The Malaysian stock market added less than a point - but that was enough to extend its winning streak to four sessions, gathering nearly 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index remained just below the 1,500-point plateau, and now investors are looking for another slightly higher open when the market kicks off trade on Friday.The global forecast for the Asian markets calls for little activity as investors are largely waiting on the two big events next week - the U.S. elections on Tuesday and the FOMC's announcement on quantitative easing a day later. Oil stocks and properties may see some weakness, although gold miners and brokerages may provide limited support. The European and U.S. markets finished slightly higher, and the Asian bourses are expected to track the same way.
The KLCI finished flat on Thursday as gains from the financial shares were largely erased by selling among the industrials and the plantation stocks.For the day, the index added 0.33 points or 0.02 percent to finish at 1,499.44 after trading between 1,495.55 and 1,501.57. Volume was 1.14 billion million shares worth 1.63 billion ringgit. There were 427 decliners and 350 gainers, with 287 stocks finishing unchanged.
Among the actives, AMMB, CIMB, Tenaga, DiGi.com, Maxis and PPB all finished higher, while Sime Darby ended flat and Genting was lower.
WALL STREET ENDS IN LIMBORebounding Dollar Lift Broader Market
Wall Street offers little guidance with perhaps a hint of upside as stocks ended on a mixed note on Thursday, unable to sustain any clear direction ahead of next week's midterm elections and the Federal Reserve's anticipated stimulus announcement. The lack of conviction came despite an unanticipated decline in jobless claims to a three-month low.
In employment news, the Labor Department reported that initial jobless claims fell by 21,000 to 434,000 in the week ended October 23rd, with the unexpected decrease dropping claims to their lowest level since early July. Excluding the July number, which was distorted by the July 4 holiday, jobless claims were at their lowest level since August of 2008.
In earnings news, Microsoft Corp. said after the markets closed that its first quarter profit rose 51 percent from last year. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. The world's largest software company reported net income for the first quarter of $5.41 billion or $0.62 per share, compared to $3.57 billion or $0.40 per share for the year-ago quarter.
Also, 3M (MMM) reported third-quarter net income of $1.53 per share, which edged out analyst estimates, and its revenues of $6.9 billion also exceeded expectations.
Additionally, Exxon Mobil Corp. (XOM) said its third-quarter net income rose to $1.44 per share, beating estimates by a nickel on revenues of $95.30 billion.
Meanwhile, British biopharmaceutical company AstraZeneca Plc (AZN) reported a sharp decline in its third-quarter profit, as generic competition and the absence of H1N1 vaccine revenues recorded last year dragged down U.S. performance. However, AstraZeneca's core earnings and revenues met estimates. The company also tightened its full-year earnings guidance, lifting the lower end of the range.
The major averages all saw choppy movement in late-session dealing, ending near the flat line. While the Dow slipped 12.33 points or 0.1 percent to 11,113.95, the NASDAQ rose 4.11 points or 0.2 percent to 2,507.37 and the S&P 500 inched up 1.33 points or 0.1 percent to 1,183.78.
In political news, the annual summit of the Association of South-East Asian Nations (ASEAN) opened Thursday in the Vietnamese capital of Hanoi. Natural disasters in Indonesia and non-inclusive elections in Myanmar loom over the gathering, where leaders are set to discuss ASEAN community building process and define priority in the future.
The three-day summit will witness the signing of a series of agreements to harmonize regional trade, communication and transport. A geo-political and economic organization formed four decades ago, ASEAN has a population of 580 million with a combined GDP of about $1.5 trillion. The bloc is made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Wall Street offers little guidance with perhaps a hint of upside as stocks ended on a mixed note on Thursday, unable to sustain any clear direction ahead of next week's midterm elections and the Federal Reserve's anticipated stimulus announcement. The lack of conviction came despite an unanticipated decline in jobless claims to a three-month low.
In employment news, the Labor Department reported that initial jobless claims fell by 21,000 to 434,000 in the week ended October 23rd, with the unexpected decrease dropping claims to their lowest level since early July. Excluding the July number, which was distorted by the July 4 holiday, jobless claims were at their lowest level since August of 2008.
In earnings news, Microsoft Corp. said after the markets closed that its first quarter profit rose 51 percent from last year. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. The world's largest software company reported net income for the first quarter of $5.41 billion or $0.62 per share, compared to $3.57 billion or $0.40 per share for the year-ago quarter.
Also, 3M (MMM) reported third-quarter net income of $1.53 per share, which edged out analyst estimates, and its revenues of $6.9 billion also exceeded expectations.
Additionally, Exxon Mobil Corp. (XOM) said its third-quarter net income rose to $1.44 per share, beating estimates by a nickel on revenues of $95.30 billion.
Meanwhile, British biopharmaceutical company AstraZeneca Plc (AZN) reported a sharp decline in its third-quarter profit, as generic competition and the absence of H1N1 vaccine revenues recorded last year dragged down U.S. performance. However, AstraZeneca's core earnings and revenues met estimates. The company also tightened its full-year earnings guidance, lifting the lower end of the range.
The major averages all saw choppy movement in late-session dealing, ending near the flat line. While the Dow slipped 12.33 points or 0.1 percent to 11,113.95, the NASDAQ rose 4.11 points or 0.2 percent to 2,507.37 and the S&P 500 inched up 1.33 points or 0.1 percent to 1,183.78.
In political news, the annual summit of the Association of South-East Asian Nations (ASEAN) opened Thursday in the Vietnamese capital of Hanoi. Natural disasters in Indonesia and non-inclusive elections in Myanmar loom over the gathering, where leaders are set to discuss ASEAN community building process and define priority in the future.
The three-day summit will witness the signing of a series of agreements to harmonize regional trade, communication and transport. A geo-political and economic organization formed four decades ago, ASEAN has a population of 580 million with a combined GDP of about $1.5 trillion. The bloc is made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
HAPPY TRADING
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