Malaysia Bourse Tipped To Extend Recovery On Friday

The Malaysia stock market on Thursday snapped the two-day slide in which it had slipped almost 6 points or 0.4 percent. The Kuala Lumpur Composite Index now rests just above the 1,525-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat as they continue to recover from recent selling, supported mainly by crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KLCI finished modestly higher on Thursday as gains from the financials and plantations were limited by weakness from the glove makers.

For the day, the index advanced 11.10 points or 0.73 percent to finish at the daily high of 1,527.62 after moving as low as 1,518.01. Volume was 5.189 billion shares worth 2.979 billion ringgit. There were 680 gainers and 320 decliners.

Among the actives, Axiata spiked 1.38 percent, while CIMB Group jumped 1.56 percent, Dialog Group shed 0.35 percent, Digi.com surged 2.91 percent, Genting fell 0.21 percent, Genting Malaysia rose 0.36 percent, Hartalega Holdings tumbled 1.77 percent, IHH Healthcare added 1.05 percent, IOI Corporation improved 0.27 percent, Kuala Lumpur Kepong gathered 1.44 percent, Maybank and Petronas Chemicals both collected 0.37 percent, Maxis climbed 1.39 percent, MISC gained 1.03 percent, MRDIY skyrocketed 3.89 percent, PPB Group advanced 1.31 percent, Press Metal perked 1.67 percent, Public Bank was up 0.25 percent, Sime Darby accelerated 1.83 percent, Sime Darby Plantations soared 2.50 percent, Telekom Malaysia rose 0.17 percent, Tenaga Nasional increased 0.31 percent, Top Glove retreated 1.44 percent and RHB Capital was unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Thursday but all headed higher in the afternoon and finished in the green.

The Dow added 25.35 points or 0.07 percent to finish at 34,823.35, while the NASDAQ gained 52.64 points or 0.36 percent to end at 14,684.60 and the S&P 500 rose 8.79 points or 0.20 percent to close at 4,367.48.

The modestly higher close on Wall Street reflected recent upward momentum as stocks continued to recover from the sell-off on Monday. However, traders seemed reluctant to make significant moves following the recent volatility.

In economic news, the Labor Department reported an unexpected increase in initial jobless claims last week. Also, the National Association of Realtors said existing home sales rebounded in June following four straight monthly declines.

Crude oil futures settled higher on Thursday, gaining for a third successive day, thanks to reports showing strong gasoline demand and a rebound in distillate fuels. West Texas Intermediate crude oil futures for September ended up $1.61 or 2.3 percent at $71.91 a barrel.

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