The Malaysian stock market has finished higher now in three consecutive trading days, adding more than 30 points or 2 percent along the way. The Kuala Lumpur Composite Index finished just above the 1,545-point plateau, although now analysts are forecasting mild weakness when the market opens on Friday.
The global forecast for the Asian markets is slightly soft ahead of the release of key employment data from the United States. Airlines and steel stocks are expected to fall under pressure, while gold stocks and properties may provide support. The European markets finished lower and the U.S. bourses were mixed but little changed - and the Asian markets are also expected to track to the downside. The KLCI finished modestly higher on Thursday on gains from the financial shares, property stocks and plantations.
Among the actives, Genting, Tenaga Nasional and IOI Corporation all finished higher, while Axiata and BAT ended lower.
The lead from Wall Street provides little clarity as stocks turned in a lackluster performance during trading on Thursday, with traders staying on the sidelines ahead of the release of the Labor Department's closely watched monthly employment report before the start of trading on Friday.
The choppy trading came following the release of the Labor Department's weekly jobless claims report, which showed that jobless claims fell from the previous week but came in above economist estimates due to revisions. The report showed that initial jobless claims fell by 6,000 to 388,000 in the week ended March 26th from the previous week's revised figure of 394,000. Economists had expected jobless claims to slip to 380,000 from the 382,000 originally reported for the previous week.
The major averages bounced back and forth across the unchanged line, eventually ending the session mixed. While the NASDAQ rose 4.28 points or 0.2 percent to 2,781.07, the Dow fell 30.88 points or 0.3 percent to 12,319.73 and the S&P 500 slipped 2.43 points or 0.2 percent to 1,325.83.
Dow Jones Industrial Average
The Dow posted an inside day with a lower close on Thursday as it consolidates some of the rally off March's low. This morning's jobless claims report indicated that jobless claims fell by 6,000 to 388,000 for the month. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, February's high crossing at 12,391 is the next upside target. Closes below the 20-day moving average crossing at 12,075 are needed to confirm that a short-term low has been posted. First resistance is Wednesday's high crossing at 12,383. Second resistance is February's high crossing at 12,391. First support is the 10-day moving average crossing at 12,156. Second support is the 20-day moving average crossing at 12,075.
Black Gold boosted by a stronger Gaddafi & a weaker Greenback
Crude futures closed solidly higher, catching a boost from the ongoing conflict in Libya and a softer U.S. dollar. Rebel fighters in the country lost ground to Muammar Gaddafi's military today, ceding control of the key oil city of Ras Lanuf to forces loyal to the reigning dictator. Crude oil for May delivery ended on a healthy gain of $2.66, or 2.55%, to settle at $106.96 per barrel -- the highest daily close since Sept. 26, 2008. Black gold added 10% in March, and 16.8% during the first quarter.
Crude Oil Futures May 2011
May crude oil closed higher on Thursday renewing the rally off March's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 108.25 is the next upside target. Closes below the 20-day moving average crossing at 103.89 would signal that a short-term top has been posted. First resistance is today's high crossing at 106.83. Second resistance is March's high crossing at 108.25. First support is the 20-day moving average crossing at 103.89. Second support is March's low crossing at 97.02.
HAPPY TRADING
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