Narrow Trading Range Tipped For Malaysia Stock Market – Nasdaq

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(RTTNews.com) – The Malaysia stock market has alternated between positive and negative finishes through the last five sessions since the end of the two-day slide in which it had fallen almost 6 points or 0.3 percent. The Kuala Lumpur Composite Index remains just above the 1,790-point plateau and it is likely to remain rangebound again on Monday.

The global forecast for the Asian markets is flat to higher following support from the crude oil prices. The European markets were up and the U.S. bourses were flat and the Asian markets figure to split the difference.

The KLCI finished slightly higher on Friday as gains from the plantations and telecoms were offset by weakness from the financials and industrials.

Among the actives, IOI Corporation spiked 2.46 percent, while Kuala Lumpur Kepong surged 2.26 percent, Sime Darby added 0.10 percent, MISC gained 0.68 percent, Maybank shed 0.10 percent, CIMB Group lost 0.44 percent, Public Bank collected 0.10 percent, Petronas Gas lost 0.42 percent and Telekom Malaysia climbed 1.53 percent.

The lead from Wall Street provides little clarity as stocks were mixed but little changed on Friday after M&A news and a mild bump in crude oil prices.

The Dow added 24.38 points or 0.11 percent to 21,384.28, while the NASDAQ fell 13.74 points or 0.22 percent to 6,151.76 and the S&P gained 0.69 points or 0.03 percent to 2,433.15. For the week, Dow added 0.5 percent, the S&P gained 0.1 percent and the NASDAQ fell 0.9 percent.

In corporate news, Amazon (AMZN) agreed to buy grocery chain Whole Foods Market Inc. (WFM) for $13.4 billion. Also, Walmart (WMT) will acquire Bonobos, Inc. for $310 million.

In economic news, the U.S. Commerce Department said housing starts fell 5.5 percent to an annual rate of 1.092 million in May, and there was also a decline in building permits. Also, the University of Michigan said its preliminary consumer sentiment fell in June.

July WTI oil gained 28 cents or 0.6 percent to $44.74/bbl. WTI oil prices posted a weekly loss of 2.4 percent, down a fourth week in a row.

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