Malaysia Bourse May See Additional Support On Friday

(RTTNews) - The Malaysia stock market has finished higher in six straight sessions, collecting more than 35 points or 2.2 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,710-point plateau and it's tipped to open in the green again on Friday.

The global forecast for the Asian markets is upbeat as both sides appear to signal an end to the U.S.-Iran conflict. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

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

For the day, the index perked 1.40 points or 0.08 percent to finish at 1,711.39 after trading between 1,711.31 and 1,722.63.

Among the actives, 99 Speed Mart Retail surged 5.00 percent, while AMMB Holdings improved 0.46 percent, Axiata advanced 1.02 percent, Gamuda lost 0.45 percent, IHH Healthcare fell 0.23 percent, IOI Corporation gained 0.24 percent, Kuala Lumpur Kepong sank 0.48 percent, Maxis added 0.29 percent, MISC rallied 2.02 percent, MRDIY soared 4.35 percent, Nestle Malaysia stumbled 1.71 percent, Petronas Chemicals climbed 1.10 percent, Petronas Dagangan jumped 1.97 percent, Petronas Gas rose 0.23 percent, PPB Group vaulted 1.53 percent, Press Metal spiked 3.90 percent, Public Bank slumped 0.99 percent, RHB Bank collected 0.72 percent, Sime Darby retreated 1.38 percent, SD Guthrie perked 0.17 percent, Sunway increased 0.38 percent, Telekom Malaysia skidded 1.07 percent, Tenaga Nasional dropped 0.82 percent, YTL Corporation tanked 2.86 percent, YTL Power tumbled 2.13 percent and Celcomdigi, CIMB Group, Maybank and Sunway Health were unchanged.

The lead from Wall Street is firm as the major averages opened higher and remained in the green throughout the trading day.

The Dow added 72.15 points or 0.14 percent to finish at 51,56.70, while the NASDAQ rallied 496.28 points or 1.91 percent to close at 26,517.93 and the S&P 500 jumped 80.48 points or 1.08 percent to end at 7,500.58.

For the holiday shortened week, the NASDAQ shot up by 2.4 percent, the S&P 500 advanced by 0.9 percent and the Dow climbed by 0.7 percent. The markets are closed on Friday for the Juneteenth holiday.

The rebound on Wall Street reflected a positive reaction to news the U.S. and Iran have officially signed a preliminary agreement to end the Middle East war.

Intel (INTC) fueled a rally by semiconductor stocks on reports that Apple (AAPL) has agreed to work with the company to design and build its chips in the U.S.

In U.S. economic news, a report released by the Labor Department showed a modest pullback in first-time claims for U.S. unemployment benefits last week.

Crude oil prices edged lower on Thursday after the reopening of the Strait of Hormuz and the resumption of the free flow of oil from the gulf. West Texas Intermediate crude for July delivery was down $0.53 or 0.69 percent at $76.26 per barrel.