Malaysia Bourse May Reverse Thursday's Losses

(RTTNews) - The Malaysia stock market headed south again on Thursday, one day after halting the seven-day losing streak in which it had slumped more than 25 points or 1.5 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,585-point plateau although it may find renewed support on Friday.

The global forecast for the Asian markets is flat to slightly higher ahead of key inflation data later today. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KLCI finished modestly lower on Thursday following losses from the plantation stocks and mixed performances from the financials and telecoms.

For the day, the index fell 6.01 points or 0.38 percent to finish at 1,584.94 after trading between 1,582.31 and 1,592.26.

Among the actives, Axiata plunged 2.31 percent, while Celcomdigi tumbled 1.98 percent, CIMB Group rose 0.15 percent, Genting slumped 1.06 percent, Genting Malaysia advanced 0.39 percent, IHH Healthcare gained 0.16 percent, IOI Corporation lost 0.27 percent, Kuala Lumpur Kepong dropped 0.77 percent, Maxis tanked 2.27 percent, MRDIY skidded 1.04 percent, Petronas Chemicals plummeted 2.91 percent, PPB Group sank 0.56 percent, Press Metal shed 0.35 percent, Public Bank fell 0.25 percent, QL Resources eased 0.15 percent, RHB Capital collected 0.18 percent, Sime Darby declined 1.14 percent, SD Guthrie retreated 1.41 percent, Telekom Malaysia added 0.30 percent, Tenaga Nasional was up 0.14 percent, YTL Power slid 0.21 percent and Maybank, MISC, YTL Corporation, Nestle Malaysia and Hong Leong Bank were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages bounced back and forth across the unchanged line all day Thursday before finally settling with mild gains.

The Dow added 36.26 points or 0.09 percent to finish at 39,164.06, while the NASDAQ gained 53.53 points or 0.30 percent to close at 17,858.68 and the S&P 500 rose 4.97 points or 0.09 percent to end at 5,482.87.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of key inflation data later today.

The Commerce Department is due to release its report on personal income and spending in May, which includes readings on inflation said to be preferred by the Federal Reserve; the report could have a significant impact on the outlook for interest rates.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods unexpectedly crept higher last month.

Oil futures settled higher Thursday on hopes about the outlook for demand, and on concerns about possible supply disruptions due to tensions in the Middle East. West Texas Intermediate Crude oil futures for August added $0.84 at $81.74 a barrel.