FX.co ★ Mild Upside Anticipated For Malaysia Shares

Prior to the Nuzul Al-Quran holiday on Thursday, the Malaysian stock market experienced a downturn, breaking a two-day winning streak which had accumulated nearly 7 points or 0.5 percent. The Kuala Lumpur Composite Index currently stands just above the 1,530-point threshold and is projected to increase marginally on Friday.

Globally, predictions for Asian markets are mixed and fairly flat as key U.S. inflation data is set to be released soon. The European market saw a slight growth, while in American trade market performance was varied and underwent minor shifts, which will possibly result in split movements among Asian markets.

On Wednesday, the KCLI (Kuala Lumpur Composite Index) recorded a moderate decrease, driven mainly by losses from plantation and telecom sectors. Meanwhile, the financial sector's performance was varied. The index recorded a loss of 7.82 points or 0.51 percent, closing at 1,530.60, with traded values fluctuating between 1,528.52 and 1,536.58.

Major fluctuating companies included AMMB Holdings, which saw an increase of 0.48 percent, Genting experiencing a drop of 1.26 percent, while CIMB Group witnessed a growth of 0.77 percent. Other active participants in the market, including IOI Corporation and MISC, noted decreasing values. Simultaneously, other companies like MRDIY noted an increase in share values.

Indications from Wall Street were slightly uncertain. The averages for major industries opened slightly stronger but alternated between profit and loss during the day, closing mixed and largely unchanged.

The Dow Jones increased 47.29 points or 0.12 percent to conclude at 39,807.37, while on the other hand, the NASDAQ decreased 20.06 points or 0.12 percent, closing at 16,379.46. Meanwhile, the S&P 500 increased marginally by 5.86 points or 0.11 percent, marking the end at 5,254.35.

Anticipation surrounding the release of a Commerce Department report on personal income and spending, which includes inflation readings crucial to the Federal Reserve, left traders hesitant to make notable moves.

Oil futures recorded an increase on Thursday due to the likely decrease in supply resulting from OPEC production cuts and ongoing attacks on Russian oil facilities by Ukraine. For the week, West Texas Intermediate Crude oil futures for May observed a 3.15 percent gain, concluding at $83.17 a barrel.