Malaysia Stock Market Tipped To Open In The Green

(RTTNews) - The Malaysia stock market on Friday wrote a finish to the seven-day losing streak in which it had tumbled more than 90 points or 5.1 percent. The Kuala Lumpur Composite Index now rests just above the 1,730-point plateau and it's looking at another solid lead on Monday.

The global forecast for the oversold Asian markets is positive, thanks to a jump in crude oil prices and with more bargain hunting expected. The European markets were down and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The KLCI finished sharply higher on Friday following gains from the financial shares and industrial issues, while the plantations and telecoms were mixed.

For the day, the index advanced 22.25 points or 1.30 percent to finish at 1,730.74 after trading between 1,703.92 and 1,732.16. Volume was 2.2 billion shares worth 2.5 billion ringgit. There were 578 gainers and 334 decliners.

Among the actives, Petronas Gas skyrocketed 7.19 percent, while CIMB Group surged 5.12 percent, IHH Healthcare soared 3.60 percent, Maybank spiked 3.23 percent, Axiata plunged 2.49 percent, Tenaga Nasional jumped 2.24 percent, climbed 1.59 percent, Telekom Malaysia tumbled 1.52 percent, Genting Malaysia skidded 1.36 percent, Dialog Group advanced 0.91 percent, Kuala Lumpur Kepong gathered 0.81 percent, Sime Darby dropped 0.77 percent, Genting perked 0.70 percent, Petronas Chemicals added 0.65 percent, Public Bank collected 0.32 percent and IOI Corporation dipped 0.22 percent.

The lead from Wall Street is firm as stocks fluctuated on Friday but finished the session with solid gains.

The Dow climbed 287.16 points or 1.15 percent to 25,339.99, while the NASDAQ spiked 167.83 points or 2.29 percent and the S&P jumped 38.76 points or 1.42 percent to 2,767.13. For the week, the Dow shed 4.2 percent, the NASDAQ dropped 3.7 percent and the S&P skidded 4.1 percent.

Bargain hunting contributed to the higher close on Wall Street, with the major averages bouncing off the multi-month closing lows set on Thursday.

In economic news, the Labor Department reported a bigger than expected increase in U.S. import prices in September, while export prices were unchanged. Also, the University of Michigan showed a drop in consumer sentiment in October.

Crude oil prices moved higher Friday, recovering from recent losses on easing concerns about economic and demand slowdown. Crude oil futures for November ended up $0.37, or 0.5 percent, at $71.34 a barrel. For the week, crude oil futures tumbled 4 percent after gains in four consecutive weeks.
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