Malaysia Shares Tipped To Open In The Green

(RTTNews) - The Malaysia stock market rebounded on Friday, one session after it has halted the two-day winning streak in which it had gathered more than 15 points or 1 percent. The Kuala Lumpur Composite Index now rests just beneath the 1,640-point plateau and it may tick higher again on Monday.

The global forecast for the Asian markets suggests mild upside, with optimism over strong U.S. GDP data offset by continued weakness in crude oil prices and mixed earnings news. The European and U.S. bourses were up and the Asian markets figure to open in similar fashion.

The KLCI finished slightly higher on Friday following gains from the financial shares and plantation stocks.

For the day, the index collected 2.70 points or 0.17 percent to finish at 1,638.38 after trading between 1,632.58 and 1,639.18. Volume was 2.8 billion shares worth 2.1 billion ringgit. There were 495 decliners and 384 gainers.

Among the actives, RHB capital surged 1.90 percent, while Maxis soared 1.87 percent, Dialog Group plummeted 1.21 percent, IHH Healthcare spiked 1.08 percent, Hartalega Holdings plunged 0.99 percent, jumped 0.89 percent, Sime Darby tumbled 0.85 percent, MISC climbed 0.74 percent, Genting skidded 0.71 percent, Sime Darby Plantations advanced 0.59 percent, Petronas Chemicals added 0.55 percent, Kuala Lumpur Kepong gained 0.40 percent, Axiata rose 0.25 percent, IOI Corporation and AMMB Holdings both shed 0.22 percent, Maybank collected 0.11 percent and Genting Malaysia and CIMB Group were unchanged.

The lead from Wall Street is positive as stocks shook off an early move to the downside, with the NASDAQ and S&P 500 ended at record closing highs.

The Dow added 81.25 points or 0.31 percent to 26,543.33, while the NASDAQ gained 27.72 points or 0.34 percent to 8,146.40 and the S&P 500 rose 13.71 points or 0.47 percent to 2,939.88. For the week, the Dow fell 0.1 percent, the NASDAQ rose 1.9 percent and the S&P 500 surged 1.2 percent.

The turnaround on Wall Street came as traders reacted to the Commerce Department's preliminary reading on first quarter GDP, which showed an unexpected acceleration in Q1.

Traders were also reacting to the latest batch of mixed earnings news from big-name companies as auto giant Ford (F) and online retail giant Amazon (AMZN) beating the street while Intel (INTC) reported better than expected results but provided disappointing guidance.

Crude oil prices declined for the third straight day on Friday on concerns for outlook of the global economy. Even a Baker Hughes report showing a significant drop in U.S. oil rig count didn't stop West Texas intermediate from tumbling $1.85 or 2.84 percent to $63.26 per barrel.
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