Malaysia Shares May Extend Thursday's Gains

(RTTNews) - The Malaysia stock market on Thursday snapped the four-day losing streak in which it had slumped more than 35 points or 2.2 percent. The Kuala Lumpur Composite Index now sits just above the 1,680-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is mostly positive on easing oil prices and optimism for an end to hostilities in the Middle East. The European markets were up and the U.S. bourse were mostly higher and the Asian markets are also tipped to move to the upside.

The KLCI finished modestly higher on Thursday as gains from the financials and plantations were capped by weakness from the telecoms and a mixed picture from the industrial companies.

For the day, the index added 10.52 points or 0.63 percent to finish at 1,683.26 after trading between 1,673.70 and 1,689.83. Among the actives, 99 Speed Mart Retail added 0.92 percent, while AMMB Holdings and Nestle Malaysia both jumped 1.71 percent, Axiata retreated 1.52 percent, Celcomdigi tumbled 2.09 percent, CIMB Group accelerated 2.08 percent, Gamuda strengthened 1.38 percent, IHH Healthcare gained 0.34 percent, IOI Corporation spiked 3.21 percent, Kuala Lumpur Kepong surged 3.59 percent, Maxis fell 0.29 percent, Maybank rallied 1.73 percent, MRDIY vaulted 1.27 percent, Petronas Chemicals slumped 1.27 percent, Petronas Dagangan increased 0.97 percent, Petronas Gas expanded 1.18 percent, PPB Group stumbled 1.73 percent, Press Metal plunged 3.02 percent, Public Bank collected 0.84 percent, QL Resources climbed 1.11 percent, RHB Bank advanced 1.07 percent, Sime Darby improved 1.00 percent, SD Guthrie soared 3.42 percent, Sunway dropped 0.94 percent, Telekom Malaysia skidded 1.07 percent, Tenaga Nasional perked 0.14 percent, YTL Corporation declined 1.43 percent, YTL Power rose 0.24 percent and MISC was unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed on Thursday and then tracked steadily higher throughout the day but still ended on opposite sides of the line.

The Dow soared 874.86 points or 1.73 percent to finish at a record 51,561.93, while the NASDAQ dipped 23.02 points or 0.09 percent to close at 26,830.96 and the S&P 500 added 30.63 points or 0.41 percent to end at 7,584.31.

The rebound by the Dow reflected a spike by shares of UnitedHealth (UNH) following an upgrade by Bank of America. Dow components American Express (AXP), Goldman Sachs (GS) and Merck (MRK) also posted strong gains.

The NASDAQ climbed well off its worst levels but still ended the day modestly lower amid weakness among technology stocks.

A steep drop by shares of Broadcom (AVGO) weighed on the tech sector, despite fiscal Q2 earnings that exceeded estimates although the company failed to raise its full-year forecast of $100 billion in AI chip sales.

Crude oil prices plunged on Wednesday on hopes of de-escalation in the Middle East following an Israel-Lebanon ceasefire announcement. West Texas Intermediate crude for July delivery was down $3.00 or 3.12 percent at $93.02 per barrel.