading between 1,452.62 and 1,457.78.

Among the actives, Axiata skidded 0.62 percent, while CIMB Group and RHB Capital both collected 0.18 percent, Digi.com climbed 0.93 percent, Genting gained 0.21 percent, Genting Malaysia lost 0.37 percent, INARI added 0.42 percent, IOI Corporation jumped 1.31 percent, Kuala Lumpur Kepong rose 0.10 percent, Maybank sank 0.46 percent, Maxis fell 0.25 percent, MISC slumped 0.81 percent, MRDIY advanced 0.61 percent, Petronas Chemicals eased 0.14 percent, PPB Group dropped 0.57 percent, Press Metal shed 0.39 percent, Sime Darby retreated 0.88 percent, Sime Darby Plantations declined 0.93 percent, Telekom Malaysia tumbled 1.79 percent and Tenaga Nasional, IHH Healthcare, Dialog Group and Public Bank were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow surged 387.37 points or 1.17 percent to finish at 33,390.97, while the NASDAQ rallied 226.01 points or 1.97 percent to end at 11,689.01 and the S&P 500 jumped 64.29 points or 1.61 percent to close at 4,045.64. For the week, the NASDAQ spiked 2.6 percent, the S&P gained 1.9 percent and the Dow climbed 1.8 percent.

The rally on Wall Street came as traders continued to pick up stocks at reduced levels following recent weakness. A pullback by treasury yields also generated some buying interest, with the yield on the benchmark 10-year note giving ground after jumping to a three-month closing high above 4.0 percent.

Traders also reacted positively to a report from the Institute for Supply Management showing a very slight slowdown in the pace of growth in U.S. service sector activity in February.

Crude oil prices reversed an early sell-off after the United Arab Emirates denied a report that was thinking of leaving OPEC. West Texas Intermediate crude for April delivery surged $1.52 or 1.9 percent to $79.68 a barrel. For the week, crude oil spiked 4.4 percent.