Malaysia Stock Market Likely Rangebound On Friday

(RTTNews) - The Malaysia stock market turned higher again on Thursday, one session after it ended the two-day winning streak in which it had collected almost 18 points or 1 percent. The Kuala Lumpur Composite Index settled just above the 1,830-point plateau, and the market is looking at a flat open on Friday.

The global forecast for the Asian markets suggests little movement, with many of the regional bourses closed ahead of Easter weekend. The European and U.S. markets were mixed but little changed, and the Asian markets figure to follow that lead.

The KLCI finished modestly higher on Thursday as the financial shares, plantation stocks and industrial issues were mostly higher.

For the day, the index gathered 5.66 points or 0.31 percent to finish at 1,831.97 after trading between 1,826.28 and 1,832.37. Volume was 2.16 billion shares worth 2.04 billion ringgit. There were 466 gainers and 326 decliners, with 322 stocks finishing unchanged.

Among the actives, Genting, Genting Malaysia, Public Bank, Maybank, Hong Leong Bank, Sime Darby, Petronas Dagangan, Petronas Gas, United Plantations, PPB Group and Kuala Lumpur Kepong all finished higher, while CIMB Group was unchanged and Tenaga Nasional and RHB Capital ended lower.

The lead from Wall Street provides little guidance as stocks fluctuated on Thursday but ended mostly higher ahead of the long holiday weekend. The gains partly offset the losses in the two previous sessions.

The Dow climbed 65.06 points or 0.4 percent to 17,763.24, while the NASDAQ edged up 6.71 points or 0.1 percent to 4,886.94 and the S&P 500 rose 7.27 points or 0.4 percent to 2,066.96. For the holiday-shortened week, the NASDAQ eased 0.1 percent, and the Dow and the S&P 500 both added 0.3 percent.

Traders reacted to the latest batch of U.S. economic data, including a Labor Department report showing that initial jobless claims unexpectedly fell to a two-month low in the week ended March 28.

Also, the Commerce Department noted that the U.S. trade deficit narrowed by more than anticipated in February - possibly leading analysts to raise their forecasts for first quarter GDP growth.

But activity was somewhat subdued ahead of today's monthly jobs report, which is being released even as the markets are closed for the Good Friday holiday.

Closer to home, Malaysia will release February figures for imports, exports and trade balance later today. Imports are expected to add 1.7 percent on year after falling 5.3 percent in January. Exports are called lower by 1.4 percent after easing 0.6 percent in the previous month. The trade balance is tipped to show a surplus of 8.5 billion ringgit, down from 9.01 billion ringgit a month earlier.