Little Movement Predicted For Malaysia Shares

(RTTNews) - Ahead of Friday's holiday for Labor Day, the Malaysia stock market had finished higher in two of three trading days since the end of the two-day slide in which it had fallen almost 5 points or 0.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,720-point plateau and it's expected to remain in that neighborhood again on Monday.

The global forecast for the Asian markets is cautiously optimistic on strength from the technology stocks and easing crude oil prices. The European and U.S. markets were mixed to higher and the Asian markets are likely to open in similar fashion.

The KLCI finished slightly higher on Thursday following mixed performances from the financial shares, plantation stocks and telecoms.

For the day, the index rose 1.60 points or 0.1 percent to finish at 1,722.02 after trading between 1,712.14 and 1,722.03.

The lead from Wall Street is mostly positive as the major averages opened higher but bounced up and down all day, finally ending mixed.

The Dow dropped 152.83 points or 0.31 percent to finish at 49,499.27, while the NASDAQ rose 222.14 points or 0.89 percent to close at a record 25,114.44 and the S&P 500 added 21.11 points or 0.29 percent to end at 7,230.12, also a record.

For the week, the NASDAQ jumped 1.1 percent, the S&P 500 climbed 0.9 percent and the Dow increased 0.6 percent.

The early strength on Wall Street came amid a sharp increase by shares of Apple (AAPL), which saw better than expected Q2 results and forecast revenues for the current quarter above estimates.

In U.S. economic news, the Institute for Supply Management reported that manufacturing activity expanded for the fourth consecutive month in April.

Crude oil prices plunged on Friday on hopes for an end to hostilities even as the Strait of Hormuz remains closed, continuing to disrupt crude oil supply. West Texas Intermediate crude for June delivery was down $3.28 or 3.28 percent at $101.79 per barrel.