Malaysia Bourse May Test Support At 1,700 Points

(RTTNews) - The Malaysia stock market on Thursday ended the two-day winning streak in which it had collected more than 30 points or 2 percent. The Kuala Lumpur Composite Index now sits just above the 1,720-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is weak on concerns over the Middle East conflict, although easing oil prices may limit the downside. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly lower on Thursday following losses from the financial shares, gains from the plantations and mixed performances from the industrials and telecoms.

For the day, the index sank 9.10 points or 0.53 percent to finish at 1,720.71 after trading between 1,719.93 and 1,737.12. Among the actives, 99 Speed Mart Retail fell 0.57 percent, while AMMB Holdings lost 0.59 percent, Axiata added 0.43 percent, Celcomdigi stumbled 1.92 percent, CIMB Group sank 1.01 percent, Gamuda retreated 1.43 percent, IHH Healthcare tanked 3.83 percent, IOI Corporation advanced 0.74 percent, Kuala Lumpur Kepong rallied 1.32 percent, Maxis skidded 1.08 percent, Maybank slumped 1.19 percent, MISC perked 0.12 percent, MRDIY vaulted 1.22 percent, Nestle Malaysia slipped 0.50 percent, Petronas Chemicals skyrocketed 11.84 percent, Petronas Dagangan and QL Resources both eased 0.27 percent, Petronas Gas plunged 6.25 percent, PPB Group surged 5.07 percent, Press Metal spiked 1.44 percent, Public Bank declined 1.22 percent, RHB Bank collected 0.35 percent, Sime Darby soared 1.69 percent, SD Guthrie jumped 1.37 percent, Sunway tumbled 1.64 percent, Telekom Malaysia dropped 1.07 percent, Tenaga Nasional gained 0.42 percent, YTL Corporation plummeted 6.78 percent and YTL Power shed 0.68 percent.

The lead from Wall Street is soft as the major averages opened sharply lower on Thursday and stayed that way for most of the session, although a late rally pared the damage to mild by the day's end.

The Dow dropped 203.72 points or 0.44 percent to finish at 46,021.43, while the NASDAQ sank 61.73 points or 0.28 percent to close at 22,090.69 and the S&P 500 fell 18.21 points or 0.27 percent to close at 6,606.49.

The early weakness on Wall Street came amid concerns about the escalation of the war in the Middle East following attacks on critical energy infrastructure across the region.

However, after soaring to nearly $120 a barrel following the latest attacks, Brent crude oil futures have pulled back sharply, contributing to the recovery attempt by stocks.

In U.S. economic news, the Labor Department released a report showing an unexpected dip in first-time claims for U.S. unemployment benefits last week.

Crude oil prices dipped on Thursday as traders dissected U.S. inventory data showing ample supply against production and supply disruption concerns due to the Middle East war. West Texas Intermediate crude for April delivery was down $0.18 or 0.19 percent at $96.14 per barrel.