(RTTNews) – The Malaysia stock market headed south again on Friday, one day after snapping the three-day losing streak in which it had slipped more than 20 points or 1.3 percent. The Kuala Lumpur Composite Index now sits just above the 1,535-point plateau and it may take further damage on Monday.
The global forecast for the Asian markets is negative on lingering trade concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The KLCI finished barely lower on Friday following mixed performances from the financial shares, telecoms, plantations and industrials.
For the day, the index eased 0.45 points or 0.03 percent to finish at 1,536.07 after trading between 1,530.77 and 1,541.94.
Among the actives, 99 Speed Mart Retail and QL Resources both dropped 0.44 percent, while AMMB Holdings climbed 1.18 percent, Axiata skyrocketed 8.94 percent, Celcomdigi fell 0.26 percent, CIMB Group lost 0.30 percent, IHH Healthcare retreated 1.05 percent, IOI Corporation tumbled 1.30 percent, Kuala Lumpur Kepong slumped 0.86 percent, Maxis added 0.84 percent, Maybank sank 0.41 percent, MISC skidded 0.65 percent, MRDIY and Sime Darby both rallied 1.20 percent, Nestle Malaysia tanked 1.80 percent, Petronas Chemicals advanced 0.92 percent, Petronas Dagangan improved 0.46 percent, Petronas Gas declined 0.90 percent, PPB Group shed 0.39 percent, Press Metal dipped 0.19 percent, Public Bank collected 0.47 percent, RHB Bank jumped 0.94 percent, SD Guthrie gained 0.42 percent, Sunway rose 0.41 percent, YTL Corporation plunged 2.01 percent, YTL Power plummeted 4.19 percent and Telekom Malaysia, Tenaga Nasional and Gamuda were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Friday and remained under water for almost the entire session.
The Dow dropped 279.09 points or 0.63 percent to finish at 44,371.51, while the NASDAQ sank 45.17 points or 0.22 percent to close at 20,585.53 and the S&P 500 lost 20.71 points or 0.33 percent to end at 6,259.75.
The weakness on Wall Street came amid renewed concerns about President Donald Trump’s escalating trade battles.
Overall trading activity was somewhat subdued, however, amidst a lack of major economic data and ahead of earnings season this coming week.
Crude oil rose sharply on Friday after the International Energy Agency upwardly revised its oil supply forecast and also buoyed by lingering geopolitical risks in the Middle East. West Texas Intermediate crude for August delivery closed up $1.88 to settle at $68.45 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
