(RTTNews) – The Malaysia stock market has finished higher in three straight sessions, collecting almost 10 points or 0.6 percent in that span. The Kuala Lumpur Composite Index now sits just above the 1,680-point plateau and it’s tipped to open to the upside again on Monday.
The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The KLCI finished slightly higher on Friday as gains from the financials, losses from the plantations and mixed performances from the telecoms and industrials.
For the day, the index rose 4.10 points or 0.24 percent to finish at 1,683.63 after trading between 1,679.72 and 1,685.39.
Among the actives, 99 Speed Mart Retail improved 0.90 percent, while AMMB Holdings fell 0.15 percent, Axiata tanked 2.62 percent, Celcomdigi lost 0.37 percent, CIMB Group climbed 1.23 percent, Gamuda retreated 0.70 percent, IHH Healthcare strengthened 1.27 percent, IOI Corporation stumbled 0.71 percent, Kuala Lumpur Kepong sank 0.86 percent, Maxis rose 0.31 percent, Maybank and Press Metal both added 0.56 percent, MISC tumbled 1.34 percent, MRDIY slumped 1.25 percent, Nestle Malaysia advanced 1.16 percent, Petronas Chemicals plummeted 7.93 percent, Petronas Dagangan rallied 2.71 percent, Petronas Gas gathered 0.23 percent, PPB Group perked 0.21 percent, Public Bank collected 1.05 percent, Sime Darby shed 0.48 percent, SD Guthrie tumbled 0.83 percent, Sunway surged 3.10 percent, Sunway Healthcare jumped 1.70 percent, Telekom Malaysia dropped 0.96 percent, Tenaga Nasional improved 0.84 percent, YTL Corporation gained 0.51 percent, YTL Power vaulted 1.49 percent and RHB Bank was unchanged.
The lead from Wall Street suggests mild upside as the major averages shook off early weakness on Friday before trending higher to finish firmly in the green.
The Dow jumped 353.51 points or 0.70 percent to finish at 51,202.26, while the NASDAQ added 79.18 points or 0.31 percent to close at 25,888.84 and the S&P 500 collected 37.16 points or 0.50 percent to end at 7,431.46.
Optimism about an end to the conflict in the Middle East contributed to continued strength on Wall Street, although traders seemed reluctant to make more significant moves amid conflicting comments from President Donald Trump.
Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.
Traders also kept an eye on shares of SpaceX (SPCX), with the rocket maker making its debut on the NASDAQ in the largest initial public offering (IPO) in history. SpaceX soared by 19.3 percent on the day.
Crude oil prices tumbled on Friday after Trump claimed that the Strait of Hormuz will reopen, resulting in waning supply disruption concerns. West Texas Intermediate crude for July delivery sank $2.86 or 3.26 percent at $84.85 per barrel.
