Malaysia Shares Tipped To Open To The Upside On Monday

(RTTNews) - The Malaysia stock market on Friday ended the two-day slide in which it had fallen more than 5 points or 0.3 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,610-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KLCI finished modestly higher on Friday following gains from the financials and industrials and mixed performances from the plantation stocks and telecoms.

For the day, the index added 10.58 points or 0.66 percent to finish at 1,609.05 after trading between 1,595.32 and 1,611.32. Among the actives, 99 Speed Mart Retail rallied 1.47 percent, while AMMB Holdings added 0.90 percent, Axiata tumbled 1.52 percent, CIMB Group improved 0.14 percent, Gamuda slumped 1.06 percent, IHH Healthcare spiked 1.76 percent, Kuala Lumpur Kepong rose 0.20 percent, Maxis sank 0.55 percent, Maybank increased 1.02 percent, MISC was up 0.41 percent, MRDIY soared 1.89 percent, Nestle Malaysia dropped 0.58 percent, Petronas Chemicals surged 2.94 percent, Petronas Dagangan jumped 1.36 percent, Petronas Gas picked up 0.33 percent, PPB Group stumbled 1.94 percent, Press Metal rose 0.68 percent, Public Bank accelerated 1.40 percent, QL Resources climbed 1.16 percent, RHB Bank collected 0.92 percent, Sime Darby gained 0.89 percent, SD Guthrie fell 0.19 percent, Sunway strengthened 1.28 percent, Telekom Malaysia gathered 0.42 percent, Tenaga Nasional soared 1.06 percent, YTL Corporation advanced 1.12 percent, YTL Power expanded 0.97 percent and Celcomdigi and IOI Corporation were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.

The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.

For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.

The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.

The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.

Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.