Malaysia Bourse Expected To Remain Rangebound

(RTTNews) - The Malaysia stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had dropped more than 30 points or 2 percent. The Kuala Lumpur Composite Index now sits just above the 1,690-point plateau although it may tick lower again on Monday.

The global forecast for the Asian markets is soft thanks to renewed tensions in the Middle East. The European and U.S. markets were mixed to lower and the Asian bourses are also expected to open under pressure.

The KLCI finished slightly higher on Friday following gains from the financial shares and mixed performances from the telecoms, plantations and industrials.

For the day, the index rose 5.07 points or 0.30 percent to finish at 1,691.31 after trading between 1,685.66 and 1,692.97. Among the actives, 99 Speed Mart Retail advanced 0.89 percent, while AMMB Holdings eased 0.16 percent, Celcomdigi lost 0.66 percent, CIMB Group climbed 0.94 percent, Gamuda increased 0.75 percent, IHH Healthcare eased 0.23 percent, IOI Corporation shed 0.70 percent, Kuala Lumpur Kepong tumbled 1.17 percent, Maxis sank 0.85 percent, MISC fell 0.48 percent, MRDIY spiked 1.94 percent, Nestle Malaysia retreated 1.10 percent, Petronas Dagangan plunged 2.80 percent, Petronas Gas rose 0.22 percent, PPB Group improved 0.84 percent, Press Metal gained 0.51 percent, Public Bank vaulted 1.09 percent, RHB Bank rallied 1.87 percent, Sime Darby dropped 0.90 percent, Sunway jumped 1.56 percent, Sunway Healthcare slumped 1.04 percent, Telekom Malaysia added 0.57 percent, Tenaga Nasional dipped 0.28 percent, YTL Corporation soared 2.58 percent, YTL Power surged 2.78 percent and Axiata, SD Guthrie, Petronas Chemicals and Maybank were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Friday and largely hugged the line throughout the trading day before ending little changed and on opposite sides.

The Dow dropped 269.23 points or 0.56 percent to finish at 47,916.57, while the NASDAQ gained 80.49 points or 0.35 percent to close at 22,902.89 and the S&P 500 slipped 7.77 points or 0.11 percent to end at 6,816.89.

For the week, the NASDAQ spiked 4.7 percent, the S&P rallied 3.6 percent and the Dow jumped 3.0 percent.

The lackluster performance by the broader markets came amid lingering about whether the fragile ceasefire in the Middle East will hold; peace negotiations over the weekend also failed to produce a result.

In economic news, the University of Michigan noted a significant deterioration in U.S. consumer sentiment in April. Also, the Labor Department showed consumer prices advanced by 0.9 percent in March, in line with estimates.

Crude oil prices slumped Friday despite persistent tensions surrounding the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $1.15 or 1.18 percent at $96.72 per barrel.