Narrow Trading Range Expected For Malaysia Shares
(RTTNews.com) - The Malaysia stock market bounced higher again on Thursday, one session after it had ended the three-day winning streak in which it had advanced more than 15 points or 0.9 percent. Now at a fresh 20-year closing high, the Kuala Lumpur Composite Index sits just above the 1,845-point plateau and it figures to hold steady in that neighborhood on Friday.
The global forecast for the Asian markets is mixed and flat thanks to inconsistent economic data and a mild drop in crude oil prices. The European markets were down and the U.S. bourses were mixed but little changed - and the Asian markets figure to follow the latter lead.
The KLCI finished modestly higher on Thursday following gains from the financials and telecoms, while the plantations came in mixed.
For the day, the index added 8.82 points or 0.48 percent to finish at the daily high of 1,845.86 after moving as low as 1,836.44. Volume was 3 billion lots worth 2.8 billion ringgit. There were 515 decliners and 468 gainers.
Among the actives, Public Bank spiked 1.15 percent, while RHB Capital jumped 1.12 percent, CIMB Group climbed 1.01 percent, Maybank collected 0.91 percent, Axiata perked 0.90 percent, Digi.com advanced 0.81 percent, Genting shed 0.72 percent, YTL Corporation gathered 0.65 percent, Genting Malaysia lost 0.36 percent, IHH Healthcare added 0.33 percent, IOI Corporation gained 0.21 percent, Tenaga Nasional was up 0.13 percent and Kuala Lumpur Kepong, Astro Malaysia Holdings, Sime Darby and Petronas Chemicals all were unchanged.
The lead from Wall Street offers little clarity as stocks were mixed again on Thursday as the Dow and the S&P 500 hit n ew record closing highs, but the tech-heavy NASDAQ ended in the red.
The Dow added 140.67 points or 0.54 percent to 26,392.79, while the NASDAQ fell 3.89 points or 0.05 percent to 7,411.16 and the S&P 500 gained 1.71 points or 0.06 percent to 2,839.25.
Stocks opened higher thanks to upbeat earnings news as several big-name companies beat estimates, including 3M (MMM) and Caterpillar (CAT).
In economic news, the Commerce Department noted a steep drop in new home sales in December and the Labor Department said initial jobless claims bounced off their lowest level in nearly 45 years in the week ended January 20. Also, the Conference Board reported a bigger than expected increase by its index of leading economic indicators.
Crude oil futures were flat Thursday, hovering near Wednesday's three-year highs. The dollar steadied after three-year lows, prompting some profit taking after a furious rally for most commodities. Marc h WTI oil falls 10 cents or 0.2 percent to $65.51/bbl.
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This article appears in: Politics , World Markets , US Markets , StocksSource: Google News Malaysia | Netizen 24 Malaysia